Prominent exchange-traded fund (ETF) issuer Bitwise has filed a proposal with regulators to launch a new ETF designed to invest in publicly traded companies with significant bitcoin holdings.

Jupiter, Solana’s leading decentralized exchange aggregator, is set to distribute 700 million JUP tokens, valued at approximately $4580 million, to its community in an event dubbed “Jupuary.”

Russian companies have reportedly started using bitcoin and other cryptocurrencies for international payments, according to the country’s Finance Minister Anton Siluanov, following recent legislative changes that legalized digital assets for foreign trade.

Top stories in the Crypto Roundup today:

• Bitwise Files for ETF Tracking ‘Bitcoin Standard’ Firms
• Solana’s Largest DEX Aggregator Plans Massive ‘Jupuary’ Airdrop
• Russian Companies Turn to Crypto for International Trade

Bitwise Files for ETF Tracking Bitcoin-Rich Firms

Prominent exchange-traded fund (ETF) issuer Bitwise has filed a proposal with regulators to launch a new ETF designed to invest in publicly traded companies with significant bitcoin holdings.

The proposed fund, the Bitwise Bitcoin Standard Corporations ETF, would invest in firms that “have adopted the ‘Bitcoin standard’” and hold at least 1,000 BTC in their treasuries, according to a recent filing.

Bitwise’s fund would require companies to have a market capitalization of at least $100 million and a minimum average daily liquidity of $1 million, as well as a public free float of under 10%. It would assign weight to companies within the fund based on the value of each company’s BTC treasury, with a 25% cap on individual holdings.

The Bitwise Bitcoin Standard Corporation ETF would, as a result, prioritize companies like MicroStrategy — the largest corporate holder of bitcoin — over electric car maker Tesla, even though it has a $1.42 trillion market cap, while MicroStrategy has an $83.5 billion market cap.

Solana’s Largest DEX Aggregator Plans Massive ‘Jupuary’ Airdrop

Jupiter, Solana’s leading decentralized exchange aggregator, is set to distribute 700 million JUP tokens, valued at approximately $4580 million, to its community in an event dubbed “Jupuary.

The platform’s airdrop, scheduled for January, is set to reward users, stakers, and key contributors based on an already taken snapshot. The team behind the project is still finalizing specific criteria for the distribution, with ongoing discussions regarding eligibility guidelines occurring within the community.

The distribution will be segmented into two main categories: one for 'Users and Shakers' (active community members) and another for 'Carrots and Good Cats,' a select group of dedicated community supporters. This tiered approach aims to incentivize both existing and new users.

A draft eligibility criteria outlines potential rewards based on trading volumes across Jupiter’s products over the past year, with the proposal suggesting users with a minimum annual volume of $800 would receive at least 50 tokens.

Last year, the decentralized exchange aggregator distributed nearly 1 billion JUP tokens to users who had executed at least $1,000 in swap volume on the platform.

Russian Companies Turn to Crypto for International Trade

Russian companies have reportedly started using bitcoin and other cryptocurrencies for international payments, according to the country’s Finance Minister Anton Siluanov, following recent legislative changes that legalized digital assets for foreign trade.

The legislative changes came in order to counter Western sanctions that have severely hampered Russian trade with major partners and countries like China and Turkey.

The imposed sanctions have made it difficult for Russian banks to conduct international transactions, with various financial institutions exercising extreme caution with them in a bid to avoid scrutiny from Western regulators.

Earlier this year, Russia authorized the use of cryptocurrencies in foreign trade and moved to legalize cryptocurrency mining. Speaking to a Russian television channel, Siluanov noted that “as part of the experimental regime, it is possible to use bitcoins, which we had mined here in Russia” in foreign trade transactions.

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.