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Bitwise Bitcoin ETF to absorb $120M Osprey Bitcoin Trust

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Bitwise Asset Management is set to enhance its investment portfolio with a significant acquisition, as it prepares to acquire $120 million worth of assets from the Osprey Bitcoin Trust. This strategic move is poised to bolster Bitwise’s position in the cryptocurrency investment space and expand its offerings in the Bitcoin sector.

The acquisition involves the transfer of a substantial portion of the Osprey Bitcoin Trust’s assets to the Bitwise Bitcoin ETF, which aims to provide investors with a more efficient and streamlined way to gain exposure to Bitcoin. The deal reflects a growing trend among institutional investors seeking to consolidate and diversify their cryptocurrency holdings through established investment vehicles.

The integration of these assets is expected to strengthen Bitwise’s ETF by increasing its total assets under management and enhancing its market presence. The acquisition aligns with Bitwise’s ongoing strategy to offer comprehensive and innovative investment solutions in the digital asset space.

Bitwise’s Bitcoin ETF has garnered attention for its robust performance and investor-friendly structure, making it a compelling choice for those looking to invest in Bitcoin through a regulated and secure platform. The addition of Osprey’s assets is anticipated to further solidify the ETF’s standing and attract additional interest from both retail and institutional investors.

This development is a testament to the growing confidence in Bitcoin and the broader cryptocurrency market, as well as the increasing acceptance of cryptocurrency-based investment products among mainstream financial institutions.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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