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Good night, women, gentleman, and crypto degenerates.
Reporting reside from the guts of the motion (my desk) – we’ve simply confirmed two new developments in tales already coated this week.
It’s the speak of the city (group chats) proper now, and right here’s what you have to know:
1/ Grayscale ETF
On Wednesday, we advised you the SEC authorized Grayscale’s new crypto ETF that options Bitcoin, Ethereum, Solana, XRP, and Cardano.
Properly, they authorized it technically… however then put a “keep” on it, which suggests Grayscale cannot really launch the ETF but.
Bloomberg ETF analyst Eric Balchunas thinks the SEC simply needs to finalize crypto ETF itemizing guidelines earlier than letting this one go reside.
So, the state of affairs: authorized in idea, not taking place in apply. For now.
2/ OpenAI vs. Robinhood
On Tuesday, we talked about Robinhood launching tokenized US shares and ETFs in Europe.
What we did not level out then, although, is that a few of these tokens characterize non-public shares – firms you may’t put money into except you’ve got VC connections or hundreds of thousands to take a position.
A kind of? OpenAI.
So, with that launch, Robinhood gave common retail buyers a technique to get value publicity to OpenAI – one thing they’ll’t do by shopping for shares straight.
Fairly rattling sick, amirite? Properly… not everybody agrees:
Mainly, what OpenAI’s saying is that even when Robinhood’s tokens are backed 1:1 by actual OpenAI shares, you’re not legally an OpenAI shareholder.
And what does that imply for you?
👉 You’re trusting Robinhood, not OpenAI
Whenever you purchase one of many tokens, you’re in a roundabout way proudly owning a bit of OpenAI.
You’re simply relying on Robinhood (or its accomplice) to carry OpenAI shares someplace.
👉 No shareholder rights
You don’t get voting rights, a say in selections, or entry to OpenAI’s financials. You simply monitor the value.
👉 Liquidity isn’t assured
These tokens solely have worth if Robinhood retains the market open.
In the event that they cease or demand drops, you may not have the ability to promote.
On the identical time, hey, at the least it’s an choice. Should you simply need to publicity to OpenAI’s value, then wonderful. However ensure you perceive the dangers earlier than leaping in.
And with that, I’ll return you to your usually scheduled scrolling 🎙️
This was the Day by day Squeeze, thanks for studying, and good luck on the market.
Now you are within the know. However take into consideration your pals – they most likely don’t know. I ponder who may repair that… 😃🫵
Unfold the phrase and be the hero you realize you’re!
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