FTX’s request to sell cryptocurrency was approved; Huobi has changed its brand: HTX; Hashdex has applied for the Ethereum ETF!
A judge in Delaware has approved the sale of cryptocurrencies held by the cryptocurrency exchange FTX.
According to The Block, FTX’s creditors submitted a proposal that the crypto money sale be carried out with the guidance of a financial advisor. This proposal included that the amount of tokens to be sold in a week should not exceed $ 100 million.
FTX will have to notify the US Trustee 10 days in advance before selling cryptocurrency. There are many cryptocurrencies such as Bitcoin and Ether for the company’s balance sheet.
FTX said it wants to hedge Bitcoin and Ether in order to minimize the impact of price movements on revenues from sales. However, the exchange emphasized that it also reserves the right to stake certain tokens.
There is uneasiness over tokens held by FTX
In the last few days, there have been various concerns regarding FTX’s potential crypto sale. The number of those who think that the exchange’s potentially large crypto sales could cause a serious drop in the value of assets is quite high. For this reason, various declines in altcoins have been noticeable in the last few days.
FTX holds the most SOL tokens. Traders expects SOL to fall sharply, but we have also seen a lot of reversals in the crypto market. Think twice before taking a short or long trade on SOL.
Huobi has changed its brand: HTX
Cryptocurrency exchange Huobi celebrated its 10th anniversary with a controversial marketing move. The company announced that it will use the name HTX instead of Huobi.
Announcing the rebranding today, the company said that the letter “H” represents Huobi, the letter “T” represents Tron, and the letter “X” represents the exchange.
Another comment was that the letter “X” represented the company’s 10th year.
Huobi updated the company’s social media accounts to HTX before announcing the news.
Huobi’s move drew reaction on social media. Many names expressed that HTX is similar to the name FTX.
One user said, “This must be a joke. FTX to HTX? This is the first thing everyone will think about,” he said.
Some cryptocurrency observers claimed that the company was rebranding after experiencing legal problems. The stock market denied these allegations. Last August, Huobi was rumored to be on the verge of bankruptcy, but these allegations were also denied.
Hashdex has applied for the Ethereum ETF!
This investment fund, known as the Hashdex Nasdaq Ethereum ETF, is known as the first ’33 Act Ethereum futures file and is supervised by Toroso Investments. In addition, it is worth noting that the fund is kept under surveillance. Toroso Investments is registered with the Commodity Futures Trading Commission (CFTC) as a commodity pool operator and is also a member of the National Futures Association.
As it is known, asset management companies have queued for ETF applications at the SEC’s door for the last few months. The current increase in cryptocurrency ETF applications has also emphasised whether the applications will include futures contracts or spot assets. Although the SEC has approved the first application, it should be noted that the second has not yet been approved. Fund managers seem to be exploring a middle-of-the-road option by trying their luck in the US regulatory environment.
The fund will have a mix of Spot Ethereum, ETH Futures Contracts and cash, rather than holding 100 per cent spot Ethereum, which could make it more susceptible to price manipulation in the spot market.
The fund aims to reduce its dependence on the spot market and address concerns about potential manipulation on unregulated Ethereum spot exchanges by including ETH Futures Contracts and cash in its assets.
Hashdex has become the latest asset investment firm to join the competition for a spot Bitcoin (BTC) exchange-traded fund in the US. However, Hashdex’s approach is slightly different from recent filings as it will not be bound by the Coinbase custody-sharing agreement and will prefer to buy spot Bitcoin from physical exchanges on the CME market.
Finally, last week, both Ark Invest and 21Shares filed with the SEC for a spot ETH ETF, a type of ETF also pursued by VanEck.