Fidelity Files for Spot Solana ETF
Fidelity has joined the race to offer the first spot Solana (SOL) ETF in the U.S. Cboe filed a Form 19b-4 filing on March 25 to list Fidelity’s spot Solana ETF. Fidelity previously registered a Solana fund in Delaware and currently manages $5.9 trillion in assets.
As Solana ETF filings accelerate, Volatility Shares’ SOL futures have launched. JPMorgan estimates $3 billion to $6 billion in inflows into SOL ETFs. In addition, asset managers testing the boundaries of regulation are also applying for ETFs for altcoins such as Litecoin, XRP, and Dogecoin.
SEC to Discuss DeFi and Tokenization for Crypto Regulation
The SEC Crypto Task Force will discuss DeFi, tokenization, and crypto regulations in four new roundtable meetings to be held between April and June. Commissioner Hester Peirce stated that these meetings aim to reduce regulatory uncertainties by establishing a constructive dialogue with the sector. It was emphasized that the new administration will adopt a more inclusive strategy instead of the “regulation by enforcement” approach of the previous SEC administration.
In the first meeting, a16z legal counsel Miles Jennings stated that the SEC has failed to protect investors and ensure market efficiency in the past. The meetings, which will discuss crypto trading on April 11, custody on April 25, tokenization on May 12, and DeFi on June 6, will be broadcast live in Washington. On the other hand, the Senate confirmation hearing of crypto advocate Paul Atkins, who was nominated for SEC Chairman, will take place on Thursday.
SEC Ends Investigation into Immutable
The U.S. Securities and Exchange Commission (SEC) has closed its investigation into Australian crypto company Immutable. The company announced in October that it received a Wells notification targeting it, the IMX Ecosystem Foundation, and its CEO, but the SEC ultimately closed the file without filing any charges. Immutable stated that this decision was an important victory for digital property rights.
The SEC has adopted a more moderate approach to crypto regulation following the return of the Trump administration and the departure of former chairman Gary Gensler in January. In recent months, it has also ended investigations into major crypto companies such as Kraken, Coinbase, Gemini, MetaMask, OpenSea, Robinhood, and UniSwap. The new administration aims to provide clearer regulatory frameworks for the sector with the Crypto Task Force established under the leadership of Republican Commissioner Hester Peirce.
Fidelity Prepares to Launch Its Own Stablecoin
Asset management giant Fidelity has begun testing its own stablecoin, expanding its moves into the crypto market. The company stated that the token is designed to function as cash, and this move aligns with the Trump administration’s stablecoin-friendly policies.
Despite giants like Tether in the stablecoin market, Fidelity plans to focus on regulated tokenized funds. World Liberty Financial, which is backed by Trump, is also preparing to launch its own stablecoin. Although stablecoins have been criticized for carrying financial risk, their supporters argue that these assets can make markets more efficient.
GameStop Adds Bitcoin to Its Balance Sheet
Game retail giant GameStop (GME) has decided to adopt Bitcoin as a treasury reserve asset. The decision, which the company announced in its fourth-quarter earnings report, coincides with the hints made by CEO Ryan Cohen weeks ago. Cohen had hinted that they could invest in Bitcoin by sharing a photo of himself with MicroStrategy Chairman Michael Saylor at an event in Mar-a-Lago in February. The company has $4.76 billion in cash and cash equivalents on its balance sheet.
The move comes after Strive Asset Management CEO Matt Cole wrote a letter to Cohen suggesting that GameStop buy Bitcoin to strengthen its financial future. Cohen’s tweet, “Letter received,” had increased speculation that this strategy was being considered. Following the announcement, GameStop shares rose 5.7% in after-hours trading, while the price of Bitcoin also rose slightly to $88,500.
FDIC Removes Reputational Risk From Bank Supervision
The U.S. Federal Deposit Insurance Corporation (FDIC) has loosened regulations that had prevented banks from providing services to crypto companies by removing the “reputational risk” criterion from its banking supervision. White House Crypto Czar David Sacks called the decision a “huge victory for crypto,” while Senator Tim Scott and many industry leaders also welcomed the decision.
The change could end Operation Chokepoint 2.0, a process that made it harder for banks to provide services to crypto companies under the Biden administration. The FIRM Act aims to prevent financial institutions from denying service based on subjective perceptions of risk.
Ripple to Get $75 Million Refund from SEC
The long-running legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) is nearing an end. The parties have agreed to repay $75 million of the $125 million fine that Ripple paid in a court order last year. The SEC agreed to settle the case, keeping only $50 million.
The settlement comes after the SEC dropped its objection to a court ruling last week that Ripple’s sale of XRP on exchanges did not violate securities laws. Ripple also agreed to drop its own objection. The price of XRP rose 1.5% after the news, but later fluctuated to $2.47. The SEC has not made an official comment on the matter.
Nubank Adds ADA, NEAR, and ATOM to Crypto Services
Nubank, the Latin American bank backed by Warren Buffett’s Berkshire Hathaway, has expanded its crypto portfolio. The bank announced that it will offer Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO) support to its 100 million customers in Brazil. The total market value of these four crypto assets is $34.6 billion. Nubank’s revenues are expected to increase by 1,124% since 2021, reaching $3 billion by the end of 2024.
Currently, Nubank customers can buy, sell, and exchange Bitcoin (BTC), Ethereum (ETH), Solana (SOL), USD Coin (USDC), and XRP. Brazil, the largest economy in Latin America, has a rapidly growing crypto market. In 2024, a total of $6 billion worth of crypto trade took place in the country, with Binance becoming the first crypto exchange to receive a broker license in Brazil. Nubank competes with rivals such as Revolut, while lawmakers in the country are considering legalizing Bitcoin salaries.
BlackRock Launches Bitcoin Fund in Europe
Following the success of its IBIT fund, which attracted great interest in the US, BlackRock has launched a new Bitcoin exchange-traded product (ETP) in Europe. The iShares Bitcoin ETP (IB1T) is listed on the German, French and Dutch exchanges. Coinbase will provide custody of the fund’s Bitcoin assets.
BlackRock’s spot Bitcoin ETF, which launched in 2023, was approved in January 2024 and attracted great interest, generating $40 billion in inflows. The company also managed over $4 billion in assets in its Ethereum fund. BlackRock’s $1.7 billion tokenized treasury fund BUIDL, however, has been expanded onto the Solana blockchain network.
eToro Files for IPO in the US
Crypto-friendly investment platform eToro is aiming to list on Nasdaq by filing for an initial public offering (IPO) in the US. The company plans to go public with a valuation of $5 billion, while major investment banks such as Goldman Sachs, Citigroup, and UBS are leading the process.
This is not eToro’s first attempt at going public in the US. The company, which planned to list on the stock exchange with a valuation of $10.4 billion through a SPAC merger in 2021, had canceled this process due to market conditions. Now, turning to Nasdaq to increase global investor interest, eToro aims to increase its valuation after receiving a $250 million investment in 2023. One of the oldest Bitcoin trading platforms in Europe, eToro aims to grow by reaching a large investor base in the US market.
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BITCOIN (BTC)
BTC is traded at $ 87,280 as of the morning hours, losing 0.13%. For BTC, which is moving in a horizontal band, overcoming the $ 88,460 resistance will be important in a possible upward movement. If this level is broken, an increase towards the $ 89,822 and $ 91,614 levels can be expected.
In the event of negative movement, there is a possibility of a pullback to the $ 86,434 support. Below, $ 84,757 and $ 81,237 support levels should be followed.
ETHEREUM (ETH)
As of the morning hours, ETH is priced at $ 2,068 with a 0.51% loss in value. $ 2,018 stands out as support in downward movements. If this level is lost, the possibility of a drop to $ 1,960 should be considered.
In the short-term view, the price is moving in the compression zone. Maintaining a high of 2.068 could support upward momentum.
RIPPLE (XRP)
XRP is trading at $ 2.45 as of the morning hours with a 0.06% gain in value. In order for the upward movement to continue, the price must overcome the 2.50 resistance. If this level is broken, the next target points may be $ 2.57 and then $ 2.64.
In the negative scenario, if the price declines below the 2.42 level, the $ 2.36 support can be followed. If this level is lost, the 2.22 level can be followed as a strong support.
AVALANCHE (AVAX)
AVAX is trading at $ 22.64 levels with a 1.09% loss as of the morning hours. AVAX, which tested the $ 23.46 level with the last rise movement, was rejected from this region. The price needs to overcome the 23.46 resistance for the upward movement to continue. If this level is broken, the $24.84 level may be the next target point.
In the negative scenario, if the price drops below the $22.49 level, the $21.26 support can be followed. If this level is lost, the $ 19.89 and then $ 18.18 levels can be followed as strong support.
SOLANA (SOL)
SOL is traded at $ 143 levels with a 0.38% loss in value as of the morning hours. SOL, which tested the $ 148.12 level with the last upward movement, was rejected from this region. The price needs to overcome the 148.12 resistance for the upward movement to continue. If this level is broken, the $ 152.94 level may be the next target point.
In the negative scenario, if the price drops below the $ 141.07 level, the $ 136.46 support can be followed. If this level is lost, the $ 128.21 level can be followed as a strong support.
