SEC Delays Solana and Litecoin ETFs, Seeks Public Comments on Dogecoin – Dubai to Let Government Services Be Paid for with Crypto

SEC Delays Solana and Litecoin ETFs, Seeks Public Comment on Dogecoin

The U.S. Securities and Exchange Commission (SEC) has delayed Grayscale’s Solana and Litecoin ETF applications, extending the review process to assess their compliance with investor protection and market integrity standards. Both applications were originally filed for trading on NYSE Arca. The SEC is taking a more cautious approach, particularly with altcoin-based ETFs like Solana and Litecoin.

In other news, the SEC opened up BlackRock’s proposed in-kind (with Bitcoin) redemption model for its Bitcoin ETF and 21Shares’ Dogecoin ETF application for public comment. BlackRock’s proposal aims to amend the current cash-focused system by allowing ETF shares to be created and redeemed directly with Bitcoin. 21Shares’ Dogecoin ETF aims to track the price of DOGE against an index, giving investors access to crypto through traditional intermediaries. The steps point to a more transparent and participatory regulatory process for crypto products under the leadership of new SEC Chairman Paul Atkins.

Dubai Will Be Able to Pay for Government Services with Crypto

The Dubai government will allow citizens and businesses to pay for government services through crypto wallets in a deal with Crypto.com. Payments will be made in crypto, but the government will receive payments in dirhams. The deal was announced as part of a digital payments channel being developed as part of the emirate’s cashless society strategy.

The strategy is expected to contribute at least 8 billion dirhams ($2.2 billion) to the economy annually. Dubai has become a pioneer in crypto regulation with the establishment of VARA (Virtual Assets Regulatory Authority) in 2022. It is also pursuing a strategy to attract 1,000 metaverse and blockchain companies by 2030. The move further reinforces Dubai’s ambition to become the crypto hub of the Middle East.

Twenty One Capital Takes Top Spot With $458 Million Bitcoin Purchase

Ahead of the IPO, Twenty One Capital made a massive investment of approximately $458.7 million by purchasing 4,812 Bitcoin through Tether. The purchase was made as part of the PIPE financing as part of the merger agreement with Cantor Equity Partners. The Bitcoins will be held in a private wallet until the transaction closes, after which they will be transferred to Twenty One.

With this purchase, Twenty One Capital became the 17th largest institutional Bitcoin holder in the world and among the top 5 private companies. The company aims to raise up to 42,000 BTC with the IPO and is adopting a “maximum value per Bitcoin” strategy. The firm, which will go public with the symbol “XXI,” will focus on developing Bitcoin-based financial products and infrastructure services.

DeFi Development Corp.’s Solana Investment Exceeds $100 Million

Nasdaq-listed DeFi Development Corp. has acquired 172,670 Solana (SOL) units, bringing its total assets to 595,988 SOL. The total value of the company’s SOL holdings, including staking rewards, exceeded $102.7 million. The purchase was made at an average price of $136.81.

The company plans to continue its Solana accumulation with a recently completed $24 million private investment round. The company, formerly known as Janover, has shifted to a crypto-focused strategy after being taken over by former Kraken executives in April. It also took the step of staking its own SOLs last week, announcing that it had purchased a Solana validator business for $3.5 million.

London-Based Abraxas Capital Purchases $500 Million in Ethereum in 6 Days

London-based asset management firm Abraxas Capital Management has purchased 211,030 Ethereum (ETH) in just six days, totaling a total investment of approximately $477.6 million. This figure was reportedly reached with 33,482 ETH ($84.7 million) purchased in the last 12 hours.

The firm borrowed 240 million USDT via Aave to fund these purchases, and then deposited this amount to Binance. Investor interest has increased as Ethereum has surged following the Pectra update in recent weeks. The price of ETH rose by 6% to $2,614. After lagging behind Bitcoin for most of the year, Ethereum is finally showing signs of recovery, experts say.

VanEck Launches First Tokenized RWA Fund

Investment giant VanEck is launching its first fund focused on tokenized real-world assets (RWA) in partnership with Securitize. The fund, called VBILL, will offer access to U.S. Treasury bonds and will trade on the Ethereum, Solana, BNB Chain, and Avalanche blockchains. The minimum investment limit for Avalanche, BNB Chain, and Solana is set at $100,000, while for Ethereum, it is set at $1 million.

With this move, VanEck will compete directly with BlackRock’s BUIDL and Franklin Templeton’s BENJI funds. SEC Chairman Paul Atkins said that tokenized securities could revolutionize the financial world in a similar way to the music industry’s transition to digital. Tokenization has the potential to transform the traditional financial system with advantages such as faster exchange processes and liquidity.

Robinhood Acquires WonderFi for $179 Million

Robinhood has reached an agreement to acquire WonderFi Technologies for approximately $179 million in a bid to strengthen its presence in the Canadian crypto market. The all-cash acquisition represents a 71% premium to WonderFi’s last 30-day average share price. WonderFi operates licensed platforms such as Bitbuy, Coinsquare and SmartPay and has customer assets worth $2.1 billion CAD.

Once the deal is complete, WonderFi’s management team will continue to serve under Robinhood Crypto, and its crypto product offerings in Canada will be expanded. WonderFi employees will join the company, along with Robinhood’s office in Toronto, which it opened last year. The acquisition is expected to close in the second half of 2025, following shareholder approval. The move is seen as part of Robinhood’s global crypto expansion strategy.

Arizona Governor Vetoes Three Pro-Crypto Bills, New Rules for Crypto ATMs

Arizona Governor Katie Hobbs has vetoed three bills that would have pushed for wider crypto adoption in the state. Senate Bills 1373, 1024, and 1095, respectively, would have covered using government-seized digital assets, paying government fees in crypto, and banning CBDCs (central bank digital currencies). Hobbs cited market volatility and risks to state funds as reasons for her veto.

However, Hobbs also opted for a controlled approach by signing House Bill 2387, which would have regulated crypto ATMs. The new law would impose multilingual fraud warnings on ATMs, detailed receipt requirements, transaction limits, and transparency requirements. The move suggests that Hobbs is taking a cautious but regulatory approach to digital assets.

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BITCOIN (BTC)

BTC is trading at $103,800 as of the morning hours, down 0.28%. Bitcoin rose to $105,000 with the upward movement it started from $91,648. However, the price behavior in this region is following a sideways trend. The consolidation formed in the $103,000-106,000 band may be a gathering phase before a potential breakout. While the $95,839 level stands out as the first support below, the $93,744 level should be followed in a deeper correction. Above, a strong close above $ 106,000 could create the potential for the price to move above $ 110,000. However, there is an unstable structure at present.

btc icrypex 14-05-2025

ETHEREUM(ETH)

ETH is priced at $ 2,670 as of the morning hours with a 0.34% loss in value. Ethereum continued its uptrend that started at $ 1,744 and rose to $ 2,669. The price staying above $ 2,608 is very important for the upward movement to continue. If this level works as support, $ 2,800 and above can be targeted. However, in possible pullbacks below $ 2,608, the first support is at $ 2,314. Although the trend is upward in this environment dominated by bulls, the possibility of a short-term correction should not be ignored.

eth icrypex 14-05-2025

RIPPLE(XRP)

XRP is traded at $ 2.5735 as of the morning hours with a 0.38% loss in value. XRP is consolidating around $ 2.57 after a sharp rise that started at $ 2.11. Closing above $ 2.48 confirms the rise and paves the way for the price to move towards $ 2.64. Short-term supports are at $ 2.48 and $ 2.36. The protection of these supports is important for the price to continue its upward potential. In particular, breaking the $ 2.64 resistance may increase the buying pressure towards $ 2.80 and above.

xrp icrypex 14-05-2025

AVALANCHE(AVAX)

AVAX is trading at $26.39 levels with a 2.69% increase in value as of the morning hours. AVAX continues its uptrend by breaking the 23.03 resistance strongly with purchases from the $20.00-21.00 region. The price is approaching the $26.50 level and the recent candles indicate that buyer interest continues. However, a horizontalization and profit taking are likely to be seen at this level. The $23.03 level is now an important support level and as long as the price stays above this level, the $28.00 and $30.00 levels appear as technical targets. Otherwise, short-term pullbacks down to around $ 24.00 can be considered normal.

avax icrypex 14-05-2025

SOLANA(SOL)

SOL is trading at $ 181.58 levels with a 1.15% loss in value as of the morning hours. The Solana price continues its strong upward movement that started at $ 144.87 and is currently trading around $ 181.54. Persistence above $ 176.27 shows that the bulls have taken control in the short term. The price confirming the 177.50-176.27 region as support and consolidating above these levels are critical for the continuation of the rise. If the upward momentum maintains, the $ 187.50 level can be followed as the next resistance. However, in case of a possible decline below $ 176, the risk of a correction movement down to $ 165 levels should not be ignored.

sol icrypex 14-05-2025

Risk Disclosure
Cryptocurrency assets have higher volatility compared to traditional financial instruments and involve various unique risks. There is no guarantee or commitment regarding the prices at which transactions will be executed. Therefore, before deciding to trade on ICRYPEX, you must fully understand, assess, and consider all potential risks you may encounter. The opinions, news, research, analyses, prices, or other information provided on ICRYPEX's official website, trading application, or social media platforms are general market commentary and do not constitute investment advice. ICRYPEX is not responsible for any losses incurred as a result of investments made based on such information.

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