Grayscale Wins Massive SEC Lawsuit
Gansler loses again + big Yuga news
Happy Friday! We hope everyone had a great week!
Here is the breakdown of today's newsletter:
🙌 Grayscale wins massive SEC lawsuit
💰 Mega Mutant fetches 500ETH sale
Solana Pay integrates with Shopify enabling millions of businesses on the platform to use it for payments.
@friendtech implemented photo-sharing feature that we can only guess is looking to rival Only Fans.
Adidas announced the global launch of "RESIDENCY by adidas" - the brand’s first digital artist-in-residence program.
Airline giant Lufthansa (which includes Austrian Airlines, Swiss International Air Lines, and others) launches a NFT loyalty program on Polygon. (DC)
GrayScale Wins SEC Lawsuit ⚖️
This is likely the biggest web3 news story of the entire year. Grayscale which is a massive digital investment firm won its case against the SEC.
💡 What Happened?
Grayscale is a digital asset investment firm founded in 2014 that offers products like the Grayscale Bitcoin Trust (GBTC) to both institutional and individual investors
Grayscale Investments has won a significant victory against the SEC in its quest to convert GBTC into a Bitcoin ETF
The SEC had initially rejected the GBTC application due to concerns about fraud prevention
Grayscale sued, and the court has now overturned the SEC's decision.
Judge Neomi Rao ordered that Grayscale's petition be granted, and the SEC's denial of the GBTC listing application be vacated
💡 Why is this a big deal?
Grayscale is by far one of the largest crypto investment funds in which investors can buy Bitcoin, Ethereum, Solana, and a dozen other cryptocurrencies via public shares in their trust. They have BILLIONS of dollars under management and own 3.4% of all Bitcoin outstanding. The funds can be bought via their ETFs in your brokerage account.
A look at Graysclaes Bitcoin Trust (ticker GBTC)
For example, let’s say your parents aren’t very tech savvy but want investment exposure to Bitcoin - instead of going through the hassle of signing up for Coinbase, getting a wallet, etc. they can just buy the ticker GBTC which tracks Bitcoin in the similar way that SPY tracks the S&P 500.
The ability to own these ETFs is massive crypto exposure for mutual funds, hedge funds, pension funds, 401ks, ROTH IRAs, and more and that’s why Grayscale has billions in AUM (assets under management).
Mega Mutant Ape Fetches 500 ETH 💰
We had a huge mutant sale that caught everyone’s attention.
On September 1st, MAYC #30002 “Mega Zombie” was sold for 500ETH ($817,000USD) to the infamous NFT whale MachiBigBrother.
Despite the recent decline of the collection, grail pieces have still consistently fetched significant numbers throughout the Yuga universe.
Possibly this massive sale is in preparation for the upcoming open beta release for Legends of the Mara which many Yuga investors are patiently waiting for.
NFT projects that operate legit businesses with revenue > anything else.
It looks like Pudgy Penguins has been crushing it in the past year with their golden IP and branding.
Pudgies doing $10M in rev in their first 7 months is just ridiculous.
Working behind the scenes on a project as a founder and getting insight into other projects makes me appreciate this so much more.
Pengus making truly great stuff.
— Loopify 🧙♂️ (@Loopifyyy)
Sep 6, 2023
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