Web3🌑Friday Buzz: AI Tokens, Private Sales, Legal Battles, & BlackRock's BTC Move
1. Coinbase Institutional report questions AI crypto tokens' value
2. Optimism sells $89M OP Tokens privately
3. US contests Do Kwon's extradition in crypto case
4. BlackRock eyes spot Bitcoin ETFs for global allocation fund
Stay tuned for more insight! 😉
Step into the dynamic world of Web3, where innovation never sleeps. Today's updates promise to captivate with insights on AI crypto tokens, private sales, legal tussles, and BlackRock's strategic moves in the crypto sphere. Let's dive in!
1. Coinbase Institutional report questions AI crypto tokens' value
Coinbase Institutional takes a bearish stance on AI tokens, suggesting their value may be overstated due to potential lack of sustainable demand drivers. Contrary to the market sentiment, the report acknowledges positive price movements for AI-related tokens due to cutting-edge developments, predicting they could act as a general proxy for AI progress.
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2. Optimism sells $89M OP Tokens privately
Optimism Foundation sells 19.5 million OP tokens in a $90 million private sale with a two-year lockup. Tokens can be delegated for governance decisions, offering benefits similar to unvested holders. The sale contributes to the foundation's initial working budget, representing 30% of the OP token supply. With a circulating supply of 1 billion tokens and a total supply of 4.29 billion, OP prices showed a 0.4% decrease in the past 24 hours, while The CoinDesk 20, a diverse token index, rose by 2.59%.
Shaurya Malwa
3. US contests Do Kwon's extradition in crypto case
Despite Montenegro's decision to extradite Do Kwon to South Korea for the TerraUSD collapse, US prosecutors persist in seeking his extradition. Kwon, co-founder of Terraform Labs, faced charges related to the $40 billion stablecoin collapse in 2022. The Justice Department appreciates Montenegro's cooperation. Kwon's arrest in March 2023 triggered extradition requests from both Seoul and New York. While Kwon's lawyers prefer South Korea, some question this decision, emphasizing the US's significant number of victims and suggesting a potential acquittal or light sentence in South Korea compared to the United States.
Bloomberg News
4. BlackRock eyes spot Bitcoin ETFs for global allocation fund
BlackRock's Global Allocation Fund plans to buy spot Bitcoin ETFs, including its own iShares Bitcoin Trust (IBIT), for MALOX. The fund may also acquire ETFs from other issuers, investing solely in Bitcoin ETPs listed on national securities exchanges. With $17.8 billion AUM as of March 7, MALOX joins BlackRock's Strategic Income Opportunities Fund in pursuing spot Bitcoin ETFs. IBIT, launched on Jan. 11, grew over 7,000%, holding 187,531 BTC worth $12.6 billion. BlackRock is also actively advocating for a spot Ether ETF, filing for its iShares Ethereum Trust in November 2023. SEC approval for a spot ETH ETF remains uncertain in 2024.
Helen Partz
As we conclude our journey through today's Web3 landscape, the intricate interplay of AI tokens, private transactions, legal intricacies, and BlackRock's strategic pursuits showcases the multifaceted nature of this evolving ecosystem. The digital realm is ever-expanding, and staying informed is key. Keep exploring, stay curious, and be ready for the next wave of innovations in the exciting realm of Web3. Stay tuned for more updates, and let the Web3 journey continue to unfold!
