Web3🌗Wednesday Highlights: Goldman Sachs’ Bitcoin Bet, ASX Legal Woes, dYdX Upgrade, and Mt. Gox Bitcoin Surge

Welcome to your Wednesday Web3 roundup! Today, we’re diving into the latest and most exciting updates shaping the world of blockchain and cryptocurrency. From Goldman Sachs making a significant move with Bitcoin ETFs to legal battles shaking up Australia’s ASX, there’s plenty to unpack. We’ll also explore how dYdX is set to revolutionize trading with its upcoming upgrade and the intriguing rise in Bitcoin prices linked to Mt. Gox repayment activities. Stay tuned as we break down these key developments and what they mean for the future of digital finance.

1. Goldman Sachs now holds over $400M in Bitcoin ETFs

Goldman Sachs (GS) has disclosed in its latest 13F filing that it owns over $400 million in Bitcoin ETFs. The investment bank holds significant positions in seven of the 11 U.S. Bitcoin ETFs, with its largest investment in iShares Bitcoin Trust ($238.6 million). It also has substantial holdings in Fidelity’s Bitcoin ETF ($79.5 million) and Invesco Galaxy’s BTC ETF ($56.1 million), among others. Goldman Sachs views these investments as a key milestone for the industry, highlighting the potential of Bitcoin ETFs to transform financial operations. This marks a shift in the bank’s stance on cryptocurrency investments.

Goldman Sachs’s filing reveals $418 million in spot Bitcoin ETF holdings

Global Financial services company Goldman Sachs revealed a $418.65 million position on U.S. spot bitcoin exchange-traded fund shares as of

NairametricsMichael Ndu-Okeke

2. Australia’s securities watchdog sues ASX for alleged misleading blockchain claims

Australia’s Securities and Investment Commission (ASIC) has sued ASX Limited, accusing the company of misleading statements about its blockchain project, which was intended to replace the Clearing House Electronic Subregister System (CHESS). ASIC claims ASX misrepresented the project’s progress before ultimately canceling it in November 2022 after significant design issues were identified. The cancellation led to a $168 million write-down. ASIC is seeking a maximum penalty exceeding A$500 million ($330 million). ASX acknowledges the seriousness of the allegations and is reviewing them, while calls for the resignation of ASX chairman Damian Roche have emerged.

Australia’s Securities Regulator Sues ASX for Misleading Statements About Blockchain Project

ASIC sued on Tuesday and has not yet determined what penalty it will be seeking, but the Australian Financial Review (AFR) reported that ASX faces a maximum penalty of more than A$500 million.

CoinDeskAmitoj Singh

3. dYdX ($DYDX) gears up for a major upgrade with groundbreaking new features

dYdX is set to launch a major upgrade this autumn, introducing several key features. The Permissionless Market Listing will allow users to list markets on the dYdX Chain without needing governance approval, democratizing market access. The MegaVault will be central to this upgrade, providing automatic liquidity and allowing users to earn from protocol revenue. Permissioned Keys will enhance security, particularly for institutional traders, by controlling wallet access. Additionally, dYdX is launching an Affiliates Program where users can earn by referring others, with the potential for significant rewards. These updates will be complemented by a refreshed user interface and improved onboarding processes.

dYdX ($DYDX) Prepares for Landmark Upgrade: New Features to Redefine Trading

Decentralized exchange dYdX ($DYDX) will release a significant upgrade this autumn, introducing features like permissionless market listing, MegaVault, and permissioned keys.

Crypto DailyAmara Khatri

4. Bitcoin surges as $2 billion in Mt. Gox repayment funds are moved

Mt. Gox’s Bitcoin repayments are making waves again. Recently, over $2 billion worth of Bitcoin was moved from an address linked to the collapsed exchange, with the balance of 33,000 BTC shifted to a new wallet. This movement, tracked by Arkham Intelligence, is seen as a precursor to upcoming repayments for affected users. Following this significant transfer, Bitcoin’s price surged to over $61,000, up from recent lows. The move reflects ongoing efforts to return stolen funds from the 2014 hack, with repayments expected to impact the market as major transactions unfold.

Bitcoin Price Jumps as $2 Billion in Mt. Gox Repayment Funds Moved - Decrypt

Are more Mt. Gox repayments about to start? Some $2 billion worth of Bitcoin was just moved—and BTC’s price is on the rise.

DecryptMat Di Salvo

That wraps up our Wednesday Web3 update! We’ve covered some major moves in the crypto space, from Goldman Sachs’ Bitcoin ETF holdings to dYdX’s game-changing upgrade and the latest with Mt. Gox repayments. Stay ahead of the curve by following us on social media and subscribing to our newsletter for more insights and updates on the ever-evolving world of Web3. Until next time, keep exploring and stay informed!

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