SOL-Seeking for $1B
The biggest names in crypto are coming together to create one of the largest SOL treasuries in the space.
Galaxy Digital, Jump Crypto and Multicoin Capital are currently in talks to raise $1B to set up a corporate treasury that will purchase and hold SOL.
According to a recent Bloomberg report, the trio’s plan is to acquire a publicly listed firm and convert it into a digital asset treasury firm, which is expected to be done in September.
Cantor Fitzgerald has apparently been chosen as the main banker for the transaction.
Besides that, the report also claims that the initiative will be fully backed by the Solana Foundation.
The price of SOL had broken past $200 earlier today before the report was published, climbing to a daily high of $213.
However, SOL has since fallen back under the $200 mark, and is currently trading at $198.
Bitcoin Staking Comes to Starknet
The Starknet community has officially approved SNIP-31, bringing Bitcoin staking to the Ethereum Layer-2.
Based on the approved parameters, the staking weight of Bitcoin will be set to 0.25, giving stakers only 25% influence in determining consensus, while the balance remains in control of the L2’s native STRK token.
The community had originally approved the implementation of wrapped Bitcoin, and have included new governance rules for integrating new BTC wrappers.
The staking upgrade is expected to go live in the coming weeks.
Once it is complete, users will be able to stake and delegate their wrapped Bitcoin to earn a share of network rewards.
In Other News…
Metaplanet Added to FTSE Japan Index. Metaplanet, a Tokyo-listed hotel group that successfully pivoted into a major Bitcoin treasury firm, has now elevated to “mid-cap” status after being added to the FTSE Japan Index, which will likely see MetaPlanet being incorporated into mainstream equity portfolios.
Are You Shaken Out? A Bitcoin whale sold 24,000 BTC on Sunday, likely causing a Bitcoin liquidation cascade which resulted in Bitcoin’s price dip back down to $113K. Despite this, crypto market sentiment is still generally bullish with ETH recently hitting an ATH.
Pudgy Penguins Eyes Future IPO. Pudgy Penguins CEO Luca Netz, a popular crypto-native IP that started as an NFT collection, says that he will be “disappointed” if the firm doesn’t IPO in the next 2 years. Pudgy Penguins has since branched into toys, games and more, gaining over $50M in revenue this year.
Charlie and the Bitcoin Factory. A GameStop shopper won big after he opened a pack of Cardsmith’s Currency trading cards, and got the 1 BTC card, a card with a redemption code to one whole Bitcoin, worth $115K.
Philippines Congressman Proposes National Bitcoin Reserve. Congressman Miguel Luis Villafuerte proposes that the country’s central bank purchases 2K Bitcoins annually for five years to accumulate 10K Bitcoins (worth $1B today), with the goal of holding it for 20 years.