-1.png)
Markets Insights
Economic Calendar
ETF Dashboard
The News Room
CleanSpark Acquires Bitcoin Miner GRIID in $155 Million Deal
CleanSpark has acquired Bitcoin miner GRIID Infrastructure in a deal valued at $155 million, including all of GRIID's outstanding stock. This acquisition will increase CleanSpark's operational power to 100 MW by the end of the year, with a target of 400 MW by 2026. GRIID stockholders will receive CleanSpark common stock, and CleanSpark will assume GRIID's debt and obligations, provide a $5 million working capital loan, and a $50.9 million bridge loan. This deal follows CleanSpark's recent purchase of five Bitcoin mining facilities in Georgia for $25.8 million.
VanEck Files for Solana ETF in the US, Asserting SOL is a Commodity
VanEck has filed for a Solana ETF in the US, despite the SEC previously classifying SOL as a security in past enforcement actions. Matthew Sigel, head of digital assets research at VanEck, announced the filing, stating that the VanEck Solana Trust would track the price of Solana and list on the Cboe BZX Exchange. Sigel argued that SOL is a commodity due to its decentralized nature and utility, likening it to Bitcoin and Ethereum. The SEC's approval of spot ETFs for Bitcoin and Ethereum last month adds context to this filing, with further approvals expected soon.
Bolivia Lifts Bitcoin Ban, Authorizes Crypto Transactions Through Banks
Bolivia's central bank, Banco Central de Bolivia, has lifted its 2014 ban on Bitcoin and crypto payments, allowing financial entities to conduct transactions with digital assets in a bid to modernize the payment system and boost the economy. The updated regulations, effective June 26, align Bolivia with Latin American crypto policies, though cryptocurrencies are not recognized as legal tender. Developed in collaboration with the Financial Investigations Unit and the Financial System Supervisory Authority, the new framework also includes a public education plan on crypto risks. This move follows a regional trend, with countries like El Salvador, Mexico, Brazil, and Argentina increasingly adopting cryptocurrencies to address economic challenges.
Trading Desk Insights
Bitcoin is holding steady above $61,000, lacking clear direction ahead of the core PCE release, the Fed's preferred inflation measure. May's data revealed a deceleration in the annualized inflation rate, marking its lowest point in over two years, though still above the Fed's 2% target. Continued declines in inflation indicators like the PCE and CPI are poised to enhance the appeal of cryptocurrencies in the coming months.
In the U.S. BTC ETFs market, there were modest inflows totaling $11.8 million, even as Grayscale experienced outflows of $11.4 million.
SOL has outperformed ETH by over 17% since the week's start, following New York-based VanEck's filing of an S-1 registration statement for its VanEck Solana Trust.
The first 2024 U.S. presidential debate did not address cryptocurrency, despite industry hopes for discussion on regulatory matters. On Polymarket, blockchain bettors expressed skepticism about President Joe Biden's debate performance, boosting former President Donald Trump's odds of winning the November election to as high as 67%.
On Sunday, the first wave of the European Union's comprehensive digital asset regulation, the Markets in Crypto-Assets (MiCA), will come into effect. This regulation is the first major jurisdictional framework for the cryptocurrency sector, providing legal certainty, facilitating investment, and streamlining regulatory compliance across the EU's 27 member states. MiCA covers a broad range of crypto assets, including Bitcoin, Ether, and stablecoins, but excludes central bank digital currencies (CBDCs) and certain securities-like tokens.
Equity futures initially ticked higher on Friday as traders digested fresh PCE data indicating slowing inflation. May's inflation rate dropped to its lowest annual level in over three years, as anticipated.
As we approach the end of a robust first half of the year, the Nasdaq has led the way, climbing approximately 19% amid the investor excitement surrounding artificial intelligence.
Crypto Charts
Macro Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
Start trading with Secure Digital Markets today by e-mailing:
trading@securedigitalmarkets.com