The following article is adapted from Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Thursday! Bitcoin has broken below the key $100,000 psychological level, but analysts say whales are buying the dip – gaining more than 45,000 BTC this week as liquidity resets and macro conditions soften.

In today’s newsletter, Canary Capital launches a spot XRPETF, Polymarket quietly relaunches in the US, Grayscale files for IPO, and more.

Meanwhile, the Czech Central Bank buys Bitcoin for the first time as part of its digital asset “test portfolio”.

Let’s begin!

PS Don’t forget to check Funding, a bi-weekly funding round of CryptoVC Trends. It’s a great read – and like the Daily, it’s free to subscribe to!

Canary Capital Launches Spot XRPETF

Canary Capital has officially launched its spot XRP ETF on Nasdaq under the ticker XRPC, giving US investors direct exposure to the XRP ledger’s native cryptocurrency.

• Nasdaq previously certified and approved XRPC for listing despite the recent government shutdown, using SEC guidance that allows amendments to crypto ETF S-1 filings to be effective without delay as long as they meet the agency’s new general listing standards.
• As part of that process, firms have to file a Form 8-A, which Canary made Thursday’s debut earlier this week.
  Other asset managers, including BitWise, 21Shares, WisdomTree, and Grayscale, have also proposed similar XRP ETFs.
• Shares of Rex launched a non-standard route USR ETF in September under a different legal structure that holds XRP directly while allocating at least 40% of its assets to other XRP-related ETFs.
• Dogecoin ETFs could follow next, with the first standard ROOT fund likely to be effective by November 23.

Polymarket quietly relaunches US trading platform as merger deals stack up

Polymarket has quietly reopened its US platform in beta, allowing some users to trade again as it finalizes its regular domestic rail launch.

• According to Bloomberg, Polymarket founder Shane Coplin said at Cantor Fitzgerald’s crypto conference that the US platform is “live and operational,” allowing select users to bet on real contracts.
• Softstart, following its $1.4 million settlement with the CFTC in 2022 and subsequent acquisition of licensed exchange QCX, gives Polymarket the regulatory footing it needs to return to stateside.
• Polymarket also announced Thursday that it has signed a multi-year exclusive partnership with TKO Group to bring real-time prediction markets to UFC and Zuffa boxing broadcasts, adding to a stack of recent deals with Google, Yahoo Finance, PrizePix, Draftings, and the NHL.

Grayscale explores NYSE launch in latest sign of crypto IPO momentum under Trump

Grayscale filed for an initial public offering, listing Class A shares on the NYSE under Tucker Gray, reporting $35 billion in assets under management and a $365 billion addressable market for its product suite.

• The firm plans to go public with a dual-class voting structure that leaves parent company Digital Currency Group controlled by supervoting Class B shares.
• However, the pricing terms were not yet included in the S-1 filing with the US Securities and Exchange Commission.
• The filing adds to a wave of crypto-related IPOs under the Trump administration as firms such as Gemini, Circle and Data enter public markets.

The Japan Exchange Group has weighed stricter monitoring of listed crypto-treasury firms

Japan Exchange Group is weighing tighter oversight of listed digital asset treasury firms amid concerns over volatility and losses associated with such companies.

• According to Bloomberg, the Tokyo Stock Exchange operator is exploring measures, including a stricter interpretation of existing reverse merger rules and possibly requiring companies to conduct fresh audits if they are involved in large-scale crypto holdings.
• While no decision has been finalized, JPX has warned that their fundraising potential may be limited if they pursue crypto acquisitions as a primary business model.
• The scrutiny follows a steep sell-off in Japanese date stocks, with MetaPlant, Konno and Bitcoin Japan all sliding sharply on Thursday.
• MetaPlanet separately said it has not been subject to regulatory actions or investigations related to its business operations.

JP Morgan sees support for Bitcoin at ,000 94,000, which maintains an upside case at ,000 170,000.

Bitcoin’s production cost has risen to an estimated $94,000, reinforcing a historically reliable price floor that suggests limited downside from current levels, JP Morgan analysts said.

• Analysts also maintained their six-to-12-month upside of around $170,000, based on a volatility-adjusted valuation of bitcoin against gold.
• JP Morgan attributed the rising floor to a sharp increase in network difficulty and noted that bitcoin is undervalued after recent incarceration and weak sentiment.

In the next 24 hours

• Eurozone GDP data is due at 5 a.m. ET on Friday.
• USFOMC member Raphael Bostic will speak at 9:20 a.m
• The wormhole is set for one Token unlock.
• Bitcoin Amsterdam ends. Launched by Cryptofest in Cape Town.

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Disclaimer: This article was developed using OpenAI’s Chat GPT 3.5/4 and was reviewed and edited by our editorial team.

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