Crypto & Blockchain Daily Brief Wednesday, July 9, 2025

A filing for a dual cryptocurrency exchange-traded fund (ETF) by the company behind the social media platform Truth Social has been acknowledged by the U.S. Securities and Exchange Commission (SEC). The filing was submitted by Valkyrie Digital Assets, which is the same company that filed for the Bitcoin Strategy ETF in 2021. The new ETF, named the Valkyrie Truth Social Crypto 100 ETF, is intended to invest in a mix of Bitcoin and Ethereum and will trade on the New York Stock Exchange Arca. The purpose of the ETF is to provide investors with exposure to the performance of the cryptocurrencies without having to directly hold them. The filing acknowledges that cryptocurrencies are a relatively new asset class and have the potential for significant volatility, regulatory uncertainty, and market manipulation. The ETF will hold only Bitcoin and Ethereum, with the possibility of adding other cryptocurrencies in the future. The SEC's acknowledgment of the dual crypto ETF filing is a positive step towards the potential approval of such a fund. The filing comes at a time when interest in cryptocurrencies is growing, and investors are looking for more regulated ways to gain exposure to the asset class. If approved, the ETF could provide a new investment opportunity for those interested in cryptocurrencies but hesitant to directly invest in them.

The article discusses the recent announcement made by MicroStrategy, a top Bitcoin treasury company, regarding its plans to potentially acquire a digital bank. MicroStrategy, known for its significant investment in Bitcoin, has been considering expanding its operations beyond just holding the cryptocurrency. The company's CEO, Michael Saylor, revealed during a recent conference that they are exploring the idea of purchasing a digital bank to further integrate their Bitcoin strategy. MicroStrategy has gained attention in the crypto space for its bold move of converting a significant portion of its cash reserves into Bitcoin, making it one of the largest Bitcoin holders among public companies. Saylor has been an outspoken advocate for Bitcoin, touting its potential as a store of value and hedge against inflation. The company's successful investment in Bitcoin has led to a surge in its stock price and market capitalization. By potentially acquiring a digital bank, MicroStrategy aims to leverage its position as a Bitcoin treasury company to offer a range of financial services to customers, including lending and borrowing options. This move would mark a significant step towards mainstream adoption of Bitcoin and other cryptocurrencies, as it would enable customers to access financial services while also benefiting from exposure to digital assets. Overall, MicroStrategy's interest in acquiring a digital bank signals its commitment to expanding its presence in the cryptocurrency space and exploring new avenues for growth and innovation. The move could have far-reaching implications for the industry and pave the way for greater integration of Bitcoin into traditional financial systems.

A new exchange-traded fund (ETF) called the "Crypto Blue Chip ETF" has been launched by Bitwise Asset Management. This ETF aims to provide exposure to the top 10 cryptocurrencies by market capitalization. It will be listed on the New York Stock Exchange Arca under the ticker symbol "BITW." The Crypto Blue Chip ETF will track an index that includes Bitcoin, Ethereum, and other leading cryptocurrencies. It will offer investors a diversified way to gain exposure to the crypto market without having to directly buy and hold individual digital assets. Bitwise Asset Management is known for its expertise in the crypto space, having previously launched the first cryptocurrency index fund in 2017. The company believes that the Crypto Blue Chip ETF will provide a convenient and secure way for traditional investors to access the crypto market. The ETF will be rebalanced on a monthly basis to ensure that it accurately reflects the current market environment. Additionally, it will have a 2.5% expense ratio, which is relatively low compared to other crypto investment products. Overall, the launch of the Crypto Blue Chip ETF is seen as a positive development for the crypto industry, as it provides a mainstream investment vehicle for those looking to gain exposure to the top cryptocurrencies. This ETF could potentially attract a new wave of investors to the market and help to further legitimize the crypto asset class.

BlackRock's iShares Bitcoin ETF has experienced a significant surge, surpassing 700,000 BTC in its holdings. This milestone marks a record-breaking run for the ETF, reflecting the growing interest in Bitcoin among institutional investors. The ETF, which was launched in 2025, has seen rapid growth in its assets under management, indicating a strong demand for exposure to Bitcoin in traditional financial markets. The surge in the iShares Bitcoin ETF's holdings can be attributed to a variety of factors, including the increasing acceptance of Bitcoin as a legitimate asset class, as well as the ongoing adoption of cryptocurrencies by mainstream financial institutions. The ETF's success highlights the shifting attitudes towards digital assets within the investment community, with more traditional financial players recognizing the potential benefits of including Bitcoin in their portfolios. The record-breaking run of the iShares Bitcoin ETF is a clear indication of the growing mainstream acceptance of Bitcoin and other cryptocurrencies. As institutional investors continue to show interest in digital assets, the market for Bitcoin ETFs is expected to expand further, providing more opportunities for investors to gain exposure to the cryptocurrency market through regulated investment vehicles. Overall, the surge in the iShares Bitcoin ETF's holdings underscores the increasing importance of Bitcoin in the global financial landscape. With institutional investors flocking to digital assets, the future of Bitcoin and other cryptocurrencies appears to be on a trajectory towards greater adoption and integration into traditional investment portfolios.

Ripple CEO Brad Garlinghouse is set to testify before the United States Senate on the topic of crypto reform and market structure legislation. Garlinghouse will be one of several witnesses at the hearing, which aims to address the regulatory framework surrounding digital assets and blockchain technology. The hearing comes at a time of increased scrutiny and debate over how cryptocurrencies should be regulated in the United States. Garlinghouse's testimony is expected to focus on the importance of clear and consistent regulations to foster innovation in the crypto industry while protecting consumers and investors. Ripple, the company behind the XRP cryptocurrency, has been at the center of several legal battles with the U.S. Securities and Exchange Commission (SEC) over the classification of XRP as a security. The outcome of these legal challenges could have far-reaching implications for the broader crypto market. Garlinghouse's appearance before the Senate is seen as an opportunity to provide insight into the challenges facing the industry and to advocate for regulatory clarity that will enable continued growth and development. The hearing is part of ongoing efforts by lawmakers to better understand the complexities of the crypto market and to develop a regulatory framework that balances innovation and investor protection.