Daily Brief: July 24, 2025
Crypto Moves, Bitcoin Boosts, Ethereum Surge
MARA Holdings is raising $850 million to expand its Bitcoin holdings and manage debt, reinforcing its position in crypto mining. Ethereum's price is climbing due to strong institutional demand, potentially reaching $10,000 by year-end. Meanwhile, the SEC continues to pause crypto ETF approvals, signaling regulatory caution and impacting investor access to diversified crypto investments.
💰 MARA Holdings Secures $850M to Boost Bitcoin Reserves
MARA Holdings plans to raise $850 million through zero-coupon convertible senior notes. The funds will be used to buy more Bitcoin, pay off debt, and support other corporate activities. This move fits MARA's strategy to grow its Bitcoin holdings and manage its financial obligations.
The notes, due in 2032, target institutional buyers and include an option for an additional $150 million. MARA intends to use the proceeds to repurchase existing convertible notes and cover costs related to capped call transactions, which help reduce stock dilution.
With about 50,000 Bitcoin, MARA is the second-largest corporate Bitcoin holder. This capital raise is part of its broader plan to strengthen its position in the crypto mining sector and improve its financial structure without incurring immediate interest costs.
Why it matters: This funding initiative shows MARA's aggressive approach to increasing Bitcoin holdings while managing financial risk, reinforcing its position in the competitive cryptocurrency mining and investment landscape.
📈 Ethereum's Institutional Demand Fuels Price Surge
Ethereum's price has experienced a notable rebound, spurred by a surge in institutional interest. Since mid-May, exchange-traded products and corporate treasuries have acquired over $10 billion worth of ETH. This demand is 32 times the net new supply, creating a significant supply-demand imbalance.
Experts like Bitwise's Matt Hougan and BitMEX founder Arthur Hayes predict that this trend will continue, potentially driving Ethereum's price to $10,000 by the year's end. The demand is driven by investors' lower exposure to Ethereum compared to Bitcoin and the rise in real-world asset tokenization.
The ongoing imbalance between Ethereum's supply and demand is expected to push prices higher. Major companies, such as Bitmine Immersion Technologies, are accumulating ETH as a treasury asset, further increasing demand. This trend highlights Ethereum's growing appeal as a key digital asset.
Why it matters: Ethereum's rising institutional demand highlights its potential as a major digital asset, signaling a shift in market dynamics and increased adoption.
🚧 SEC's Crypto ETF Roadblocks Continue
The SEC has once again paused the approval process for Bitwise’s 10 Crypto Index ETF. This decision comes despite initial approval from the SEC’s Division of Trading and Markets. The ETF, which includes Bitcoin, Ethereum, and XRP, aims to provide diversified exposure to top crypto assets. However, the SEC's full Commission has invoked a rule that allows it to review and pause such approvals, citing concerns about market manipulation and data reliability.
This isn't the first time the SEC has reversed its stance on crypto ETFs. Grayscale’s Digital Large Cap Fund faced a similar situation earlier this month. These sudden reversals have been described as 'bizarre' by industry analysts, leading to frustration among investors and fund managers. The SEC's actions indicate a cautious approach to crypto ETFs, despite a seemingly pro-crypto stance from the current administration.
Experts believe the SEC might be delaying these approvals to finalize a comprehensive regulatory framework for digital asset ETFs. This could involve setting standards for which digital assets are allowed in an ETF and the criteria for their inclusion. These delays are significant as they affect the pace of institutional crypto adoption and investor access to regulated crypto investment products.
Why it matters: These regulatory roadblocks highlight the SEC's cautious stance on crypto, affecting investor access to diversified crypto products and signaling potential future regulatory frameworks.