SOLUSD saw a +0.35% increase, while ETHUSD reported a slight decrease of -0.09% today. In other significant crypto news, the SEC expressed reservations about REX-Osprey staking ETFs, the IMF voiced doubts regarding Pakistan’s resolution to dedicate 2,000 megawatts of power for Bitcoin mining, and BlackRock witnessed its largest single-day Bitcoin ETF outflow.
The United States Securities and Exchange Commission (SEC) raised eyebrows over the SOLUSD and ETHUSD REX-Osprey staking exchange-traded fund (ETF) applications, citing concerns about their corporate structure, despite a successful registration filing by the ETF issuers on May 30. The SEC suggests that the c-corp business structure adopted by the funds may make them ineligible as exchange-traded funds under existing US securities laws.
However, ETF analysts remain optimistic that a solution will be found that will allow the funds to be listed on US stock exchanges.
The International Monetary Fund (IMF) expressed apprehension about Pakistan’s plan to allocate 2,000 megawatts of electricity for Bitcoin mining and AI data centers. The IMF has requested clarification from Pakistan’s Finance Ministry about the legality of crypto mining and the power allocations, especially given the country’s ongoing energy shortages and fiscal pressures.
BlackRock, the world’s largest asset manager, marked the end of its 31-day spot Bitcoin ETF inflow streak with its biggest single-day outflow of $430.8 million on May 30, surpassing the previous record outflow day on February 26, which saw $418.1 million in outflows.
Despite this, BlackRock now manages approximately $70 billion in Bitcoin holdings. ETF analyst Nate Geraci described the situation as ‘ridiculous.’
