Appold Market Watch - Week ending 18 April 2025
Market Update & Industry News - Week ending 18 April 2025
🔷 The U.S. Securities and Exchange Commission (SEC) has delayed rulings on two key proposals that would allow for in-kind redemptions for Bitwise Asset Management and WisdomTree’s digital asset Exchange-traded funds (ETFs) and Grayscale’s plan to enable staking within its Ethereum trusts. The SEC now has until early June to decide on both matters as it continues to evaluate these features amid broader regulatory considerations.
Appold View: While several other jurisdictions, including Canada and the EU, already allow staking for ETFs, the SEC has proven reticent to the idea thus far. However, this could change quickly with the appointment of new SEC Chair Paul Atkins, who was confirmed by the U.S. Senate last week.
🔷 Securitize has acquired the fund administration business of MG Stover LLC, positioning itself as the largest administrator of digital asset funds globally. The deal boosts Securitize's assets under administration to $38 billion and reflects growing demand for institutional-grade infrastructure in the tokenised securities space.
Appold View: This move positions Securitise not just as a technology enabler for tokenised securities but also as a major institutional service provider, enhancing its credibility and appeal to larger asset managers.
🔷 Seychelles-based digital asset exchange OKX announced its expansion into the U.S. with the establishment of a regional headquarters in San Jose, California. This move follows a $500 million settlement with the U.S. Department of Justice (DoJ) for operating without a U.S. money transmitter license. OKX plans to offer its platform and wallet to U.S. users while emphasising compliance and regulatory cooperation.
Appold View: This expansion shows how quickly the perception of the U.S. as a viable market for digital asset companies has changed, occurring only two months after OKX’s settlement with the U.S. DoJ. We expect to see more companies eyeing expansion or returns to the U.S.
🔷 Digital asset exchange Kraken has launched stock and ETF trading for users in several U.S. states, with plans for a phased national rollout. Eligible Kraken users will now be able to trade both digital assets and stocks through its app. Kraken plans to expand its stock trading offering to other large international markets, including the UK, Europe, and Australia.
Appold View: Kraken will hope this expansion of its service offering will draw appeal from more traditional investors. It also puts the exchange in closer competition with the likes of multi-asset platforms eToro and Robinhood.
#Marketwatch #Blockchain #Investments
