GM Explorer,

From being a vocal Bitcoin skeptic to now holding nearly 350,000 BTC, BlackRock’s pivot is raising both excitement and concern within the crypto community.

Here’s what we got for you today:

• 📈 BlackRock's BTC holdings hit 350,000!

• 🤔 SEC questions Solana’s status as a security!

• 🧱 Around The Block: Bitcoin Wallet revives after 10.8 Years

📈 BlackRock's BTC Holdings Hit 350,000!

BlackRock has ramped up its Bitcoin holdings to nearly 350,000 BTC!

This puts them as the third-largest holder globally, just behind Satoshi Nakamoto's estimated 1.1 million BTC stash and Binance’s reported holdings of around 550,000 BTC.

See a list of top Bitcoin holders here.

And given BlacRock’s history with Bitcoin, this is quite the dramatic turn!

BlackRock's CEO, Larry Fink, used to be a vocal critic of Bitcoin, but now he's fully on board and even sees it as an "international asset" with transformative potential for finance.

As part of this new attitude, BlackRock launched the iShares Bitcoin Trust (IBIT), its flagship product, earlier this year, and guess what?

It has been a hit with institutional investors looking for secure exposure to Bitcoin, catapulting the Firm’s holdings to nearly 350,000 BTC.

Pretty great for them, and maybe for the crypto community, too, right?

BlackRock’s growing presence in crypto has been a gateway for more traditional financial players to enter the market.

According to recent filings, major institutions like Capula Management, Goldman Sachs, DRW Capital, and various investment and retirement boards have been snapping up shares of BlackRock’s iShares Bitcoin Trust.

However, not everyone in the crypto community is thrilled about this.

Some worry that the involvement of big institutions undermines Bitcoin's original decentralized ethos and moves power back to the entities Bitcoin aimed to bypass.

One X user even raised concerns, noting:

“Does this not defeat the whole purpose of “decentralization”? BlackRock will be the biggest hodler; it doesn’t get much more centralized than that.”

What do you think? You should check out the full article here for more insights!

🤔 SEC Questions Solana’s Status as a Security!

The US Securities and Exchange Commission (SEC) is up to something again!

Just weeks after the XPR saga, the SEC is reportedly engaged in serious talks with companies looking to launch Solana exchange-traded funds (ETFs).

They contacted prospective Solana ETF issuers, such as 21Shares and VanEck, about their concerns that Solana might be considered a security.

But that’s not all!

They not only rejected the 19b-4 forms required for ETFs to be approved but also removed them from the Cboe website and never made it to the Federal Register.

This is a pretty big deal; if Solana is deemed a security, it would be a major obstacle to the approval of these ETFs.

However, VanEck’s Head of Research, Matthew Sigel, insists they’re still pushing forward.

Both 21Shares and VanEck still have filings on the SEC's EDGAR system, and they’re still arguing that Solana is a commodity, just like Bitcoin and Ethereum.

And who knows, maybe they'll find a way to convince the SEC otherwise.🤷‍♀️

Now, you might be wondering what this means for the future of Solana ETFs.

Honestly, it's not looking great. Some experts say Solana ETFs might not have a chance until at least 2025 — and that’s if there’s a new administration in the White House.

One thing's for sure, though—this is a major setback for Solana ETFs, and getting them approved is going to be a long and winding road.

Here’s the full report if you need more info.

🧱 Around The Block

• Bitcoin wallet revives after 10.8 Years.

• 80% of short-term Bitcoin holders are currently underwater on positions.

• Another suspected high-profile crypto scammer caught in Montenegro.

• Hashdex to launch Solana ETF in Brazil.

• Tether just minted another $1 Billion in USDT—what does this mean for the crypto market?

• VanEck with $108 Billion under management: “The big drop in Bitcoin is behind us.”

• Coinbase, Binance, Bitfinex, and 73 other firms apply for a Crypto Asset Service Provider License in Turkey. 

That's all we've got for you today.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.