Overview
- SharpLink Gaming aims to stake a portion of its $3.6 billion in ETH on the Linea network for better yield, moving away from conventional custodians like Anchorage and Coinbase.
- Leaders from the SEC and CFTC announced considerations for 24/7 trading markets to keep pace with crypto’s constant activity, indicating a potential change under the Trump administration in financial market operations.
- Bitcoin miners achieved a combined market cap of $39 billion by pivoting to AI computing services, with firms such as TeraWulf experiencing significant stock increases from GPU hosting agreements.
Public Keys is a weekly roundup from Decrypt, tracking key publicly traded crypto companies.
Staking Strategy
Ethereum treasury firm SharpLink Gaming intends to stake part of its $3.6 billion ETH reserves on the Linea network once it becomes operational.
Previously, the company relied on custodians, Anchorage and Coinbase, for staking but is now seeking higher-yield opportunities.
SharpLink’s co-CEO Joseph Chalom emphasized the importance of exploring staking avenues on Linea for better risk-adjusted yields. “With billions in ETH, we must leverage staking prospects on Linea,” he stated.
Market Trends in Trading
Leaders from the SEC and CFTC indicated on Friday that they are assessing the introduction of “24/7 markets” in response to the continuous nature of the digital asset market.
While SEC chair Paul Atkins and CFTC acting chair Caroline Pham see potential benefits in round-the-clock trading, they caution it may not suit every asset type.
Rise of Bitcoin Miners
JP Morgan analysts report that publicly traded Bitcoin miners reached a record-high market cap of $39 billion due in large part to their adaptation to AI computing needs.
The shift towards providing high-performance computing services has significantly bolstered miner margins amid challenges posed by last year’s Bitcoin halving and increasing hashrates.
Additional Updates
- Investment in Bitcoin: Strategy made headlines by acquiring $450 million in Bitcoin, maintaining its Buy rating.
- Custody Service Revival: U.S. Bank has reinitiated its Bitcoin custody service following a long hiatus due to increasing institutional demand.
- Capital Raising at Metaplanet: Shareholders approved an $884 million capital raise amidst the firm’s ongoing fundraising struggles, while analysts anticipate the firm will continue its BTC purchasing strategy.
