Cryptocurrency Daily News
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Here are today’s top cryptocurrency news, curated by CoinChapter.com.
Semler Scientific Looks to Bitcoin as Primary Financial Reserve Asset
Medical technology company Semler Scientific has made Bitcoin its primary financial reserve asset. The company has purchased 581 Bitcoins worth $40 million.
The company's chairman, Eric Semler, expressed confidence in Bitcoin's unique scarcity and finite characteristics. He labeled Bitcoin a reasonable inflation hedge and a safe haven in times of global instability. In addition, Semler also pointed out that Bitcoin's digital resilience may have an advantage over gold, which has a market value of about 10 times its value.
The firm is encouraged by Bitcoin’s growing global acceptance and “institutional” support, such as the recent approval of 11 Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). These ETFs have attracted net inflows of $13 billion from nearly 1,000 institutions.
After reviewing various options, Semler Scientific determined that holding Bitcoin was the best use of its excess cash while it focuses on its core medical products and services.
SEC to pay $1.8 million in legal fees
A federal judge in the United States has directed the Securities and Exchange Commission (SEC) to pay about $1.8 million in attorney fees related to its case against Digital Licensing Inc., which operates as Debt Box. The judge did not preemptively dismiss the SEC’s case, leaving open the possibility that it could be reopened in the future.
In an order filed on Tuesday, Utah District Court Judge Robert Shelby ruled that the SEC must pay attorney fees and related legal costs. The judge ensured that the amount of the requested fees was reasonable.
In a separate filing on Tuesday, the judge granted the SEC’s request for a preliminary dismissal of the case, acknowledging that the dismissal would protect investors and the public interest while not creating a legal disadvantage for the defendants.
In July 2023, the SEC filed a lawsuit against Debt Box, accusing it of defrauding investors of at least $49 million.
Another daily crypto news: BlackRock’s Bitcoin ETF surpasses Grayscale to become the largest ETF
BlackRock’s Bitcoin ETF IBIT has reportedly surpassed Grayscale Bitcoin Trust (GBTC) to become the world’s largest ETF tracking Bitcoin prices.
IBIT recorded an inflow of $102.5 million, while GBTC registered an outflow of $105 million, as of the close of trading on May 28. The inflow brought BlackRock’s IBIT 28.867 bitcoins, while Grayscale’s was 28.745.
BlackRock’s ETF has received the majority of inflows among all 11 spot bitcoin ETFs since its launch in January.
Crypto News: Institutional Investor Crypto Inflows Hits 2024 High
Institutional investors continue to accumulate cryptocurrencies, with inflows reaching a 2024 high of $1.05 billion last week.
This was the third consecutive week of inflows, bringing the total inflows this year to a record $14.9 billion.
Ethereum saw the highest institutional inflows last week at $36 million, likely due to the SEC’s approval of a spot Ethereum ETF. However, institutions have sold a significant amount of Ethereum over the past year, with outflows reaching $22 million so far this year.
Bitcoin remains the favorite asset of large institutions, which added $1.05 billion to their portfolios last week, bringing cumulative inflows to $14.6 billion.
Notably, despite outflows reaching $17 billion at the beginning of the year, outflows from the Grayscale Bitcoin Trust (GBTC) have almost stopped, with only $15 million in outflows last week.
ZKasino provides 72-hour window for Ethereum refunds
Blockchain-based gambling project ZKasino has launched a 72-hour “two-step bridge refund” process to return funds to investors, a month after it was accused of a $3.3 billion “pump and dump.”
In a Medium post, ZKasino said that “bridgers” can register during this window and bridge back their Ethereum at a 1:1 ratio. However, investors seeking Ethereum refunds will forfeit any allocated Zkasino (ZKAS) tokens and the remaining 14 months of ZKAS issuance.
Concerns were raised about the 72-hour window and the potential risk of the signup page becoming a wallet drainer or scam. The Medium post was not shared by ZKasino’s official X account.
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