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Home»ADOPTION NEWS»The Daily: SEC rejects Solana ETF application, Mango Markets DAO, consensus vote, spot Bitcoin ETF flows, and more
ADOPTION NEWS

The Daily: SEC rejects Solana ETF application, Mango Markets DAO, consensus vote, spot Bitcoin ETF flows, and more

By Crypto FlexsAugust 21, 20245 Mins Read
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The Daily: SEC rejects Solana ETF application, Mango Markets DAO, consensus vote, spot Bitcoin ETF flows, and more
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Company • August 20, 2024 4:46 PM EDT

Posted 1 minute earlier ~ in

Happy Tuesday! In today’s Daily, we look at the SEC’s rejection of the 19b-4 application for the Solana ETF, the Mango Markets DAO votes on the settlement proposal, and the US spot Bitcoin ETF sees its lowest daily volume in months.

Let’s get started.

SEC Denies Solana ETF Application

According to reliable sources, the SEC has rejected Cboe BZX’s 19b-4 applications for two potential physical Solana ETFs, resulting in the ETFs being withdrawn from Cboe’s website.

  • The move comes amid concerns that Solana should be classified as a security, a position the SEC has taken in various court rulings.
  • The 19b-4 filing required to begin the SEC’s approval process was not published in the Federal Register due to the SEC’s rejection.
  • The two issuers, 21Shares and VanEck, are still pursuing the Solana ETF, and their applications remain active on the SEC’s EDGAR system.
  • The rejected 19b-4 application may be refiled or amended to address the SEC’s concerns about Solana’s classification.

Mango Markets DAO Votes on SEC Settlement

Mango Markets is considering a settlement with the SEC after the platform was accused of violating U.S. securities laws following a $110 million malware incident in 2022.

  • Mango DAO has proposed a settlement to resolve the SEC’s claims, which includes paying a fine of $223,228, destroying the MNGO tokens, and delisting them from trading platforms.
  • The proposal, which aims to avoid litigation without admitting or denying wrongdoing, has already received unanimous approval from voters, reaching a quorum.
  • Despite the SEC settlement, Mango Markets is reportedly under investigation by the Department of Justice and the Commodity Futures Trading Commission, which are not included in the settlement.

US Spot Bitcoin ETF Hits Lowest Daily Volume Since Early February

On Monday, US spot Bitcoin ETFs recorded daily net inflows of $61.98 million, while total daily volume was $779.87 million, the lowest since February 6.

  • Monday’s volume was significantly lower than the $5.24 billion recorded on August 6, reflecting continued low market sentiment and investor caution.
  • BlackRock’s IBIT and Fidelity’s FBTC saw net inflows of $92.68 million and $3.87 million respectively, while Bitwise’s Bitcoin fund and Invesco’s BTCO experienced net outflows.
  • The spot Ether ETF has seen its lowest daily volume since its launch as concerns over the legality of staking and the recent Solana ETF issues continue to weigh on investor sentiment.

Despite market volatility, institutional investors remain committed to Bitcoin

Despite Bitcoin’s recent volatility, institutional investors remain committed to holding spot Bitcoin ETFs, with many maintaining or increasing their positions.

  • Bitwise’s André Dragosch highlighted that 44% of institutional investors increased their Bitcoin ETF holdings in Q2 2024, showing greater confidence in the ETF compared to other asset classes such as gold.
  • Wintermute analysts noted that despite a 20% drop in the Bitcoin price in the second quarter, institutional investors continued to buy Bitcoin, signaling its growing acceptance by the general public.
  • More than 60% of the world’s top hedge funds, including Millennium and Schonfeld, now hold Bitcoin via ETFs, and a wide range of investors are participating in spot Bitcoin ETFs.

Paradigm Raises $7.5 Million for Sorella Labs

Sorella Labs raised $7.5 million in a seed funding round led by Paradigm.

  • The startup is focused on solving Ethereum’s maximum extractable value (MEV) problem.
  • Sorella Labs has launched Brontes, an open-source blockchain analytics tool, and plans to release Angstrom, a Uniswap V4 hook designed to prevent a common form of arbitrage on decentralized exchanges.

within the next 24 hours

US releases crude oil inventories and Federal Open Market Committee (FOMC) minutes

Don’t miss a beat with The Block’s daily roundup of the most impactful events happening across the digital asset ecosystem.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

About the Author

MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.

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