Bitcoin chases $75,000 as the return of aggressive spot BTC ETF inflows, billion dollar buys from Strategy and an improvement in investors’ risk appetite propel the crypto market. Bitcoin’s (BTC) price recovery extended into a third week as the price rallied to $74,509, a level not seen since Feb. 4. While markets remain reluctant to confirm whether or not Bitcoin bottomed, the cryptocurrency is up 22.5% from its Feb. 6 low at $60,000 and data point to a renewed institutional investor appetite as a potential key player in the current bullish breakout. Over the last week, Michael Saylor’s Strategy, the largest public holder of Bitcoin, purchased 22,237 BTC for $1.57 billion. According to reporting from Bloomberg, Read more
The Sei Development Foundation joined in the round to support expansion of an SEC-regulated alternative trading system and settlement platform for blockchain-based securities. Ironlight Group has raised $21 million in a Series A round to expand infrastructure for tokenized securities, including scaling its alternative trading system (ATS) and technology platform for issuing, distributing and trading digital securities. The privately held company said the round included backing from institutional investors and financial services executives, led by former TD Bank President and CEO Greg Braca, along with the Sei Development Foundation. The funds will be used to expand Ironlight’s marketplace infrastructure for tokenized assets, including the Ironlight Markets alternative trading system and its settlement platform. The company operates a broker-dealer and alternative trading system for digital and traditional securities under SEC Regulation ATS and FINRA oversight. Read more
Crypto wealth manager Abra plans a Nasdaq debut through a SPAC merger, joining a growing wave of digital asset companies tapping public markets for capital. Digital asset wealth management platform Abra is going public through a reverse merger with special purpose acquisition company New Providence Acquisition Corp. III, marking the latest attempt by a crypto company to access public markets as investor interest in the sector rebounds. On Monday, Abra announced that it had signed a definitive agreement with the blank-check company, or SPAC, valuing the crypto wealth manager at a pre-money equity valuation of $750 million. Existing investors, including Pantera Capital, Blockchain Capital, RRE Ventures, Adams Street and SBI, will roll over their shares into the combined entity rather than cashing out. Read more