The Crypto Compass Issue #63

Hello readers,

This week's newsletter highlights significant strides in the integration of cryptocurrency into mainstream finance, as Japan's GPIF, the world's largest state pension fund, explores adding Bitcoin for portfolio diversification, signaling a major shift towards the acceptance of digital currencies in traditional investment portfolios.

Concurrently, BlackRock's introduction of the 'BUIDL' fund, a pioneering tokenized asset fund built on the Ethereum network, marks a notable advancement in bridging the gap between blockchain technology and conventional financial instruments.

These developments showcase the growing confidence and interest in cryptocurrency from leading financial institutions, paving the way for further innovations and acceptance in the global investment landscape.

Japan’s GPIF Explores Bitcoin for Portfolio Diversification

Japan's Government Pension Investment Fund (GPIF), the world's largest pension fund with $1.4 trillion in assets, is considering diversifying its investment portfolio to include Bitcoin alongside traditional holdings. This exploration into Bitcoin and precious metals reflects GPIF's response to societal, economic, and technological shifts. While the fund primarily invests in a variety of assets, from domestic and foreign bonds to real estate and infrastructure, the inclusion of Bitcoin remains uncertain pending thorough evaluation.

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BlackRock Launches 'BUIDL' Tokenized Asset Fund on Ethereum

BlackRock has unveiled 'BUIDL,' its inaugural tokenized asset fund built on the Ethereum network, signaling a significant fusion of blockchain technology with traditional investment structures. Aimed at broadening investor access and streamlining settlements, the fund, requiring an initial minimum investment of $5 million, leverages partnerships with Bank of New York Mellon for custody and Securitize Markets, LLC for tokenization. This move towards the digitization of securities marks a pivotal shift in capital markets, coming at a time when the financial industry eagerly anticipates the broader integration of cryptocurrencies into regulated investment vehicles, amidst speculative anticipation of Ethereum's price movement following recent approvals of spot Bitcoin ETFs by the SEC.

Ethereum Foundation Receives Confidential Inquiry from State Authority

The Ethereum Foundation disclosed a confidential inquiry from an unspecified state authority last month, sparking speculation within the cryptocurrency community. Although the foundation did not reveal the authority's identity or the inquiry's nature, the announcement follows recent legislative developments in Japan and increased scrutiny by regulatory bodies worldwide, including the SEC's ongoing evaluation of Ethereum and related crypto assets.

Happenings of the week

• Ethereum Founder Vitalik Buterin Surprised by L2 'Usage' Since Dencun

• 3AC’s Kyle Davies tried to lure LayerZero to entrust entire treasury days before collapse, CEO Pellegrino claims

• Binance to discontinue USDC support on the Tron blockchain

• Google now shows Ethereum Name Service wallet balances in search results

Kevin Hart's Bored Ape NFT Sold at a Loss

Kevin Hart's Bored Ape Yacht Club NFT #9258 was sold for approximately 13.26 ether ($46,200) on Blur, marking a significant decrease from the 79.5 ether (over $200,000) he initially paid in January 2022. The sale reflects the volatile nature of the NFT market, with the Bored Ape Yacht Club collection experiencing a decline in floor price from its peak in May 2022. Hart's purchase, facilitated by crypto firm MoonPay, which has helped other celebrities acquire BAYC NFTs, occurs amidst a backdrop of legal challenges. MoonPay, Yuga Labs, Hart, and other celebrities are currently facing a class-action lawsuit over alleged undisclosed celebrity endorsements, highlighting the complexities and risks within the burgeoning NFT space.

Stay tuned for more updates next week! If you haven't yet, hit that subscribe button to ensure you never miss an issue. Found value in this edition? Please consider sharing it with your friends, colleagues, and fellow crypto enthusiasts. Together, let's navigate the world of crypto with clarity and insight!