Goldman Sachs and BNY’s Tokenized Fund Move

Goldman Sachs and BNY Mellon are expanding blockchain-based investment products for institutional clients. Through the new initiative, investors will have direct access to money market funds stored on Goldman Sachs’ private blockchain, offering advantages such as 24/7 access and real-time payments. 

With this step, BNY aims to play a key role in transitioning to digital financial infrastructure. BNY executive Laide Majiyagbe emphasized the evolution of finance toward digital and real-time structures. 

This innovation follows the recent approval in the U.S. House of Representatives of the GENIUS Act, which bans interest-bearing stablecoins. Major fund managers like BlackRock, Fidelity Investments, and Federated Hermes support the initiative. 

SEC Suspends Bitwise ETF Approval

After approving the conversion of the Bitwise 10 Crypto Index into an ETF, the SEC halted the process on the same day. The Tuesday decision initially granted temporary approval, but a letter issued that day suspended the action. 

SEC assistant secretary Sherry Haywood said the agency will “review the delegated action.” This move resembles the Grayscale ETF case, which was similarly approved and then paused on July 1. 

Nate Geraci, president of NovaDius Wealth Management, called the decision “bizarre.” Bloomberg analyst Eric Balchunas said the SEC has yet to establish a clear listing standard for crypto ETFs. 

FBI Closes Jesse Powell Investigation

The FBI has concluded its investigation into Kraken co-founder Jesse Powell. Digital devices seized during a 2023 search of Powell’s home have been returned. 

The investigation stemmed from hacking and cyber harassment allegations against Powell involving the Verge Center for the Arts, a nonprofit he founded in 2008. The FBI’s closure of the case ends another tense chapter in the crypto space. Powell had denied the claims from the beginning and launched a legal battle against the Verge board. 

Meanwhile, Tether is working on local strategies for the U.S. market following a White House meeting. Treasury Secretary Bessent raised the possibility of 1–2 interest rate cuts this year. 

In conclusion, institutional adoption, regulatory uncertainty, and market-moving news point to a dynamic week for crypto investors.

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In its Q1 2025 earnings report, the company revealed that it had acquired 4,710 Bitcoin between May 3 and June 10. The purchase is valued at approximately $516.6 million, signaling a bold shift in the company’s treasury strategy.

Bitcoin Becomes a Treasury Asset

As part of its digital transformation, GameStop has begun holding Bitcoin as a long-term reserve asset. Earlier this year, the company updated its investment policy, allowing cryptocurrency investments alongside traditional stocks.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

This aggressive move is part of a broader initiative to use surplus cash for higher-risk, high-return assets. By aligning with other institutions that view Bitcoin as a store of value, GameStop positions itself not just as a game retailer, but as a forward-looking tech-leaning enterprise.

ETF Launched To Track GameStop’s Crypto Strategy

To complement this bold step, Bitwise Asset Management introduced a new ETF: the Bitwise GME Option Income Strategy ETF (IGME). This financial product is built around the volatility and upside potential of GameStop stock, amplified by its Bitcoin holdings.

According to Jeff Park of Bitwise, the ETF reflects retail investor enthusiasm and provides exposure to both company performance and crypto growth. Meanwhile, despite positive EPS of $0.09 (beating expectations), the company reported lower-than-expected revenue at $732.4M, which led to a 4% drop in share price in after-hours trading.

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From Meme to Market Force

Launched as a joke, Dogecoin now ranks as the eighth-largest cryptocurrency, with a market cap of $23.3 billion. Since 2021, the DOGE community has celebrated April 20 as “Dogeday,” aligning with International Weed Day and the coin’s meme-driven roots.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Despite criticism over its $2.16 million in daily inflation, Dogecoin’s affordability, branding, and retail popularity continue to sustain its relevance.

Blockchain expert Anndy Lian told Cointelegraph:

“Dogecoin’s inflationary model keeps prices low, making it attractive for retail traders psychologically.”

Social Buzz Still Powers DOGE

In late 2024, DOGE surpassed Porsche’s market cap, largely due to Elon Musk’s endorsements and social media momentum — despite its lack of technical blockchain utility.

SEC ETF Decisions on the Horizon

The Dogecoin community is watching four DOGE-related ETF filings:

• Bitwise Dogecoin ETF – potential decision: May 18 (or delay until October)
• Grayscale Dogecoin ETF – next deadline: May 21
• 21Shares Dogecoin ETF – still in early review phase
• Osprey Fund Dogecoin ETF – awaiting initial SEC review

The SEC’s pattern of delaying crypto ETF decisions adds uncertainty, but Dogecoin fans remain hopeful.

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Details of the Postponements

The SEC has postponed decisions on several high-profile ETF applications, including Grayscale’s filings for Dogecoin (DOGE), XRP, Litecoin (LTC), and Cardano (ADA). Additionally, Canary Capital, Bitwise, and 21Shares have also seen delays in their XRP ETF applications.

The regulator further delayed decisions on Solana (SOL) ETFs submitted by 21Shares, Canary, and VanEck. The last of the altcoin-related ETF postponements was Canary Capital’s Litecoin (LTC) filing.

Other crypto ETF delays include in-kind creation and redemptions for BlackRock IBIT ETF, as well as Fidelity’s Wise Origin Bitcoin ETF (FBTC) and Fidelity Ethereum ETF (FETH). Additionally, 21Shares’ Core Ethereum ETF proposal to include staking has also been postponed.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

New Applications and Market Race Intensify

Despite these delays, the SEC has acknowledged new filings, including Grayscale’s Hedera (HBAR) ETF and Bitwise’s updated Dogecoin (DOGE) filing. Moreover, on March 11, Franklin Templeton filed an S-1 Form for its own XRP ETF, further intensifying the altcoin ETF race.

Strong Approval Odds for 2025!

Bloomberg ETF analyst James Seyffart emphasized that these delays are part of standard procedure and should not raise concerns. He also noted that Paul Atkins has yet to be confirmed as the new SEC chair, which may have influenced the delay timeline.

In February, Seyffart and Bloomberg Senior ETF Analyst Eric Balchunas published their approval probability estimates for Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE) ETFs. According to their analysis, Litecoin (LTC) leads with a 90% chance of approval in 2025, followed by Dogecoin (DOGE) at 75%. Solana (SOL) has a 70% probability, while XRP holds a 65% chance of approval.

The analysts highlighted that these approval odds were below 5% before Donald Trump’s election victory in November. Since then, regulatory sentiment has shifted, significantly increasing the likelihood of ETF approvals. If the regulatory environment continues to improve in the US, these odds may rise even further.

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The NYSE American sought in an Aug. 7 application to the Securities and Exchange Commission (SEC) permission to list and trade options for the Bitwise Ethereum ETF (ETHW), the Grayscale Ethereum Trust (ETHE), and the Grayscale Ethereum Mini (ETH). The trade underlined that allowing options trading on these Ether ETFs will help investors by offering a cheap investing instrument to increase Ether exposure. The submission also said that adding options trading will provide investors with a hedging tool to fulfill ETH product and position demand.

Comments on the proposal should be sent in throughout the following 21 days. Especially, the demand for a regulation modification by NYSE American would apply only to Grayscale and Bitwise, the two locations Ether funds mentioned on its exchange apply.

The Nasdaq options exchange requested the SEC on Aug. 6 to enable options trading on the BlackRock iShares Ethereum Trust (ETHA), and their proposal mirrors that of NYSE American. Nasdaq’s demand for ETH ETF alternatives would apply only to BlackRock’s fund, the sole Ether ETF listed on the Nasdaq, same as the suggested regulation modification by NYSE American.

Since the regulator has not yet approved options trading on spot Bitcoin ETFs, which debuted in January and currently command about $50 billion in assets under management, both NYSE American and Nasdaq might suffer delays in SEC clearance. The half dozen options exchanges, including Nasdaq, who had asked to offer options on spot BTC ETFs additional time was required to reach a judgment, the SEC said in July.

Hedge funds and financial planners make extensive use of options to protect against sudden market swings, including the 28% decline in Ether’s spot price on Aug. 5. More unusual tactics, including the “covered strangle” promoted by financial research company 10x Research, also draw their roots from them.

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