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It’s impossible to ignore the news of cryptocurrencies storming into the mainstream. Some experts are calling crypto an emerging asset class in and of itself. But how did we get here?
It’s clear that digital assets are evolving quickly. In fact, it’s easy to argue that this evolution is
happening more rapidly than any other in the history of finance. At present, digital assets are enjoying
healthy underlying liquidity and a rapidly maturing regulatory environment. News of one advancement
after the next spells progress for the asset class as a whole and makes it an increasingly attractive
investment. As more and more players enter the space, interest in bitcoin and Ethereum – and newer
sectors like decentralized finance (DeFi) and non-fungible tokens (NFTs) – is growing among
investors.
We perceive that the following advancements show how digital assets have morphed from an early adoption
phase into a rapid growth phase.
May 2022
Australia’s first bitcoin and Ethereum ETFs were launched by Cboe Australia and ETF Securities.
Australia’s first bitcoin and Ethereum ETFs were launched by Cboe Australia and ETF Securities.
May 2022
Yuga Labs, the creator of the popular Bored Apes Yacht Club, launched a sale Saturday related to its highly anticipated metaverse project, Otherside, generating more than $561 million in less than 24 hours.
Yuga Labs, the creator of the popular Bored Apes Yacht Club, launched a sale Saturday related to its highly anticipated metaverse project, Otherside, generating more than $561 million in less than 24 hours.
April 2022
Goldman Sachs offered its first-ever Bitcoin-backed loan.
Goldman Sachs offered its first-ever Bitcoin-backed loan.
April 2022
FalconX becomes the first and only CFTC registered cryptocurrency swap dealer.
FalconX becomes the first and only CFTC registered cryptocurrency swap dealer.
April 2022
A leading Ethereum developer, Tim Beiko, reported the Merge, the network’s much-anticipated shift to proof-of-stake, will not be completed until the fall.
A leading Ethereum developer, Tim Beiko, reported the Merge, the network’s much-anticipated shift to proof-of-stake, will not be completed until the fall.
April 2022
Circle announced a partnership with Blackrock as they look to explore capital market applications.
Circle announced a partnership with Blackrock as they look to explore capital market applications.
Blackrock will also play a role as an asset manager of Circle’s stablecoin cash reserves.
April 2022
Bolt, a payments and e-commerce firm, acquired crypto-services company Wyre in a deal valued at around $1.5 billion.
Bolt, a payments and e-commerce firm, acquired crypto-services company Wyre in a deal valued at around $1.5 billion.
April 2022
Goldman Sachs announced plans to offer over-the-counter Ether options trading.
Goldman Sachs announced plans to offer over-the-counter Ether options trading.
March 2022
US Treasury Secretary Janet Yellen stated crypto is now playing a significant role in Americans’ investment decisions.
US Treasury Secretary Janet Yellen stated crypto is now playing a significant role in Americans’ investment decisions.
March 2022
Austin Mayor Steve Adler proposes initiatives to adopt blockchain technology and crypto payments to Austin’s City Council.
Austin Mayor Steve Adler proposes initiatives to adopt blockchain technology and crypto payments to Austin’s City Council.
March 2022
President Biden signs an Executive Order outlining the first ever, whole-of-government approach to harnessing the potential benefits of digital assets and their underlying technology.
President Biden signs an Executive Order outlining the first ever, whole-of-government approach to harnessing the potential benefits of digital assets and their underlying technology.
The order addresses hot-button issues, including a strategy to protect consumers, financial stability, national security, and climate risks.
March 2022
The Senate of Virginia in the United States unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.
The Senate of Virginia in the United States unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.
March 2022
In what has been billed as the largest-ever NFT-backed loan, an anonymous borrower just took out an $8 million loan collateralized by their collection of 101 CryptoPunks.
In what has been billed as the largest-ever NFT-backed loan, an anonymous borrower just took out an $8 million loan collateralized by their collection of 101 CryptoPunks.
March 2022
The Chicago Mercantile Exchange (CME) announces plans to launch micro bitcoin and ether options, opening the crypto derivatives market to smaller investors.
The Chicago Mercantile Exchange (CME) announces plans to launch micro bitcoin and ether options, opening the crypto derivatives market to smaller investors.
February 2022
The US Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, “Examining the President’s Working Group on Financial Markets Report on Stablecoins.
The US Senate Committee on Banking, Housing, and Urban Affairs conducted a hearing entitled, “Examining the President’s Working Group on Financial Markets Report on Stablecoins.
February 2022
JP Morgan announces purchase of land in Decentraland for their “Onyx Lounge” along with a report from the outlining metaverse-related growth opportunities for businesses and causes for its “explosive interest.”
JP Morgan announces purchase of land in Decentraland for their “Onyx Lounge” along with a report from the outlining metaverse-related growth opportunities for businesses and causes for its “explosive interest.”
February 2022
US Treasury notifies senators they will not include miners, stakers, developers, or hardware producers in the upcoming proposed Broker Reporting Rules.
US Treasury notifies senators they will not include miners, stakers, developers, or hardware producers in the upcoming proposed Broker Reporting Rules.
February 2022
The DOJ recovered $3.6B in digital assets from the couple who orchestrated the 2016 Bitfinex Hack.
The DOJ recovered $3.6B in digital assets from the couple who orchestrated the 2016 Bitfinex Hack.
February 2022
KPMG Canada has added both bitcoin and Ethereum to its balance sheet, making it the first Big Four auditor to announce digital asset ownership at the corporate level.
KPMG Canada has added both bitcoin and Ethereum to its balance sheet, making it the first Big Four auditor to announce digital asset ownership at the corporate level.
February 2022
Cash App begins offering users access to the lightning network, furthering bitcoin transaction growth.
Cash App begins offering users access to the lightning network, furthering bitcoin transaction growth.
February 2022
MicroStrategy continues adding bitcoin to its balance sheet, announcing it has purchased an additional $25M at the price of $37,865.
MicroStrategy continues adding bitcoin to its balance sheet, announcing it has purchased an additional $25M at the price of $37,865.
February 2022
Facebook stablecoin project Diem winds down, and Silvergate Bank acquires its assets for $200 million.
Facebook stablecoin project Diem winds down, and Silvergate Bank acquires its assets for $200 million.
January 2022
The Bank of Korea completes the first phase of its central bank digital currency mock test.
The Bank of Korea completes the first phase of its central bank digital currency mock test.
January 2022
The BTC network recorded all-time high network security with an average hash rate of 190.71 exahash per second (EH/s).
The BTC network recorded all-time high network security with an average hash rate of 190.71 exahash per second (EH/s).
January 2022
The mayor of Rio de Janeiro allocates 1% of the city’s treasury into bitcoin.
The mayor of Rio de Janeiro allocates 1% of the city’s treasury into bitcoin.
January 2022
PayPal confirms they’re ‘exploring’ a stablecoin backed by US dollars.
PayPal confirms they’re ‘exploring’ a stablecoin backed by US dollars.
January 2022
Bitcoin eclipsed $3 trillion in payment transactions last year, surpassing American Express and Discover.
Bitcoin eclipsed $3 trillion in payment transactions last year, surpassing American Express and Discover.
Bitcoin ranks third in payments in 2021, falling behind Visa and Mastercard.
December 2021
Bitwise launches the Bitwise Blue-Chip NFT Index Fund which purchases and holds in custody NFTs from the top 10 NFT collections based on market capitalization using floor prices.
Bitwise launches the Bitwise Blue-Chip NFT Index Fund which purchases and holds in custody NFTs from the top 10 NFT collections based on market capitalization using floor prices.
December 2021
Elizabeth Warren calls for more regulation on DeFi and stablecoins during the Senate’s December 15th hearing on stablecoins. She notes that stablecoins must be more regulated to safeguard the financial system.
Elizabeth Warren calls for more regulation on DeFi and stablecoins during the Senate’s December 15th hearing on stablecoins. She notes that stablecoins must be more regulated to safeguard the financial system.
December 2021
The U.S. Senate’s Banking, Housing, and Urban Affairs Committee hosts a hearing on stablecoins entitled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?”
The U.S. Senate’s Banking, Housing, and Urban Affairs Committee hosts a hearing on stablecoins entitled “Stablecoins: How Do They Work, How Are They Used, and What Are Their Risks?”
December 2021
The Ethereum Foundation launches the Client Incentive Program, offering 144 validators (4,608 ETH) to promote diversification and decentralization of the software supporting the Ethereum Network.
The Ethereum Foundation launches the Client Incentive Program, offering 144 validators (4,608 ETH) to promote diversification and decentralization of the software supporting the Ethereum Network.
December 2021
The House Financial Services Committee conducted a hearing entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States."
The House Financial Services Committee conducted a hearing entitled “Digital Assets and the Future of Finance: Understanding the Challenges and Benefits of Financial Innovation in the United States."
The witnesses are CEOs from leading crypto firms: Circle’s Jeremy Allaire, FTX’s Samuel Bankman-Fried, Bitfury’s Brian Brooks, Paxos Trust Company’s Charles Cascarilla, Stellar Development’s Denelle Dixon, and Coinbase’s Alesia Haas.
December 2021
Fintech giant Square changes its name to Block. The name change is a nod to the company’s growing interest in blockchain technology and cryptocurrency.
Fintech giant Square changes its name to Block. The name change is a nod to the company’s growing interest in blockchain technology and cryptocurrency.
December 2021
Visa launches a global crypto advisory service for banking clients and merchants to help clients and partners advance their crypto journey.
Visa launches a global crypto advisory service for banking clients and merchants to help clients and partners advance their crypto journey.
December 2021
Fidelity launches a spot bitcoin ETF in Canada under the ticker $FBTC. Fidelity is the largest asset manager to date with a Bitcoin ETF.
Fidelity launches a spot bitcoin ETF in Canada under the ticker $FBTC. Fidelity is the largest asset manager to date with a Bitcoin ETF.
December 2021
Microstrategy purchases 7k BTC for $414 million in Q4, at an average price of $59,000
Microstrategy purchases 7k BTC for $414 million in Q4, at an average price of $59,000
November 2021
ConstitutionDAO, a group that raised $40mm+ in ETH to purchase one of the last copies of the Constitution through a Sotheby’s auction, was outbid by Citadel CEO Ken Griffin.
ConstitutionDAO, a group that raised $40mm+ in ETH to purchase one of the last copies of the Constitution through a Sotheby’s auction, was outbid by Citadel CEO Ken Griffin.
The DAO ultimately lost the bid due to underestimating the costs of the auction house fees and storage costs for the document.
November 2021
Square’s secretive project, which founder Jack Dorsey framed as “a decentralized exchange for Bitcoin,” debuts a new white paper.
Square’s secretive project, which founder Jack Dorsey framed as “a decentralized exchange for Bitcoin,” debuts a new white paper.
Dubbed the tbDEX protocol, the proposed protocol “facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world.”
November 2021
ConsenSys, the company behind Metamask and Infura, has raised $200 million, bringing its valuation to over $3.2 billion.
ConsenSys, the company behind Metamask and Infura, has raised $200 million, bringing its valuation to over $3.2 billion.
November 2021
Crypto.com agrees to pay $700 million in cash to AEG to rename Staples Center, one of the most famous sports and entertainment venues in the U.S.
Crypto.com agrees to pay $700 million in cash to AEG to rename Staples Center, one of the most famous sports and entertainment venues in the U.S.
November 2021
Senators Wyden and Lummis introduce a crypto amendment to Biden’s infrastructure bill to ensure innovation is not stifled due to a lack of clarity around reporting requirements.
Senators Wyden and Lummis introduce a crypto amendment to Biden’s infrastructure bill to ensure innovation is not stifled due to a lack of clarity around reporting requirements.
November 2021
The Bitcoin Network successfully implements the highly anticipated Taproot upgrade, its largest upgrade in roughly four years at block 709,632.
The Bitcoin Network successfully implements the highly anticipated Taproot upgrade, its largest upgrade in roughly four years at block 709,632.
The Taproot upgrade will boost Bitcoin’s smart contract functionality, increase privacy, and make transactions more data efficient.
November 2021
DCG’s mining and financing subsidiary, Foundry, launches a staking business-as-a-service targeting institutions.
DCG’s mining and financing subsidiary, Foundry, launches a staking business-as-a-service targeting institutions.
November 2021
Coinbase announces in their Q3 earnings that they made $1.2 billion in net revenue. Assets held on its platform rose from $180 billion to $255 billion.
Coinbase announces in their Q3 earnings that they made $1.2 billion in net revenue. Assets held on its platform rose from $180 billion to $255 billion.
November 2021
Apple CEO Tim Cook reveals that he has invested in cryptocurrency personally, saying, “I think it’s reasonable to own it as part of a diversified portfolio,” and that he “had been interested in cryptocurrency for a while.”
Apple CEO Tim Cook reveals that he has invested in cryptocurrency personally, saying, “I think it’s reasonable to own it as part of a diversified portfolio,” and that he “had been interested in cryptocurrency for a while.”
November 2021
The Financial Action Task Force (FATF) issues a new update to its 2019 guidance to a risk-based approach for virtual assets and Virtual Asset Service Providers (VASPs).
The Financial Action Task Force (FATF) issues a new update to its 2019 guidance to a risk-based approach for virtual assets and Virtual Asset Service Providers (VASPs).
October 2021
United States Senator Bill Hagerty spoke to newly appointed Consumer Financial Protection Bureau Director Rohit Chopra regarding cryptocurrencies in a banking committee hearing:
United States Senator Bill Hagerty spoke to newly appointed Consumer Financial Protection Bureau Director Rohit Chopra regarding cryptocurrencies in a banking committee hearing:
“I just want to make certain as you exercise those oversight responsibilities that we don’t stifle innovation in this arena.”
October 2021
Altair upgrade goes live on October 27th, the first upgrade to the Ethereum Beacon Chain since its launch in 2020.
Altair upgrade goes live on October 27th, the first upgrade to the Ethereum Beacon Chain since its launch in 2020.
The Beacon Chain is important because it introduces PoS to the Ethereum ecosystem.
October 2021
Valkyrie’s Bitcoin futures ETF launches on NASDAQ.
Valkyrie’s Bitcoin futures ETF launches on NASDAQ.
October 2021
The Ministry of Foreign Affairs of Russia aims to replace the United States dollar reserves with digital assets in the long term.
The Ministry of Foreign Affairs of Russia aims to replace the United States dollar reserves with digital assets in the long term.
September 2021
United States Federal Reserve Chairman Jerome Powell believes the federal government needs to regulate the cryptocurrency market, but a blanket ban on Bitcoin (BTC) and other digital assets are not in the cards.
United States Federal Reserve Chairman Jerome Powell believes the federal government needs to regulate the cryptocurrency market, but a blanket ban on Bitcoin (BTC) and other digital assets are not in the cards.
September 2021
At the Code Conference in California, Tesla CEO Elon Musk states, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
At the Code Conference in California, Tesla CEO Elon Musk states, “It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”
September 2021
Leading U.S. cryptocurrency exchange Coinbase secures a contract to develop tech for the Department of Homeland Security worth as much as $1.37 million.
Leading U.S. cryptocurrency exchange Coinbase secures a contract to develop tech for the Department of Homeland Security worth as much as $1.37 million.
Coinbase will provide the Immigrations and Customs Enforcement branch with blockchain analytics software.
September 2021
September 7th is labeled ‘Bitcoin Day’ in El Salvador as BTC becomes legal tender.
September 7th is labeled ‘Bitcoin Day’ in El Salvador as BTC becomes legal tender.
September 2021
The Republic of Panama introduces a bill on regulating cryptocurrencies, aiming to make the country “compatible with the blockchain, crypto assets and the internet.”
The Republic of Panama introduces a bill on regulating cryptocurrencies, aiming to make the country “compatible with the blockchain, crypto assets and the internet.”
August 2021
US-based banking conglomerate Citigroup offers bitcoin futures trading for some institutional clients.
US-based banking conglomerate Citigroup offers bitcoin futures trading for some institutional clients.
August 2021
Coinbase and Circle announced a consolidation of Stablecoin USDC reserves into cash and US treasuries.
Coinbase and Circle announced a consolidation of Stablecoin USDC reserves into cash and US treasuries.
August 2021
Coinbase teamed up with Japanese bank MUFG to launch a crypto exchange in the country.
Coinbase teamed up with Japanese bank MUFG to launch a crypto exchange in the country.
August 2021
Robinhood reported crypto now represents 41% of their revenue.
Robinhood reported crypto now represents 41% of their revenue.
August 2021
Neuberger Berman granted its commodity-focused funds the ability to invest in bitcoin and Ethereum Futures.
Neuberger Berman granted its commodity-focused funds the ability to invest in bitcoin and Ethereum Futures.
August 2021
Ethereum upgrade EIP 1559 was completed on August 5th, making transactions on the network more efficient.
Ethereum upgrade EIP 1559 was completed on August 5th, making transactions on the network more efficient.
August 2021
SEC Commissioner Gary Gensler signaled a possible approval of an ETF based on regulated Bitcoin Futures 40 act products
SEC Commissioner Gary Gensler signaled a possible approval of an ETF based on regulated Bitcoin Futures 40 act products
August 2021
OpenSea, the largest marketplace for non-fungible tokens (NFTs), recorded a $3.4B transaction volume in August, more than ten times their July figure.
OpenSea, the largest marketplace for non-fungible tokens (NFTs), recorded a $3.4B transaction volume in August, more than ten times their July figure.
July 2021
The latest $1 trillion bipartisan Infrastructure Bill proposed by Congress took the crypto industry by surprise by expanding the definition of a “broker” to those engaging in the cryptocurrency industry.
The latest $1 trillion bipartisan Infrastructure Bill proposed by Congress took the crypto industry by surprise by expanding the definition of a “broker” to those engaging in the cryptocurrency industry.
On August 9th, an amendment in the bipartisan infrastructure bill that would limit the proposal to increase federal regulation of cryptocurrencies was blocked. While the failure of the industry-backed amendments is a setback, cryptocurrency advocates made great strides throughout the process.
July 2021
Elon Musk revealed that his space exploration company SpaceX owns bitcoin.
Elon Musk revealed that his space exploration company SpaceX owns bitcoin.
July 2021
Malta-based exchange Bullish did a SPAC deal led by former NYSE President Thomas Farley’s Far Peak Acquisition Corp that could value the company as high as $12B.
Malta-based exchange Bullish did a SPAC deal led by former NYSE President Thomas Farley’s Far Peak Acquisition Corp that could value the company as high as $12B.
July 2021
NFT platform Sorare raised $532M at a potential $3.8B valuation.
NFT platform Sorare raised $532M at a potential $3.8B valuation.
July 2021
NFT platform OpenSea raised $100M at a $1.5B valuation.
NFT platform OpenSea raised $100M at a $1.5B valuation.
July 2021
Ecoystem company Circle continued in its plans to go public via SPAC merger with Conocord Acquisition Corp in a deal valued at $4.5B.
Ecoystem company Circle continued in its plans to go public via SPAC merger with Conocord Acquisition Corp in a deal valued at $4.5B.
July 2021
Sam Bankman-Fried’s trading giant FTX Exchange raised $900M at $18B valuation.
Sam Bankman-Fried’s trading giant FTX Exchange raised $900M at $18B valuation.
June 2021
President Xi Jinping’s regime implemented further sanctions against the asset class, creating a worsening hangover on the back of May’s news regarding China’s ban of digital assets as currency.
President Xi Jinping’s regime implemented further sanctions against the asset class, creating a worsening hangover on the back of May’s news regarding China’s ban of digital assets as currency.
Many across the digital asset space are calling China’s actions the largest sovereign assault on the asset class since its inception.
June 2021
President Nayib Bukele announced in a national address that El Salvador will make bitcoin legal tender effective September 7, noting that its use will be optional, making El Salvador the first country in the world to adopt bitcoin as legal tender.
President Nayib Bukele announced in a national address that El Salvador will make bitcoin legal tender effective September 7, noting that its use will be optional, making El Salvador the first country in the world to adopt bitcoin as legal tender.
May 2021
Goldman Sachs issued a report that Ethereum could overtake bitcoin as the market’s most significant asset and replace it as the primary store of value asset in crypto.
Goldman Sachs issued a report that Ethereum could overtake bitcoin as the market’s most significant asset and replace it as the primary store of value asset in crypto.
May 2021
The US Treasury Department also signaled concerns that wealthy individuals could use the digital asset sector to avoid taxes. They will require any transfer worth $10,000 or more to be reported to the IRS.
The US Treasury Department also signaled concerns that wealthy individuals could use the digital asset sector to avoid taxes. They will require any transfer worth $10,000 or more to be reported to the IRS.
May 2021
Federal Reserve Chair Jerome Powell commented that digital assets posed risks to financial stability and indicated greater regulation might be warranted, stating that cryptocurrencies “are really vehicles for speculation.”
Federal Reserve Chair Jerome Powell commented that digital assets posed risks to financial stability and indicated greater regulation might be warranted, stating that cryptocurrencies “are really vehicles for speculation.”
May 2021
The Chinese government announced a “crackdown” on bitcoin mining and trading as well as its ban of using bitcoin as a currency.
The Chinese government announced a “crackdown” on bitcoin mining and trading as well as its ban of using bitcoin as a currency.
May 2021
In response, select cryptocurrency organizations and investors formed the Bitcoin Mining Council, hosted by the CEO of MicroStrategy, Michael Saylor.
In response, select cryptocurrency organizations and investors formed the Bitcoin Mining Council, hosted by the CEO of MicroStrategy, Michael Saylor.
May 2021
Elon Musk took to Twitter on May 12th and brought the bitcoin ESG debate front and center. His comments questioned bitcoin mining and its impact on the environment.
Elon Musk took to Twitter on May 12th and brought the bitcoin ESG debate front and center. His comments questioned bitcoin mining and its impact on the environment.
April 2021
Wealthfront announced its intention to enable crypto purchases in 2021.
Wealthfront announced its intention to enable crypto purchases in 2021.
April 2021
New York-based blockchain infrastructure platform Paxos received a Federal Bank Charter from the Office of the Comptroller of the Currency.
New York-based blockchain infrastructure platform Paxos received a Federal Bank Charter from the Office of the Comptroller of the Currency.
April 2021
Storied hedge fund, Brevan Howard, announced it will begin buying crypto in its flagship fund.
Storied hedge fund, Brevan Howard, announced it will begin buying crypto in its flagship fund.
April 2021
Ecosystem company, Consensys, raised $65M from institutions that included J.P. Morgan, UBS, and Mastercard.
Ecosystem company, Consensys, raised $65M from institutions that included J.P. Morgan, UBS, and Mastercard.
April 2021
#1 overall NFL draft pick Trevor Lawrence announced a Blockfolio sponsorship and will receive a percentage of his bonus in bitcoin and other digital assets.
#1 overall NFL draft pick Trevor Lawrence announced a Blockfolio sponsorship and will receive a percentage of his bonus in bitcoin and other digital assets.
April 2021
Venmo launched a digital asset purchasing feature.
Venmo launched a digital asset purchasing feature.
April 2021
Metzora Capital, in partnership with CI, launched ETHX, the world’s first Ethereum ETF.
Metzora Capital, in partnership with CI, launched ETHX, the world’s first Ethereum ETF.
April 2021
Coinbase became publicly traded via its highly-publicized direct listing.
Coinbase became publicly traded via its highly-publicized direct listing.
April 2021
J.P. Morgan announced plans to offer bitcoin exposure to its clients as early as summer 2021.
J.P. Morgan announced plans to offer bitcoin exposure to its clients as early as summer 2021.
April 2021
David Solomon, CEO of Goldman Sachs, stated his belief that bitcoin is on a path to a higher market cap than gold.
David Solomon, CEO of Goldman Sachs, stated his belief that bitcoin is on a path to a higher market cap than gold.
April 2021
Morgan Stanley made a filing stating it intends to add bitcoin exposure for one dozen of its institutional funds.
Morgan Stanley made a filing stating it intends to add bitcoin exposure for one dozen of its institutional funds.
March 2021
Goldman Sachs announced plans to offer digital assets to its Private Wealth Management clients.
Goldman Sachs announced plans to offer digital assets to its Private Wealth Management clients.
March 2021
Auction house Christie’s sold digital artist Beeple’s digital NFT, EVERDAYS: THE FIRST 5,000 DAYS, for $69M. This was the third-largest sale ever for a living artist.
Auction house Christie’s sold digital artist Beeple’s digital NFT, EVERDAYS: THE FIRST 5,000 DAYS, for $69M. This was the third-largest sale ever for a living artist.
March 2021
Oil Billionaire Kjell Rokke announced he purchased nearly $60M of BTC and intends to launch a BTC business.
Oil Billionaire Kjell Rokke announced he purchased nearly $60M of BTC and intends to launch a BTC business.
March 2021
Yet another publicly traded listing, the Hong Kong software company Meitu, announced it is holding $50M ETH and $39M BTC on its balance sheet.
Yet another publicly traded listing, the Hong Kong software company Meitu, announced it is holding $50M ETH and $39M BTC on its balance sheet.
March 2021
On the bitcoin ETF front, eight applications are pending at the SEC as issuers race to get a product in front of regulators.
On the bitcoin ETF front, eight applications are pending at the SEC as issuers race to get a product in front of regulators.
Applications meeting approval for this coveted structure will unlock what many perceive to be the largest investor capital pool overnight.
March 2021
Investment bank Goldman Sachs announced it will restart operations for an internal desk to trade digital assets and plans to offer digital asset products to its private wealth clients.
Investment bank Goldman Sachs announced it will restart operations for an internal desk to trade digital assets and plans to offer digital asset products to its private wealth clients.
March 2021
Visa continues its push into the asset class on two fronts. One, the credit and payments giant enabled bitcoin for its roughly 70M users. Two, it launched a pilot with Crypto.com to settle USDC on their network.
Visa continues its push into the asset class on two fronts. One, the credit and payments giant enabled bitcoin for its roughly 70M users. Two, it launched a pilot with Crypto.com to settle USDC on their network.
March 2021
Morgan Stanley’s wealth platform announced it will offer bitcoin to its private wealth clients
Morgan Stanley’s wealth platform announced it will offer bitcoin to its private wealth clients
February 2021
CME launched ETH futures.
CME launched ETH futures.
February 2021
Apple Pay will now get support from the digital asset card payment system, BitPay.
Apple Pay will now get support from the digital asset card payment system, BitPay.
February 2021
MasterCard announced plans to enable digital asset purchases for all merchants.
MasterCard announced plans to enable digital asset purchases for all merchants.
February 2021
German-based bank Deutsche Bank announced plans to offer custody and prime brokerage services for digital assets.
German-based bank Deutsche Bank announced plans to offer custody and prime brokerage services for digital assets.
February 2021
BNY Mellon, one of the world’s oldest and largest custodians, announced it would service and custody digital assets.
BNY Mellon, one of the world’s oldest and largest custodians, announced it would service and custody digital assets.
February 2021
MicroStrategy ($1B+) and Square ($170M) both added more bitcoin to their existing balance sheet holdings.
MicroStrategy ($1B+) and Square ($170M) both added more bitcoin to their existing balance sheet holdings.
February 2021
Tesla revealed a $1.5B balance sheet holding, making it the largest corporation to date to hold bitcoin.
Tesla revealed a $1.5B balance sheet holding, making it the largest corporation to date to hold bitcoin.
February 2021
Miami Mayor activates bitcoin across the city, including treasury, employees, taxes & fees.
Miami Mayor activates bitcoin across the city, including treasury, employees, taxes & fees.
February 2021
Coinbase files S-1.
Coinbase files S-1.
January 2021
Ray Dalio, financial thought leader and founder of Bridgewater, the world’s largest hedge fund, penned his thoughts on bitcoin: “I believe bitcoin is one hell of an invention.”
Ray Dalio, financial thought leader and founder of Bridgewater, the world’s largest hedge fund, penned his thoughts on bitcoin: “I believe bitcoin is one hell of an invention.”
January 2021
Digital asset custodian Anchorage became the first one to receive a federal bank charter.
Digital asset custodian Anchorage became the first one to receive a federal bank charter.
January 2021
The Office of Comptroller of the Currency (OCC) released guidance for US banks to use public blockchains as settlement systems.
The Office of Comptroller of the Currency (OCC) released guidance for US banks to use public blockchains as settlement systems.
January 2021
Bakkt, the bitcoin futures exchange and custodian, majority-owned by ICE, announced that a $2.1B SPAC would acquire it.
Bakkt, the bitcoin futures exchange and custodian, majority-owned by ICE, announced that a $2.1B SPAC would acquire it.
January 2021
Corporate balance sheets continue to adopt bitcoin as MicroStrategy added $10M and Marathon Patent Group added $150M to their treasuries.
Corporate balance sheets continue to adopt bitcoin as MicroStrategy added $10M and Marathon Patent Group added $150M to their treasuries.
January 2021
BBVA launched services for digital assets.
BBVA launched services for digital assets.
January 2021
BlackRock, the world’s largest asset manager at almost $8T in AUM, filed to invest in bitcoin futures in two of its funds.
BlackRock, the world’s largest asset manager at almost $8T in AUM, filed to invest in bitcoin futures in two of its funds.
January 2021
Standard Chartered Bank launched crypto trading.
Standard Chartered Bank launched crypto trading.
January 2021
Highly crypto-experienced Gary Gensler named Chairman of the SEC.
Highly crypto-experienced Gary Gensler named Chairman of the SEC.
January 2021
J.P. Morgan said gold will suffer for years because of bitcoin and made a $146K long-term price prediction.
J.P. Morgan said gold will suffer for years because of bitcoin and made a $146K long-term price prediction.
December 2020
Visa partnered with stablecoin USDC, enabling its 60 million merchants to use it.
Visa partnered with stablecoin USDC, enabling its 60 million merchants to use it.
December 2020
American Express invested in crypto trading platform FalconX.
American Express invested in crypto trading platform FalconX.
December 2020
S&P Dow Jones announced its intention to provide indices for digital assets.
S&P Dow Jones announced its intention to provide indices for digital assets.
December 2020
CME announced that Ethereum futures would launch in February.
CME announced that Ethereum futures would launch in February.
December 2020
Jefferies’ strategists called for cuts to gold exposure in favor of bitcoin.
Jefferies’ strategists called for cuts to gold exposure in favor of bitcoin.
December 2020
Guggenheim CIO Scott Minerd indicated that bitcoin’s fundamental value could be $400K.
Guggenheim CIO Scott Minerd indicated that bitcoin’s fundamental value could be $400K.
December 2020
Fidelity announced that it would hold bitcoin as collateral for cash loans.
Fidelity announced that it would hold bitcoin as collateral for cash loans.
December 2020
J.P. Morgan estimated that a 1% allocation to bitcoin from pensions and insurance companies would require $600B of buying.
J.P. Morgan estimated that a 1% allocation to bitcoin from pensions and insurance companies would require $600B of buying.
December 2020
Ruffer, the $27B UK-based hedge fund, disclosed a bitcoin position of nearly $750M.
Ruffer, the $27B UK-based hedge fund, disclosed a bitcoin position of nearly $750M.
December 2020
Insurance giant MassMutual announced a $100M investment into bitcoin.
Insurance giant MassMutual announced a $100M investment into bitcoin.
December 2020
MicroStrategy announced a $400M convertible bond offering to buy bitcoin; the deal upsized to $550M and closed at $650M.
MicroStrategy announced a $400M convertible bond offering to buy bitcoin; the deal upsized to $550M and closed at $650M.
November 2020
Brian Brooks, Acting Comptroller of the Currency, testified on Capitol Hill to the US Senate about the importance of digital assets.
Brian Brooks, Acting Comptroller of the Currency, testified on Capitol Hill to the US Senate about the importance of digital assets.
November 2020
World-renowned money manager AllianceBernstein published a report recommending an allocation to digital assets.
World-renowned money manager AllianceBernstein published a report recommending an allocation to digital assets.
November 2020
Guggenheim, a $295B AUM manager, filed to buy up to 10% bitcoin exposure in its $5.3B Macro Fund.
Guggenheim, a $295B AUM manager, filed to buy up to 10% bitcoin exposure in its $5.3B Macro Fund.
November 2020
Citigroup, one of the world’s largest global banks, published a research report suggesting bitcoin’s 2021 year-end price target could reach as high as $318K.
Citigroup, one of the world’s largest global banks, published a research report suggesting bitcoin’s 2021 year-end price target could reach as high as $318K.
November 2020
Rick Rieder, CIO of the world’s largest asset manager BlackRock, shared his thoughts on bitcoin’s potential to replace gold in the future.
Rick Rieder, CIO of the world’s largest asset manager BlackRock, shared his thoughts on bitcoin’s potential to replace gold in the future.
November 2020
Stanley Druckenmiller, arguably the world’s best macro investor, announced his bitcoin position on CNBC.
Stanley Druckenmiller, arguably the world’s best macro investor, announced his bitcoin position on CNBC.
October 2020
PayPal released an official announcement specifying plans for users to begin buying, selling, and holding digital assets on its platform;
PayPal released an official announcement specifying plans for users to begin buying, selling, and holding digital assets on its platform;
in addition to bitcoin, PayPal will also provide the option for users to access Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) via its platform.
October 2020
J.P. Morgan began using JPM Coin commercially for the first time.
J.P. Morgan began using JPM Coin commercially for the first time.
October 2020
Square (NYSE: SQ), led by long-time bitcoin proponent Jack Dorsey, made a $50M bitcoin allocation, approximately 1% of its cash reserves.
Square (NYSE: SQ), led by long-time bitcoin proponent Jack Dorsey, made a $50M bitcoin allocation, approximately 1% of its cash reserves.
September 2020
Kraken, a prominent San Francisco-based digital exchange, secured a banking charter issued in the crypto-friendly state of Wyoming.
Kraken, a prominent San Francisco-based digital exchange, secured a banking charter issued in the crypto-friendly state of Wyoming.
Under a framework developed in the state, Kraken will be allowed to submit applications for services such as an account at the Federal Reserve, which would allow for common fiduciary functions such as regulated custody, deposits, and servicing institutional-level clients.
September 2020
The OCC released a letter confirming that banks with Federal Charters may hold stablecoin reserves or the assets that back stablecoins, which are widely used to create currency pairsin the digital asset market.
The OCC released a letter confirming that banks with Federal Charters may hold stablecoin reserves or the assets that back stablecoins, which are widely used to create currency pairsin the digital asset market.
September 2020
MicroStrategy announced the purchase of an additional $175M of bitcoin to add to its roughly 20% corporate treasury position, bringing its total balance sheet holdings to about $425M.
MicroStrategy announced the purchase of an additional $175M of bitcoin to add to its roughly 20% corporate treasury position, bringing its total balance sheet holdings to about $425M.
August 2020
MicroStrategy, Inc (ticker: MSTR), a business intelligence software firm, was the first publicly-traded company to announce a balance sheet investment of $250M into bitcoin.
MicroStrategy, Inc (ticker: MSTR), a business intelligence software firm, was the first publicly-traded company to announce a balance sheet investment of $250M into bitcoin.
July 2020
Goldman Sachs instituted a Head of Digital Assets, a first for the bank.
Goldman Sachs instituted a Head of Digital Assets, a first for the bank.
July 2020
The US Office of the Comptroller of the Currency released a decision that national banks and federal savings associations were officially permitted to provide cryptocurrency custody services for their clients,
The US Office of the Comptroller of the Currency released a decision that national banks and federal savings associations were officially permitted to provide cryptocurrency custody services for their clients,
increasing the maneuverability of traditional banks to participate in digital assets on behalf of their clients. The OCC’s letter responded to a request from an unidentified national bank or federal savings association that asked the OCC to clarify its stance.
July 2020
Bitcoin was deemed as money in federal court under the Money Transmitters Act.
Bitcoin was deemed as money in federal court under the Money Transmitters Act.
June 2020
US lawmakers in the Senate Banking Committee hosted a virtual discussion about the digitization of money and payments that included a focus on the possibility of a Digital Dollar.
US lawmakers in the Senate Banking Committee hosted a virtual discussion about the digitization of money and payments that included a focus on the possibility of a Digital Dollar.
May 2020
One of the world’s most successful macro investors, Paul Tudor Jones, announced his bitcoin investment and laid his case for the important role it will play in portfolios given the changing macro environment.
One of the world’s most successful macro investors, Paul Tudor Jones, announced his bitcoin investment and laid his case for the important role it will play in portfolios given the changing macro environment.
April 2020
Eleven members of US Congress penned a letter to Treasury Secretary Steve Mnuchin encouraging the Treasury to disperse money owed to the public with speed and security using blockchain technology.
Eleven members of US Congress penned a letter to Treasury Secretary Steve Mnuchin encouraging the Treasury to disperse money owed to the public with speed and security using blockchain technology.
April 2020
US Congress introduced 32 bills relating to cryptocurrency and blockchain technology.
US Congress introduced 32 bills relating to cryptocurrency and blockchain technology.
February 2020
SEC Commissioner Hester Pierce proposed new legislation to support token projects to achieve decentralization.
SEC Commissioner Hester Pierce proposed new legislation to support token projects to achieve decentralization.
Under the proposal, new projects would receive a three-year grace period from the time of token sale to develop their networks without penalty of securities laws like the Howy Test and Supreme Court Assessment.
January 2020
CME Group launched regulated bitcoin options.
CME Group launched regulated bitcoin options.
December 2019
State Street and Gemini announced a partnership to custody and report digital assets.
State Street and Gemini announced a partnership to custody and report digital assets.
December 2019
Twitter and Square CEO Jack Dorsey announced the formation of an independent team to develop an open standard for social media based on blockchain protocols.
Twitter and Square CEO Jack Dorsey announced the formation of an independent team to develop an open standard for social media based on blockchain protocols.
December 2019
Bakkt added bitcoin options and cash-settled bitcoin futures to its Offering.
Bakkt added bitcoin options and cash-settled bitcoin futures to its Offering.
December 2019
Deutsche Bank’s “Imagine 2030” report highlighted a fragile fiat monetary system that may result in demand for alternative currencies: gold and bitcoin.
Deutsche Bank’s “Imagine 2030” report highlighted a fragile fiat monetary system that may result in demand for alternative currencies: gold and bitcoin.
November 2019
Two crypto-related companies completed US IPOs: Silvergate Bank (NYSE: SI) and Canaan Inc. (NASDAQ: CAN).
Two crypto-related companies completed US IPOs: Silvergate Bank (NYSE: SI) and Canaan Inc. (NASDAQ: CAN).
November 2019
Fidelity and Bakkt received their NY State Trust license and launched institutional bitcoin custody.
Fidelity and Bakkt received their NY State Trust license and launched institutional bitcoin custody.
October 2019
Bakkt announced a partnership with Starbucks to launch a consumer app enabling Starbucks customers to pay with digital assets in 2020.
Bakkt announced a partnership with Starbucks to launch a consumer app enabling Starbucks customers to pay with digital assets in 2020.
September 2019
Online lender SoFi launched trading for bitcoin, Litecoin, and Ethereum.
Online lender SoFi launched trading for bitcoin, Litecoin, and Ethereum.
September 2019
Bakkt (majority-owned by Intercontinental Exchange) launched daily and monthly physically-settled bitcoin futures contracts and became the first federally regulated exchange.
Bakkt (majority-owned by Intercontinental Exchange) launched daily and monthly physically-settled bitcoin futures contracts and became the first federally regulated exchange.
July 2019
The SEC approved two crypto Reg A+ offerings: Blockstack and YouNow.
The SEC approved two crypto Reg A+ offerings: Blockstack and YouNow.
May 2019
Intercontinental Exchange’s Bakkt acquired digital asset custodian DACC.
Intercontinental Exchange’s Bakkt acquired digital asset custodian DACC.
May 2019
Microsoft announced its plans to build its distributed identity system on top of the Bitcoin blockchain.
Microsoft announced its plans to build its distributed identity system on top of the Bitcoin blockchain.
February 2019
Cambridge Associates published “Cryptoassets: Venture into the Unknown,” noting that the digital asset industry is developing, and institutional investors are wise to become educated on it.
Cambridge Associates published “Cryptoassets: Venture into the Unknown,” noting that the digital asset industry is developing, and institutional investors are wise to become educated on it.
February 2019
J.P. Morgan announced the launch of the JPM Coin to enable the instantaneous transfer of payments between select J.P. Morgan institutional clients.
J.P. Morgan announced the launch of the JPM Coin to enable the instantaneous transfer of payments between select J.P. Morgan institutional clients.
January 2019
Wyoming introduced legislation to provide legal clarity for custodians and businesses and classify securities, consumer assets, and currencies.
Wyoming introduced legislation to provide legal clarity for custodians and businesses and classify securities, consumer assets, and currencies.
Important Disclosures
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If any offer and sale of securities is made, it will be pursuant to the confidential offering memorandum of
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Certain statements reflect Metzora’s views, estimates, opinions or predictions (which may be based on
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Except where otherwise indicated, the Information is based on matters as they exist as of the date of
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information that subsequently becomes available, or circumstances existing or changes occurring after the
date hereof.
Investing in financial markets, the Fund and digital assets, including Bitcoin, involves a substantial degree of risk. There can be no assurance that the investment objectives described herein will be achieved. Any investment in the Fund or bitcoin may result in a loss of the entire amount invested. Investment losses may occur, and investors could lose some or all of their investment. No guarantee or representation is made that Metzora’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Metzora’s investment methodology or that investing in bitcoin may be considered “conservative”, “safe”, “risk free”, or “risk averse.”
Neither historical returns nor economic, market or other performance is an indication of future
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Certain information contained herein (including financial information) has been obtained from published and
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Certain information contained herein constitutes forward-looking statements, which can be identified by the
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“continue” or “believe” (or the negatives thereof) or other variations thereof. Due to various risks and
uncertainties, including those discussed above, actual events or results, the ultimate business or
activities of Metzora or the Fund or the actual performance of Metzora, the Fund, or bitcoin may differ
materially from those reflected or contemplated in such forward-looking statements. As a result, investors
should not rely on such forward-looking statements in making their investment decisions.
None of the Information has been filed with the U.S. Securities and Exchange Commission, any securities
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governmental authority has opined on the merits of the offering of any securities by the Fund or Metzora, or
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in the United States. Affiliates of Metzora own investments in some of the digital assets and protocols
discussed in this document, including bitcoin.
How big are you thinking?
The world is rapidly digitizing, and blockchain will play a critical role in
this global transformation. For those interested in exploiting this trend, invest in a basket of digital
assets and get diversified exposure to the major categories of blockchain technology. Investing in index
products has historically provided investors opportunities to capture the upside of new asset classes
without having to pick “winners.” Investing in this new asset class is no different.
Our index products allow investors to broadly participate in the overall trend of
digitization through diversified exposure to digital assets.