On Tuesday ProShares’ Bitcoin Strategy Exchange traded Fund (ETF), the first-ever US-based ETF, was launched. It trades under the ticker BITO. The launch and its seismic reception created upward momentum, which saw the top cryptocurrencies [Bitcoin & Ethereum], surpass their previous highs and reach new heights during Thursday’s trading session

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Aside from the markets, significant developments were seen in several crypto-oriented entities like Coinbase and Chainalysis. This week’s headlines include

Square may build bitcoin miner, chief executive discloses

Square CEO Jack Dorsey suggested last Friday that Square might be joining the bitcoin mining industry. He announced plans to create a miner that would open-source for all users and businesses worldwide. In a series tweets, Dorsey stated that the custom silicon-based system would incorporate community input just like Square’s hardware Bitcoin wallet.

The Twitter chief stated that his company will use this project to make Bitcoin mining more accessible to as many people possible. Dorsey pointed out that crypto mining is still dominated by large-scale investors who have substantial capital backing to support their endeavors.

The Square Jesse Dorogusker, who is the head of hardware at Square, proposed that the team work on the project. He will be responsible for studying the technical hurdles necessary to make it a reality. Dorsey, who has shown a dedication to Bitcoin in the past, said that he would quit his positions at Square and Twitter to devote himself to the digital asset.

Grayscale files to convert its Bitcoin Trust to Bitcoin ETF

Grayscale, a digital asset manager, has applied to the US regulators for a change in its Grayscale Bitcoin Trust (GBTC), into a Bitcoin Spot Exchange Trade Fund. On Tuesday, the world’s largest crypto asset manager announced the change. Grayscale Investments Vice President and Head Of Legal Craig Salm expressed delight at Proshares Bitcoin Futures ETF being listed on a trading platform; the NYSE.

The executive explained that his company’s filing had set the timer for a 240-day by which the SEC would approve or deny the offering. Salm stated that Bitcoin is an asset that will be here to stay, and that as investors access the coin increases, it will become more popular.

Grayscale Investments’ Global Head of ETFs Dave LaValle stated that they believe regulators are still open to future-based ETFs. He explained that this means that financial watchdogs should be able to accept ETFs that offer spot pricing exposure for these assets. Grayscale currently holds approximately 3. 44% is the current largest Bitcoin trust holding approximately 3.

Chainalysis joins the Bitcoin bandwagon

Chainalysis added an undisclosed amount Bitcoin to its books. The blockchain data solutions company revealed its plans via a blog post Tuesday. It stated that it would use the New York Digital Investment Group’s (NYDIG), brokerage services, and would also provide custody.

Michael Gronager from Chainalysis explained that although this crypto purchase was unique, it wouldn’t be the first. The company plans to invest in other digital assets in future. Gronager stated that Chainalysis is still committed to building trust in cryptocurrency and that the company will be adding Bitcoin to its investment portfolio.

Chainalysis is one of the many corporate companies that have added crypto to their portfolio. Significantly the largest, even by the numbers, Michael Saylor’s MicroStrategy holds more than 114,000 Bitcoin. The top five publicly held BTC companies include Square, Galaxy Digital and Voyager Digital.

Coinbase partners with Facebook and the NBA

The National Basketball Association (NBA), announced Tuesday that it had reached a deal with Coinbase. Coinbase will be the official cryptocurrency partner of the NBA. This new venture would see Coinbase featured in the NBA 2K League and USA Basketball as well as the NBA G League and the WNBA.

It wasn’t clear, however, if the partnership meant fans could use cryptocurrency to purchase matchday tickets or merchandise from their favorite teams, as Mark Cubans’ Maverick Texas has done.

Coinbase confirmed that it will be working with Facebook to launch the digital wallet Novi, a social network company. Coinbase will hold crypto while Diem (Novi’s host company), plans to manage the pilot program. This launch will also adopt the Pax Dollar stablecoin to be the token of preference, but Facebook plans eventually to replace it with Diem once it has received the regulatory approvals.

Five US senators wrote to Mark Zuckerberg after the announcement asking him to stop activities related to the digital wallet. Senators claimed that Facebook was not trustworthy to manage a payment system, citing past abuse. Diem responded to the letter, explaining that the company is not linked to Facebook and instead functions independently with representatives of the social media company.

Huobi gets go-ahead to trade crypto derivatives

A Monday statement revealed that Huobi was approved by Hong Kong’s Financial Services Agency to register as a Type 1 Financial Instruments Business. This will allow the exchange to trade in cryptocurrency derivatives. Huobi stated that the approval allows it to create derivatives and facilitate trading.

Haiteng Chen, the CEO of the exchange, stated that the new license would allow for expansion of services to customers and help the company move into the next phase. Haiteng Chen, the CEO of the exchange, explained the importance of this type license by stating that it allows the company to offer more services than spot trading.

The FSA is well-known for its strict regulatory requirements. It has established regulations regarding cryptocurrencies. All crypto exchanges must adhere to the same rules that govern financial institutions. Compulsory registration is required for all exchanges to be registered as type I financial instrument businesses. The FSA requires that all crypto tokens must be approved before being listed on any exchange in the country.