Crypto Posts Choppy Week, Grayscale Pauses IPO, and Strategy Makes $1.5B Debt Repurchase

Takeaways

• Bitcoin and ethereum prices pull back in another choppy week: The bitcoin dip came as the 11 US spot bitcoin ETFs recorded $733 million in net outflows on Wednesday, putting selling pressure on the bitcoin market. Meanwhile, the price of ether continued to trend lower despite Tom Lee’s Bitmine Immersion Technologies announcing it had purchased 111,942 ETH over the previous week, with the treasury company now owning almost 5.4 million ETH tokens. Despite high utility across DeFi, ethereum sentiment has suffered over the past year after it nearly topped out at $5,000 last August.
  
  
• Strategy completes $1.5 billion debt repurchase: With the move, Strategy trimmed the company’s aggregate principal amount of convertible notes outstanding from $8.2 billion to $6.7 billion. According to the statement announcing the deal, Strategy has achieved year-to-date BTC yield of 13.3%, or approximately $6.8 billion. It comes after Strategy announced earlier this month it would actively manage its bitcoin treasury, which could include selling bitcoin.
  
  
• Grayscale pushes back IPO: A source reportedly cited unfavorable market conditions as the reason for the delay as crypto contends with a prolonged bear market after peaking last October. The Stamford-based firm originally confidentially filed for an IPO this past November. Grayscale is a large digital asset management company, managing tens of billions in publicly-traded crypto funds.
  
  
• Demand surges for Tether’s USAT stablecoin: Specifically, the number of redeemable USAT tokens jumped from 22 million to over 140 million from March to April, with the total reserve supply hitting $141,178,400. Tether, the world’s largest stablecoin company, launched USAT in January in an effort to enter the US market and comply with the GENIUS Act, which was passed last year.

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