The Daily: Fidelity enters the US Solana ETF race, BlackRock launches its Bitcoin ETP in Europe and more

The following article is adapted from The Block’s newsletter,  The Daily , which comes out on weekday afternoons.

Happy Tuesday! Over 16 years in, bitcoin's $1.7 trillion market cap has reached a respectable 1.3% of the estimated $128 trillion global money supply, marking what Unchained CEO Joe Kelly calls a "shift in gravity." However, there's still a very long way to go before fiat's dominance is really challenged.

In today's newsletter, Fidelity enters the spot Solana ETF race in the U.S., BlackRock expands its Bitcoin ETP product to Europe, Binance suspends an employee for allegedly profiting from insider information and more.

Meanwhile, Mt. Gox makes another $1 billion bitcoin transfer but still holds 35,583 BTC, according to Arkham.

Let's get started.

Fidelity enters spot Solana ETF race in US

Cboe BZX Exchange filed a 19b-4 form with the Securities and Exchange Commission on Tuesday to list and trade shares of the "Fidelity Solana Fund."

• Cboe BZX's filing on behalf of the firm comes just a few days after CSC Delaware Trust Company registered a new statutory trust entity also named "Fidelity Solana Fund."
• Asset management giant Fidelity becomes the largest firm to enter the growing list of runners and riders in the race for spot Solana ETF approval in the U.S., joining rivals, including Franklin Templeton, Grayscale, Canary Capital and VanEck.
• However, Volatility Shares already launched the first ETFs tied to Solana futures contracts last week.
• Fidelity's spot Bitcoin and Ethereum ETFs were approved under the previous administration, with the firm now dipping its toes into another crypto application.
• "Fidelity remains committed to providing customers with a portfolio of solutions that offer choice, accompanied by education and support as they leverage products to meet their needs," a spokesperson said.
• However, under President Trump, a more crypto-friendly SEC has received a slew of crypto ETF proposals from other firms for everything from XRP to Litecoin, Dogecoin and Pengu.

BlackRock launches Bitcoin ETP in Europe

BlackRock launched its iShares Bitcoin ETP in Europe on Tuesday, marking its first crypto-backed product outside North America, following the success of its dominant U.S. spot Bitcoin ETF, IBIT.

• The ETP was listed on Euronext Paris and Xetra Frankfurt under the ticker "IB1T" and Euronext Amsterdam as "BTCN," backed by bitcoin held via Coinbase Custody International in cold storage.
• BlackRock's IBIT debuted in January 2024 and has generated nearly $40 billion in cumulative net inflows since, making it the largest among U.S. spot Bitcoin ETFs, with Fidelity's FBTC second at $11.5 billion.
• Meanwhile, combining elements of today's first two stories, BlackRock also expanded its tokenized BUIDL fund to Solana on Tuesday, marking its seventh supported blockchain network.

Binance suspends employee for alleged insider trading

Binance has suspended an employee for allegedly profiting from insider information on an unnamed crypto project that he knew would soon hold a token generation event.

• The Binance Wallet employee allegedly exploited privileged information from a previous business development role at BNB Chain to unfairly profit from the token sale.
• "This behavior constitutes front-running based on non-public information obtained from his previous role and is a clear breach of company policy," Binance said. "As a result of this behavior, the staff member was suspended immediately and pending further disciplinary action."
• The exchange has launched an internal investigation and will distribute a $100,000 reward to four whistleblowers who reported the incident.

Movement commits to $38 million buyback program for MOVE

Binance was again in the news on Tuesday, identifying an unnamed Movement market maker who allegedly dumped 66 million MOVE tokens post-launch with minimal buy orders, netting 38 million USDT in profit now frozen by the crypto exchange "for the purpose of compensating users."

• Binance said the actor was associated with another market maker for GPS and SHELL, which it had offboarded from the platform on March 9 due to misconduct.
• The Movement Network Foundation said it and Movement Labs had no knowledge of the activity and had chosen to work with the market maker as it had already supported other projects in the Movement ecosystem.
• Once informed of the activity, Movement Network Foundation said it severed all relationships with the market maker and has committed to using the recovered funds for a MOVE buyback program to establish a "Movement Strategic Reserve" over the next three months.

Andre Cronje stirs memories of TerraUSD's crash with new algo stablecoin

OG blockchain developer and co-founder of Sonic Labs Andre Cronje hinted at perfecting the contentious idea of an algorithmic stablecoin , invoking memories of the 2022 TerraUSD collapse three years on.

• "Pretty sure our team cracked algo stablecoins today, but previous cycle gave me so much PTSD not sure if we should implement," Cronje posted on X, later joking, "Call it Anchor and UST? For the culture?"
• The idea received mixed reactions, with some users expressing concerns about another likely doomed algo stablecoin, while others bantered with the idea that this cycle needed "a new infinite money printer."

In the next 24 hours

• UK CPI inflation figures are released at 3 a.m. ET on Wednesday, followed by Chancellor Rachel Reeves' Spring Statement at 6 a.m. U.S. mortgage data are due at 7 a.m.
• U.S. FOMC member Neel Kashkari will speak at 10 a.m.
• Ethena is set to unlock 7.93 million ENA tokens worth $3.5 million — 0.15% of the circulating supply.

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