The Daily: Cboe BZX files to list XRP ETFs, BlackRock increases Strategy ownership to 5% and more

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

It's Friday! Bitcoin rose slightly this morning after U.S. jobs numbers came in lower than expected, but the foremost cryptocurrency is not out of the woods just yet, as its range-bound price action continues.

In today's newsletter, Cboe BZX Exchange files 19b-4s to list and trade various spot XRP ETFs, BlackRock raises its Strategy ownership to 5%, CleanSpark reports $162.3 million in quarterly revenue and more.

Meanwhile, the CFTC plans to hold a " CEO Forum " to discuss the launch of a digital asset markets pilot program, with participants including Circle, Coinbase, Crypto.com and Ripple.

Let's get started.

Cboe BZX files to list and trade various XRP ETFs

Cboe BZX Exchange filed 19b-4 forms with the Securities and Exchange Commission late Thursday to list and trade spot XRP ETFs for Bitwise, 21Shares and Canary Capital.

• A 19b-4 filing is the second part of a two-step process for proposing a crypto ETF to the SEC following S-1 registration statement filings by the potential issuers.
• Once acknowledged by the agency, the filings will be published in the Federal Register, initiating the SEC's approval process.
  Bitwise and Canary Capital were the first to file S-1s for an XRP ETF in October, with 21Shares filing its registration statement in November.
• While the SEC already approved spot Bitcoin and Ethereum ETFs last year, the pro-crypto embrace from President Trump has spurred a flurry of spot crypto ETF filings in recent weeks.
• WisdomTree also filed an S-1 for a spot XRP ETF in December, NYSE Arca filed a 19b-4 to convert Grayscale's XRP Trust to an ETF in January and CoinShares filed a registration statement for an XRP ETF last month.
• Meanwhile, the SEC acknowledged Grayscale's Litecoin ETF and Solana ETF proposals on Thursday after receiving NYSE Arca's 19b-4 filings to list and trade the funds, initiating a public comment period.

BlackRock raises Strategy ownership to 5%

Asset management giant BlackRock has increased its ownership stake in Strategy (formerly MicroStrategy) from 4.09% to 5%, according to a Schedule 13G filing with the SEC.

• The Thursday filing shows that BlackRock owns a total of 11.26 million common shares of Strategy as of Dec. 31, 2024 — up from 9.48 million shares on Sept. 30, 2024 — an increase of 1.78 million shares over the quarter.
• The additional shares are valued at nearly $600 million at current prices, bringing BlackRock's total MSTR stake to more than $3.7 billion.
• Strategy is the largest corporate holder of bitcoin and currently holds a total of 471,107 BTC worth over $46 billion.

'Why buy bitcoin at current prices when we can mine it for $34,000?'

CleanSpark reported revenues of $162.3 million for the fourth quarter of 2024, up 120% year-over-year, at a marginal cost to mine of approximately $34,000 per bitcoin.

• Despite the impact of Bitcoin's halving event on block subsidy rewards, CleanSpark grew its bitcoin treasury to over 10,500 BTC by the end of the year, entirely self-mined from its U.S. facilities.
• The company plans to further expand its operations to 50 EH/s by mid-2025, with a focus on regional growth in Wyoming, Tennessee and Georgia.
• "We continue to invest in ourselves because why buy bitcoin at current spot prices when we can mine it for $34,000?" CleanSpark CFO Gary Vecchiarelli said.

Trump-backed World Liberty Financial plans 'strategic token reserve'

World Liberty Financial plans to create a "strategic reserve" with its token purchases , according to co-founder Chase Herro, Bloomberg reported.

• The DeFi project is backed by President Trump and his family, with his son Donald Trump Jr. appearing alongside Herro at the Ondo Summit in New York on Thursday.
• World Liberty Financial bought $470,000 worth of ONDO tokens earlier in the day but did not reveal the reserve's purpose or size.
• The project currently holds at least $35 million in various tokens, including TRX, USDT and USDC, according to blockchain analytics platform Arkham.
• It also recently moved millions of dollars worth of additional tokens, such as AAVE, ENA, ETH, LINK and WBTC, to Coinbase.

VanEck predicts Solana price could hit $520 by year-end

Asset manager VanEck predicts Solana's price could reach $520 with a $250 billion market cap by the end of 2025, based on an autoregressive forecast model — a 165% gain from current prices.

• The firm also expects Solana's smart contract platform market share to grow from 15% to 22% this year, supported by its developer dominance, DEX volumes, revenues and active users.
• VanEck holds a position in SOL and has also applied to the SEC to launch a spot Solana ETF.

Looking ahead to next week

• U.S. CPI inflation data are out on Wednesday. UK GDP, U.S. PPI and U.S. jobless claims figures follow on Thursday. Eurozone GDP numbers are out on Friday.
• Bank of England Governor Andrew Bailey will speak on Tuesday. U.S. Federal Reserve Chair Jerome Powell speaks on Tuesday and Wednesday.
• Movement, Aptos, Axie Infinity, EigenLayer and Ethena are all set for token unlocks over the next seven days.
• World Web3 Expo kicks off in Dubai on Wednesday.

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