Fidelity and SEC’s Meeting 📋

GM. This is Degen Scoop. It’s Monday, let’s talk about what happened over the weekend:

• Fidelity and SEC’s Meeting 📋

• VanEck Embraces HODL 💪

• Animoca Raises $11.88M 🤑

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Fidelity Meets With SEC To Ensure Their ETF Approval

Fidelity had a meeting with the SEC on December 7 regarding its proposed spot bitcoin ETF. The presentation, titled "Bitcoin ETF Workflows," outlined "In-Kind" creation and redemption models, emphasizing the efficiency of arbitrage and hedging with physical creations.

The document highlighted the importance of allowing physical creation and redemption for enhancing trading efficiency and secondary market pricing. Unlike previous attempts at ETFs, each one of these meetings shows that the SEC is ready to play ball and helping to allow progress on these vehicles.

As Bitcoin's price surged in anticipation of potential SEC decisions on spot ETF applications, discussions have centered on technical aspects of how the proposed funds would function. Fidelity later filed an amended S-1 form for its proposed spot fund on Friday.

VanEck Opts For “HODL” Ticker For Bitcoin Spot ETF

VanEck, a major player in the Bitcoin ETF competition, has chosen the ticker "HODL" for its potential crypto investment product. In a filing with the SEC, the fund manager revealed that if its VanEck Bitcoin Trust is approved, it will use the term made famous in previous cycles.

"HODL" is a popular expression among Bitcoiners, signifying a long-term investment strategy of holding the digital asset without selling. AKA, hold on for dear life. Needless to say, but it says a lot that this TradFi institution is opting for crypto-native vocabulary for its fund.

VanEck, a New York-based firm, has previously applied for a Bitcoin ETF and is among several high-profile companies seeking approval for the cryptocurrency investment product in the coming year. It will be interesting to see if this ticker choice will help the firm attract more capital over other ETFs.

Animoca Brands Raises $11.88M For Mocaverse

Hong Kong-based Animoca Brands has secured an additional $11.88M for its metaverse project, Mocaverse. This follows the $20M raised in September, bringing the total funding to $31.88M. While we haven’t seen any sort of metaverse madness yet this cycle, it’s likely to come back quicker than you think.

Mocaverse aims to establish a digital identity and loyalty platform for blockchain games and other applications. The project has released 8,888 Ethereum NFTs profile pictures, serving as entry passes into Mocaverse. Investors in this round include Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, and Dapper Labs.

Animoca plans to expand the ecosystem to include other Web3 projects over time. Animoca has dedicated a large chunk of capital to the crypto ecosystem, so it couldn’t be clearer their belief in the tech.

The BIGGEST NFT Sales Over the Weekend:

Notable Threads You Might Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.