Good night, women, gentleman, and crypto degenerates.

Reporting dwell from the guts of the motion (my desk) – we’ve simply confirmed two new developments in tales already coated this week.

It’s the speak of the city (group chats) proper now, and right here’s what it’s essential to know:

1/ Grayscale ETF

On Wednesday, we informed you the SEC accredited Grayscale’s new crypto ETF that options Bitcoin, Ethereum, Solana, XRP, and Cardano.

Nicely, they accredited it technically… however then put a “stay” on it, which implies Grayscale cannot really launch the ETF but.

Bloomberg ETF analyst Eric Balchunas thinks the SEC simply needs to finalize crypto ETF itemizing guidelines earlier than letting this one go dwell.

So, the scenario: accredited in idea, not taking place in follow. For now.

2/ OpenAI vs. Robinhood

On Tuesday, we talked about Robinhood launching tokenized US shares and ETFs in Europe.

What we did not level out then, although, is that a few of these tokens characterize personal shares – firms you’ll be able to’t put money into until you’ve gotten VC connections or thousands and thousands to speculate.

A type of? OpenAI.

So, with that launch, Robinhood gave common retail traders a method to get value publicity to OpenAI – one thing they can’t do by shopping for shares straight.

Fairly rattling sick, amirite? Nicely… not everybody agrees:

Mainly, what OpenAI’s saying is that even when Robinhood’s tokens are backed 1:1 by actual OpenAI shares, you’re not legally an OpenAI shareholder.

And what does that imply for you?

👉 You’re trusting Robinhood, not OpenAI

While you purchase one of many tokens, you’re in a roundabout way proudly owning a chunk of OpenAI.

You’re simply relying on Robinhood (or its accomplice) to carry OpenAI shares someplace.

👉 No shareholder rights

You don’t get voting rights, a say in selections, or entry to OpenAI’s financials. You simply observe the value.

👉 Liquidity isn’t assured

These tokens solely have worth if Robinhood retains the market open.

In the event that they cease or demand drops, you won’t have the ability to promote.

On the similar time, hey, no less than it’s an choice. Should you simply wish to publicity to OpenAI’s value, then wonderful. However be sure you perceive the dangers earlier than leaping in.

And with that, I’ll return you to your frequently scheduled scrolling 🎙️

This was the Every day Squeeze, thanks for studying, and good luck on the market.

Now you are within the know. However take into consideration your mates – they most likely don’t know. I ponder who might repair that… 😃🫵 Unfold the phrase and be the hero you’re!