Tekedia Weekend Crypto and Blockchain Roundup

21Shares, a prominent crypto asset manager, filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) to launch a spot Dogecoin exchange-traded fund (ETF). This proposed 21Shares Dogecoin ETF aims to track the price of Dogecoin (DOGE), a popular memecoin, using the CF Dogecoin-Dollar Settlement Price as its benchmark. The fund is designed to provide investors with exposure to Dogecoin without the need to directly own the cryptocurrency, and it will be physically backed by actual DOGE holdings, with Coinbase Custody designated as the custodian.

This filing follows similar moves by competitors like Bitwise and Grayscale, signaling a growing interest in bringing Dogecoin into regulated financial markets. The Dogecoin Foundation’s corporate arm, House of Doge, is partnering with 21Shares to support the ETF’s marketing efforts, leveraging the coin’s strong community appeal. While details such as the ticker symbol, management fees, and listing exchange remain undisclosed, the initiative reflects 21Shares’ broader strategy to expand its spot crypto ETF offerings beyond its existing Bitcoin and Ether funds.

U.S. Securities and Exchange Commission approved options trading on multiple spot Ethereum (ETH) exchange-traded funds (ETFs). This decision allows investors to trade options on ETFs such as BlackRock’s iShares Ethereum Trust (ETHA), Bitwise Ethereum ETF (ETHW), Grayscale Ethereum Trust (ETHE), Grayscale Ethereum Mini Trust (ETH), and Fidelity Ethereum Fund (FETH).

Options trading provides investors with a tool to speculate on Ethereum’s price movements or hedge their positions without directly owning the underlying asset, potentially broadening the appeal of these ETFs, especially among institutional traders.

Cathie Wood’s ARK Invest recently purchased approximately $13.3 million worth of Coinbase (COIN) shares during a market downturn. This acquisition involved 84,514 shares spread across two of ARK’s exchange-traded funds (ETFs). Specifically, the ARK Next Generation Internet ETF (ARKW) acquired 64,806 shares, valued at around $10.2 million, while the ARK Fintech Innovation ETF (ARKF) picked up 19,708 shares, worth about $3.1 million, based on the closing price on the day of the purchase.

The first 2x leveraged XRP exchange-traded fund (ETF) debuts in the United States. Launched by Teucrium Investment Advisors, the Teucrium 2x Long Daily XRP ETF (ticker: XXRP) began trading on the NYSE Arca exchange. This ETF aims to deliver twice the daily performance of XRP, the cryptocurrency associated with Ripple, using financial instruments like swaps and futures rather than directly holding the token. It comes with a management fee of 1.85% and is designed for investors seeking amplified short-term exposure to XRP’s price movements.

This launch is notable as it’s the first XRP-based ETF in the U.S., and unusually, it’s a leveraged product rather than a spot ETF, which tracks the asset’s price directly. Spot XRP ETF applications from firms like Bitwise, WisdomTree, and Franklin Templeton are still under SEC review. The debut follows a shifting regulatory landscape, including the SEC dropping its case against Ripple in March 2025, potentially paving the way for more crypto investment vehicles.

Changpeng Zhao (CZ), the founder and former CEO of Binance, has been appointed as a Strategic Advisor to the Pakistan Crypto Council (PCC). This development marks a significant step for Pakistan as it seeks to advance its digital finance and blockchain ecosystem. The announcement was made on April 7, 2025, during CZ’s visit to Islamabad, where he met with high-ranking officials, including Finance Minister Senator Muhammad Aurangzeb, the Prime Minister, and representatives from the State Bank of Pakistan and the Securities and Exchange Commission.

The U.S. exchange-traded funds (ETFs) has set a new record, with daily trading volume surpassing $600 billion. This milestone exceeds the previous high of $484 billion from 2022, reflecting significant activity and investor engagement in the ETF market. The surge could be tied to various factors, such as heightened market volatility, shifts in investor sentiment, or reactions to economic policies—though specific drivers aren’t detailed in the prompt.

MicroStrategy has reported an unrealized loss of $5.91 billion on its digital assets for the first quarter of 2025, as disclosed in a filing with the U.S. Securities and Exchange Commission on April 7, 2025. This significant loss is primarily tied to its Bitcoin holdings, reflecting a sharp decline in the cryptocurrency’s market value during the quarter. Despite this paper loss, the company noted a $1.69 billion income tax benefit that partially offsets the impact, though it still expects a net loss for Q1.

MicroStrategy, which has positioned itself as a major corporate holder of Bitcoin, did not purchase additional Bitcoin in the last week of the quarter (March 31 to April 6), amid heightened market volatility. This unrealized loss highlights the risks of its aggressive Bitcoin accumulation strategy, especially as macroeconomic factors, such as U.S. tariff policies, have pressured risk-on assets like cryptocurrencies.

In March 2025, Ethereum surpassed Solana in monthly decentralized exchange (DEX) trading volume for the first time since September 2024. According to data from DefiLlama, Ethereum-based DEXs recorded approximately $63 billion in trading volume, outpacing Solana’s $51 billion during the same period.

This shift highlights Ethereum’s resurgence in the decentralized finance (DeFi) space, driven largely by the performance of platforms like Uniswap, which alone accounted for over $30 billion in volume. Meanwhile, Solana’s activity appears to have cooled, particularly in the memecoin sector, which had previously fueled its dominance.