Galaxy

What are we covering in this week's newsletter? 🏛️ Ethereum ETFs Kick Off "Big Week" On Tuesday, Ethereum ETFs debuted with $1.1bn in trading volumes on Day 1, resulting in $107m of net inflows which includes $484m of outflows from Grayscale's ETHE Trust. 💵 Synthetic Dollar Issuer Ethena Opens Up to RWA Strategy Synthetic dollar issuer Ethena intends to lean on yield-generating opportunities and real-world assets (RWAs) in place of the unproductive backing of its synthetic dollar, USDe, and in its Reserve Fund. 🥩 Jito Foundation Unveils "One-Stop Solution" For Restaking on Solana On Thursday, July 25, the Jito Foundation open-sourced code for Solana applications and services to easily integrate activities like staking, restaking, and liquid restaking into their operations. Check out this week's top stories for our take and don't forget to subscribe ⤵

This week on Galaxy Brains, Alex Thorn talks with David Bailey, CEO and Founder of BTC Inc., the organization behind the iconic Bitcoin conference. David recounts the journey of BTC Inc., highlighting the parallels between the company's evolution and Bitcoin's volatility. With The Bitcoin Conference finally here, they delve into the event's growth, its importance to the Bitcoin community, and the strategic decisions influencing its future. Further, David and Alex explore the significant impact of Bitcoin's integration into global and political spheres, underscoring its relentless push toward mainstream acceptance. Listen to this week's episode on your favorite platform 🎧 YouTube: https://lnkd.in/eqkvs-UP Spotify: https://lnkd.in/e58H39hG  Apple Podcasts: https://lnkd.in/eA6TnBBc 

Galaxy Ventures has invested in Seed and Series-A companies across the blockchain and crypto industry for the past six years with an investment thesis centered around protocols, software infrastructure, and financialized applications. By leveraging the firm’s global footprint and world-class operating businesses, Galaxy Ventures has always operated at the forefront of our industry's most transformative trends from their inception. Galaxy is excited to announce the $113M initial close of Galaxy Ventures Fund I, Galaxy Ventures’ first external venture fund. Building upon Galaxy Ventures’ tenured success since 2018, this new fund represents a significant milestone. Galaxy Ventures’ remains dedicated to their investment thesis, the expansion of the venture platform team, and the development of commercial partnerships between Galaxy’s business lines and Galaxy Ventures’ portfolio companies. The goal is to bring crypto’s most advanced technologies, teams, and business models to both traditional and next-generation markets worldwide. Learn more about Galaxy Ventures Fund I by reading our latest perspective, authored by Galaxy Ventures General Partners Will Nuelle and Mike Giampapa: https://lnkd.in/eJxWRvXT

We’re proud to announce the $113M initial close of Galaxy Ventures Fund I, a venture capital fund dedicated to investing in early-stage companies across crypto protocols, software infrastructure, and financial applications. This fund builds on Galaxy Ventures’ tenured thesis, investing in our industry’s most formative founders and companies who are catalyzing real onchain adoption and innovation across institutions, startups, markets, and more. "If we get to the end of the Fund life and Galaxy Ventures has supported teams making global payments cheaper and faster, teams expanding access to financial markets, and teams designing new base layer infrastructure for the financial internet-of-value, all while making our investors elite returns, that is how I would define success for this Fund," said Will Nuelle, General Partner of Galaxy Ventures. Galaxy’s unparalleled connectivity allows Galaxy Ventures to secure strategic deal allocations and support portfolio companies by understanding deep technical shifts in crypto infrastructure, financial services, and value exchange. Press Release: https://lnkd.in/gy4SirxZ

It's getting harder and harder to estimate fees on Ethereum due to a rising volume of private transactions. Private transactions are transactions submitted to Ethereum that bypass the public mempool. Normally, user transactions are collected by Ethereum nodes and stored temporarily in a dedicated storage area called the "mempool" before being included in a block. All pending transactions in the mempool can be viewed publicly and at times, these transactions can be taken advantage of by specialized actors known as "searchers". To avoid front-running, back-running, and sandwiching attacks on transactions by searchers, an increasing number of Ethereum users are resorting to submitting their order flow privately to block builders. This is causing inaccuracies in fee calculations as the demand for block space is no longer accurately captured by the volume of transactions in the public mempool. I spoke with Matt Cutler from Blocknative about these findings on today's episode of Infinite Jungle. Matt explains how this phenomena came about, how his team discovered it, and its potentially negative ramifications on the censorship-resistance of Ethereum. YouTube: https://lnkd.in/d7JY6wqs Apple Podcasts: https://lnkd.in/dncsh4KU Spotify: https://lnkd.in/dujeEdux

Are you in Nashville this week for The Bitcoin Conference by Bitcoin Magazine?    Catch Galaxy Intern Ella Hough this Saturday on the Genesis Stage!     Ella will be sharing insights on student life in Bitcoin with Owen Aston (Associate Intern at Onramp), Autumn Domingo (President at UNH Bitcoin Club), and Arsh Molu (Co-Founder at Bitcoin Students Network).    Learn More: https://lnkd.in/gGrEgqh4 

Don’t miss the chance to hear from Galaxy’s Head of Firmwide Research, Alex Thorn, this week at The Bitcoin Conference in Nashville!    You can find Alex on the Genesis Stage with Dylan LeClair, Head of Market Research at Bitcoin Magazine, James Check, Founder and Lead Analyst at Checkonchain, and Michael Terpin, CEO of Transform Ventures.    Learn More: https://lnkd.in/gGrEgqh4 

We’re thrilled to once again team up with Galaxy to launch the Invesco Galaxy Ethereum ETF (QETH). 🤝 Our deep experience in managing ETPs combined with Galaxy’s digital assets expertise provides investors with efficient, secure exposure to #Ethereum: https://inves.co/3LyPUn5 QETH joins our lineup of Invesco Galaxy ETPs in providing easier access to US investors looking to create a varied digital assets portfolio with ETPs. View the QETH prospectus to learn more: https://inves.co/3W8tPk4

We’re excited to announce the launch of QETH, a spot ETP that invests directly in physical Ethereum. This innovative product grants investors access to the Ethereum market, offering a differentiated and accessible way to participate in the innovative ether ecosystem.     This launch builds on Galaxy’s and Invesco US’s successful collaboration, following the Invesco Galaxy Bitcoin ETF (BTCO) launch earlier this year.     "ETH has served as a core asset in crypto portfolios for a long time, driven by the tremendous success of the Ethereum blockchain," said Steve Kurz, Global Head of Galaxy Asset Management. "With the launch of QETH, we are excited to offer investors exposure to this burgeoning asset class in a format that is familiar, safe, and easy to trade.”      Leveraging our combined expertise in traditional and digital asset markets, Invesco and Galaxy are leading the way in providing institutional access to the most innovative areas of the digital asset ecosystem.     Press Release: https://lnkd.in/eDrdNCRv View QETH's prospectus here: https://lnkd.in/e5wtAhEa

Galaxy is hiring! Join us on our mission to engineer a new economic paradigm.    ▶  Asset Management – Equity Research Associate  ▶  Ventures – Investor  ▶  Trading – Derivatives Trader     Explore open roles at Galaxy: https://lnkd.in/eWnrzMeC