Bitcoin (CRYPTO: $BTC) and other cryptocurrencies barely budged over the past trading week as investors and traders were preoccupied with the initial public offering (IPO) of SpaceX (NASDAQ: $SPCX).
BTC was trading at $63,500 U.S. late on the afternoon of June 12, having risen only 0.43% for the week. Other digital assets, such as Ethereum (CRYTO: $ETH), also stalled over the past five trading days.
Crypto stagnated as all eyes were fixated on the market debut of SpaceX, the commercial space company run by Elon Musk. SPCX stock began trading on June 12, rising 19% in its first trading day and giving the company a market capitalization of $2.11 trillion U.S.
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SpaceX proved to be the biggest IPO in history, having raised $75 billion U.S. from the share sale. The stock’s market debut also made Elon Musk the world’s first trillionaire, lifting his net worth to $1.05 trillion U.S.
SPCX stock finished its first trading day at $160.95 U.S. per share. Crypto bulls are hopeful that investors will turn back to cryptocurrencies and allocate money to them now that the SpaceX IPO has been completed.
Here’s what else happened with cryptocurrencies this past week…
Strategy Offers Semi-Monthly Dividend On Preferred Stock: Serial Bitcoin acquirer Strategy (NASDAQ: $MSTR) is now paying dividends twice a month on its preferred stock. Strategy’s shareholders voted in favour of the bi-monthly dividend payments on the company’s preferred stock (NASDAQ: $STRC). Going forward, dividend payments will be made on the 15th and final days of each month. The next dividend payment will occur on June 30.
BlackRock To Launch Income-Paying Bitcoin ETF: Asset manager BlackRock (NYSE: $BLK) is planning to launch a new Bitcoin exchange-traded fund (ETF) that pays a regular income to investors. BlackRock has filed to launch the iShares Bitcoin Premium Income ETF, which will trade on the Nasdaq exchange under the ticker symbol “BITA.” The ETF’s income will be generated from options trades. Each month, BlackRock will sell covered call options to generate capital that will be returned to investors in the form of income.
Hive Digital’s Chief Operating Officer Sells Stock: HIVE Digital’s (NASDAQ: $HIVE) Chief Operating Officer (COO) Luke Rossy has been selling company stock. Regulatory filings show the senior executive sold 66,700 shares of HIVE stock on June 3 for proceeds of $304,819 U.S. The stock sale by Rossy comes after HIVE’s stock has nearly doubled (up 97%) over the past year. Rossy continues to own 215,000 common shares of HIVE stock valued at $851,400 U.S. based on the current share price.