Here is the outline for the newsletter today🔥

• Grayscale Bitcoin Trust shares rally to 1-year high📈

• Azuki NFT Floor Plummets as Collectors Blast 'Identical' Elementals Art📉

• FTX halts sale of their $500 Million stake in AI startup.🤖

Grayscale Bitcoin Trust shares rally to 1-year high📈

Investors are increasingly optimistic about the prospects of Grayscale converting its Bitcoin trust into an exchange-traded fund (ETF). This development has been fueled by recent filings for a spot BTC ETF and the renewed optimism surrounding Grayscale's conversion efforts.

On Tuesday, GBTC experienced a remarkable surge, reaching a one-year high with its share price closing at $19.47, marking a 7.1% gain throughout the day.

This closing price is the highest since last June, according to TradingView data. It is noteworthy that BTC traded mostly flat, except for a brief spike to $31,000 following the news of investment asset manager Fidelity Investments planning to follow BlackRock's application for a spot BTC ETF with its own.

The discount on GBTC's share price relative to its net asset value, which is a widely followed metric in the digital asset space, dropped to 30%.

The recent rally in GBTC started with BlackRock's filing on June 15 and continued as financial services giants Invesco and WisdomTree reapplied to offer spot BTC ETFs.

Since BlackRock's application, GBTC has gained nearly 50% in less than two weeks. BlackRock, being the world's largest asset manager with $9.1 trillion in assets under management (AUM), has generated significant enthusiasm among investors for the potential success of Grayscale's ETF conversion.

Investors are placing their bets on GBTC due to the BlackRock filing and the optimistic belief that the company may have made progress in cracking the ETF code, which gives hope for Grayscale's successful conversion and the removal of the discount.

Additionally, there is growing optimism regarding the outcome of the lawsuit between Grayscale and the U.S. Securities and Exchange Commission (SEC). Grayscale sued the agency earlier this year after its application to convert the closed-end GBTC fund into an ETF was denied.

A positive outcome for Grayscale could increase the potential for listing as an ETF and eliminate the discount.

Azuki NFT Floor Plummets as Collectors Blast 'Identical' Elementals Art📉

The Azuki Elementals was announced, with 10,000 profile pictures (PFPs) selling out in just 15 minutes and generating a staggering $38 million worth of ETH for Chiru Labs.

However, the excitement has turned sour as some holders are now selling Elementals well below the mint price, leading to a significant drop in value for both the new NFTs and the original Azuki collection.

Initially, Azuki Elementals NFTs were sold for 2 ETH (approximately $3,800) each in the initial mint, with an additional 10,000 NFTs airdropped to holders of the original Azuki NFTs.

However, following the artwork reveal, which took place after the mint, prices started plummeting rapidly. As of now, the NFTs are listed as low as 1.6 ETH (about $3,025) on the OpenSea marketplace, and prices fell even further to 1.32 ETH ($2,490) soon after the artwork was revealed.

Many holders, collectors, and creators have taken to social media to express their dissatisfaction with the Azuki Elementals artwork. Some have pointed out that the new NFTs are nearly identical to the originals, with only minor details and alterations distinguishing them.

Furthermore, odd imperfections in the artwork, such as a person holding a magical wand with no handle, have been noticed.

Criticism of the Elementals collection's similarity to the original Azuki project has sparked a mass sell-off, causing the floor price for Azuki NFTs to drop by approximately 32% over the last 24 hours.

The current floor price stands at 9.35 ETH (about $17,650), according to data from NFT Price Floor. This is from a 16 ETH floor price may I remind you 🤯

While some collectors speculate that Chiru Labs intentionally released similar Elementals artwork as a strategic move to build engagement and update the metadata with epic art, others find it hard to believe.

The situation has raised questions about the perception and value of the new collection and the impact it will have on the original Azuki project.

I hope all is well in the garden⛩

FTX halts sale of their $500 Million stake in AI startup.🤖

FTX has made headlines by halting the sale of its stake in AI startup Anthropic. The exchange holds a whopping $500 million worth of shares in Anthropic, making it a coveted asset in the industry.

According to reports, FTX filed for Chapter 11 bankruptcy protection in November and has been exploring various avenues to repay its creditors.

In court documents, it was revealed that FTX's former leadership, including co-founder Sam Bankman-Fried, allegedly commingled over $402 million in customer funds, resulting in significant liabilities.

Anthropic, founded in 2021 by former employees of OpenAI, has gained attention for its AI platform called Claude AI.

The startup received substantial investments, including $400 million from Google and $450 million in Series C funding led by Spark Capital. Anthropic has been actively working on advancing AI technologies and promoting ethical behavior through its platform.

FTX's decision to halt the sale of its stake in Anthropic raises questions about the future of both companies. While the specific reason for the halt remains unknown, it underscores the complexities and challenges faced by the crypto industry.

In other news, the artificial intelligence sector continues to attract significant investments.

Three AI startups, namely MosaicML, NoTraffic, and CalypsoAI, recently raised a combined $2 billion in funding rounds. This influx of funds highlights the growing interest of investors in the potential of AI to disrupt industries and generate substantial returns.

✨Bonus News✨

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.