An ETF for Bears

Good morning. Today we've got Tesla supporting bitcoin mining, multiple applications for short-bitcoin futures ETFs, a hiccup in India for Coinbase and more! Happy Monday!

Market Update (as of 8:15am ET):

My asks from you:
- Forward to your friends, family, and anyone that would be interested (check the Top Sharers leaderboard at the bottom of this email to see where you stand!)
- If you're new, hit that pink subscribe button just below this section
- Send any and all feedback to jmaxxyoungii@gmail.com
- Add us to your Contact List so this newsletter doesn't end up in your spam folder

Top 5:

1. Blockstream and Block enlist Tesla, break ground on bitcoin mine. Digital payments provider Block (formerly Square) and bitcoin infrastructure provider, Blockstream, have had a partnership to mine bitcoin since June of 2021. That partnership is now getting turbocharged with the addition of Tesla who will be supplying solar and storage technology for a massive mining facility in West Texas. The facility will generate 30 petahashes per second and run on 100% solar energy. Blockstream also plans to provide a publicly-accessibly dashboard that reports on the facility's performance along with regular reports on the project's economics.

2. Issuers race to launch short bitcoin futures ETFs. Forget spot ETFs, it's time for some bear products. ProShares is leading the way, and filed earlier this week to launch a product that essentially shorts bitcoin futures. Two other funds, AXS and Direxion, followed suit shortly after. The AXS fund will seek to provide investment results corresponding to the inverse of the CME CF Bitcoin Reference Rate and will invest most of its assets in short positions on cash-settled bitcoin futures contracts.

3. Coinbase disables UPI payments just days after India launch. The US firm has shut down payments in India using UPI, a real-time payment system developed by the National Payments Corporation of India (NPCI). This comes as a major blow only days after announcing the feature which would have allowed Indians to directly load funds onto the app, which was not previously possible. A statement from the NPCI said, "we are not aware of any crypto exchange using UPI," which appears to have led to Coinbase's decision to disable the offering.

4. Terra's new stablecoin pool makes waves in DeFi. 4pool, Terra's new stablecoin pool on Curve finance, aims to make UST and another algorithmic stablecoin, FRAX, the leaders in the space. It will consist of four stablecoin tokens - UST, FRAX, USDC, and USDT and it intentionally excludes the DAI stablecoin, issued by MakerDAO. The goal of soon-to-launch 4pool is to steal liquidity away from 3pool which consists of USDC, USDT, and DAI and to reap the Curve token rewards on the network.

5.  New York Senate authorizes NYDFS to 'assess' crypto companies. On Saturday, the New York Senate passed the 2023 fiscal year budget which included a provision to develop a new charge for crypto companies. The charge will bring oversight of crypto companies more in line with that of banks and other financial firms. The provision states, "the expenses of every examination of the affairs of any person regulated pursuant to this chapter that engages in virtual currency business activity shall be borne and paid by the regulated person..." The Winklevoss twins, founders of the crypto exchange Gemini, cheered on the new legislation and "thoughtful regulation".

Updates and other stories:
- Canaan launches new bitcoin mining hardware in A12 series...Read More
- Crypto isn’t just for bros: Meet the mothers entering the market...Read More
- Wax studio’s blockchain brawlers game earns $357M in first week...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.