Shorting bitcoin just got a lot easier

Good morning. Today we've got coverage on the first short bitcoin ETF in the US, a big funding round for Solana's top NFT marketplace, and FTX dropping an MLB sponsorship. All that and more today in the CT5!

Market Update (as of 8:24am ET):

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Top 5:

1. First short bitcoin ETF to list on NYSE. The ProShares Short Bitcoin Strategy (BITI) will begin trading today on the NYSE and provide investors with the ability to profit off declines in bitcoin's price. The product carries a 0.95% expense ratio and is designed to deliver the opposite performance of the S&P CME Bitcoin Futures Index. The approval of this product, prior to a spot bitcoin ETF, has been met with much criticism from the crypto community.

2. Solana NFT marketplace Magic Eden raises $130M, plans multi-chain expansion. The leading NFT marketplace on the Solana blockchain has raised $130 million at a $1.6 billion valuation. Magic Eden owns a vast majority of the NFT trading market share on Solana but plans to use the capital to expand to other blockchains and double down on its gaming business. In April, OpenSea expanded their platform to include Solana NFTs, bringing more competition to the network. Magic Eden cofounders believe this move was good for the space and will result in a "converging market" of Solana and Ethereum-based NFTs.

3. ParaSwap launches peer-to-peer NFT trading app. On Monday, decentralized exchange aggregator ParaSwap announced the launch of a peer-to-peer NFT trading platform on the Apple App Store. The app allows sellers to create and send custom orders for their NFTs directly to buyers and uses the ParaSwap DEX on the backend to enable both parties to transact in their preferred token. During the first three weeks of trading the app will have zero trading fees and will permanently refund all gas fees for non-Ethereum transactions. NFT marketplaces have typically avoided the Apple ecosystem as the company takes a 30% cut of all in-app purchases. ParaSwap however, operates as an NFT exchange rather than a marketplace and thus avoids paying any cut to Mr. Tim Cook.

4. FTX pulls out of Los Angeles Angels MLB deal as crypto winter bites. Amid the market downturn, FTX has pulled out of a deal with the Los Angeles Angels to offer a patch on the team's uniforms. Crashing crypto prices were the main reason for the withdrawal and also caused a similar deal between the Washington Wizards and another crypto firm to stall. FTX has invested big in sports marketing over the last year with a Super Bowl ad campaign, a partnership with Steph Curry, and ownership of the naming rights of the Miami Heat's arena. It's the first sign of potential cracks in the FTX spending machine.

5. BTC Markets gets financial services license in Australian first. Crypto exchange BTC Markets said on Monday that they received a financial services license issued by the Australian Securities and Investments Commission (ASIC). The Australian Financial Services Licence (AFSL) will eventually allow BTC Markets to provide non-cash payment products and general financial advice to customers. The company believes they will now be able to more easily bridge the gap between TradFi and crypto while offering advice and financial products to customers.

Updates and other stories:
- Solend says whale at center of Solana DeFi controversy starts moving funds...Read More
- Cardano developers delay 'Vasil' upgrade citing bugs...Read More
- Hex Trust greenlit for virtual asset license in Dubai...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.