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MLB Team Washington Nationals Partners With Terra Blockchain Community, Ballpark Plans to Accept UST

On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
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Galaxy Digital Bitcoin ETF to launch this week as exec eyes 'compelling opportunities'

The latest Bitcoin ETF to hit the market comes as the United States is yet to approve any homegrown competitors.

Bitcoin (BTC) exchange-traded funds (ETFs) continue to multiply as a new entrant hits the Canadian market on March 9.

In a press release on Monday, Galaxy Digital Capital Management, a subsidiary of financial services and investment management company Galaxy Digital, confirmed that the CI Galaxy Bitcoin ETF would likely start trading this week.

Purpose ETF gets major competitor

The launch will see Galaxy join the TSX Purpose Bitcoin ETF as one of the pioneering ETF products in North America, with United States regulators yet to approve a single application.

As Cointelegraph reported, Purpose has seen huge interest and associated volumes since its ETF went live last month, around the same time that Galaxy filed with regulators.

“We believe the emerging digital asset class presents compelling growth and diversification opportunities,” Steve Kurz, Partner and Head of Asset Management at GDAM, which will executive trading for the Galaxy product, commented in the press release.

“The CI Galaxy Bitcoin ETF offers a simple and secure access point for traditional investors to gain exposure to bitcoin.”

GBTC negative premium rebounds from record

Institutional demand for Bitcoin exposure has been unfazed by price volatility and negative press, with a recent survey from Goldman Sachs showing that 40% of clients are already involved.

The ETF boom is meanwhile providing new competition for alternative market offerings, notably the Grayscale Bitcoin Trust (GBTC), which continues to trade at a discount of around 2% to its net asset value, or NAV.

GBTC premium chart. Source: Bybt

Last week, the Trust’s shares traded at a record discount of 13%, with new entrants currently not permitted to buy as part of Grayscale’s periodic closure schedule. Analysts noted that if historical behavior repeats itself, the negative premium may foretell the next phase of the Bitcoin price bull run.

GBTC buyers are required to pay a 2% management fee, higher than the newcomer ETFs.

“I believe our ETF stands out based on its highly competitive price point and CI and Galaxy’s extensive capabilities and track record in managing alternative investments and digital assets,” Kurt MacAlpine, CEO of CI Financial, which will run the ETF, added about market fit.

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