In the tech space this week, two financial institutions applied to offer exchange-traded funds (ETFs) tied to the spot price of Solana, challenging a former ruling by the US Securities and Exchange Committee (SEC).
Stay informed on the latest developments in the tech world with the Investing News Network’s round-up.
Solana is a blockchain platform designed to host decentralized and scalable applications, including non-fungible tokens and decentralized physical infrastructure (DePINs). DePINs is a relatively new concept that aims to decentralize ownership of physical infrastructure such as electricity grids.
Solana uses a consensus mechanism called “proof-of-history,” where timestamps define the next block on its chain. Users report lower fees and faster transaction processing speeds than Ethereum, which has comparable functionality and features. Solana’s token, SOL, is used to pay transaction fees and for staking.
Spot ETFs allow investors to gain exposure to the underlying asset — in this case, Solana’s native token SOL — without directly purchasing and storing it themselves. The Solana ETF filings follow similar proposals for spot Bitcoin and Ether ETFs, indicating continued recognition of certain cryptocurrencies as legitimate financial assets.
According to sources for Business Insider, the chatbot will be accessed via a web browser, and will use some of the same infrastructure that powers a new version of Amazon’s voice assistant, Alexa.
The company previously anticipated that testing would begin during the first half of 2024.
“We expect to ship our first completed production satellites this summer, and we’re targeting our first full-scale Kuiper mission for Q4 aboard an Atlas V rocket from ULA,” the company said in a Thursday blog post.
“We will continue to increase our rates of satellite production and deployment heading into 2025, and we remain on track to begin offering service to customers next year.”
“By enabling taxpayers to use Bitcoin for federal tax payments, we can promote innovation, increase efficiency, and offer more flexibility to American citizens,” he wrote. “This is a bold step toward a future where digital currencies play a vital role in our financial system, ensuring that the U.S. remains at the forefront of technological advancement.”
The bill would modify the Internal Revenue Code of 1986 and would require the treasury secretary, currently Janet Yellen, to develop a system that would accept Bitcoin as a legitimate form of payment for federal taxes.
The company’s revenue reached US$6.81 billion, compared to the previous quarter’s US$5.82 billion. Year-over-year, its revenue was up approximately 82 percent from US$3.75 billion.
Earnings per diluted share came in at at US$0.62, higher than the anticipated US$0.53. Micron’s board of directors declared a quarterly dividend of US$0.115 per share, payable in cash on July 23.
Company shares closed at US$131.53 on Friday.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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