Top Crypto News Of The Day: Semler Scientific’s Bitcoin Foray, BlackRock’s IBIT ETF Holdings, and More!

Here is the top crypto news of the day curated by CoinChapter.com.

Semler Scientific Embraces Bitcoin as Primary Treasury Asset

Semler Scientific, a healthcare technology firm, has made Bitcoin its primary treasury reserve asset. The company has purchased 581 Bitcoins worth $40 million.

Eric Semler, the company’s chairman, expressed confidence in Bitcoin’s unique characteristics as a scarce and finite asset. He labeled it as a reasonable inflation hedge and safe haven amid global instability. Additionally, Semler cited Bitcoin’s digital resilience as a potential advantage over gold, which has a market value approximately 10 times larger.

The company is encouraged by the growing global acceptance and “institutionalization” of Bitcoin, exemplified by the SEC’s recent approval of 11 Bitcoin exchange-traded funds (ETFs). These ETFs have attracted over $13 billion in net inflows from nearly 1,000 institutions.

While maintaining its focus on core medical products and services, Semler Scientific, after examining various alternatives, believes that holding Bitcoin is the best use of its excess cash.

SEC to Pay $1.8 Million in Legal Fees

A U.S. federal judge has instructed the Securities and Exchange Commission (SEC) to pay approximately $1.8 million in legal fees related to its case against Digital Licensing Inc., operating as Debt Box. The judge dismissed the SEC’s case without prejudice, leaving open the possibility of it being reopened in the future.

In an order filed on Tuesday, Utah District Court Judge Robert Shelby ruled that the SEC must cover the attorney fees and relevant legal expenses. The judge ensured that the requested fee amount was reasonable.

In a separate filing on Tuesday, the judge dismissed the case without prejudice at the SEC’s request. It acknowledged that the dismissal would protect investors and the public interest without causing legal prejudice to the defendants.

In July 2023, the SEC filed a complaint against Debt Box, accusing it of defrauding investors of at least $49 million.

Another Crypto News of the Day: BlackRock’s Bitcoin ETF Surpasses Grayscale as Largest

BlackRock’s Bitcoin ETF IBIT has reportedly overtaken the Grayscale Bitcoin Trust (GBTC) as the world’s largest ETF tracking the price of Bitcoin.

As of the end of trading on May 28, IBIT recorded $102.5 million in inflows, while GBTC registered a $105 million outflow. This inflow brought a total of 288,670 Bitcoin for BlackRock’s IBIT, compared to Grayscale’s 287,450 Bitcoin.

Since their launch in January, BlackRock’s ETF has accounted for the majority of inflows across all 11 spot Bitcoin ETFs.

Crypto News: Institutional Crypto Inflows Reach 2024 High

Institutional investors continue to accumulate cryptocurrencies, with inflows reaching a 2024 high of $1.05 billion last week.

This marks the third consecutive week of inflows, bringing the total yearly inflows to an all-time high of $14.9 billion for 2024.

Ethereum saw the highest institutional inflows last week at $36 million, likely driven by the SEC’s approval of spot Ethereum ETFs. However, institutions have offloaded significant amounts of ETH over the past year, with year-to-date outflows reaching $22 million.

Bitcoin remains the most favored asset by large entities, with institutions adding $1.05 billion to their portfolios last week, bringing cumulative flows to $14.6 billion.

Notably, outflows from the Grayscale Bitcoin Trust (GBTC) have nearly stopped, with only $15 million in outflows last week, despite year-to-date outflows reaching a staggering $17 billion.

ZKasino Offers 72-Hour Window for ETH Refunds

Blockchain-based gambling project ZKasino has initiated a 72-hour “2-step bridge back process” to return funds to investors, a month after allegations of a $33 million “rug pull.”

In a Medium post, ZKasino stated that “bridgers” can sign up and bridge back their ETH at a 1:1 ratio during this window. However, investors seeking ETH refunds will forfeit any allocated Zkasino (ZKAS) tokens and the remaining 14 months of ZKAS release.

Some have raised concerns about the 72-hour window and the potential for the sign-up page to be a wallet drainer or scam. The Medium post has not been shared by ZKasino’s official X account.

Follow CoinChapter to read the top crypto news every day!