Anthony Pompliano’s fintech-focused SPAC, ProCap Acquisition Corp, rose 7% on its Nasdaq debut after bumping its IPO to $220 million a day before listing. Crypto influencer Anthony Pompliano’s fintech-focused blank-check company, ProCap Acquisition Corp (PCAPU), rose 7% on its debut Nasdaq listing after a last-minute upsizing of its initial public offering. ProCap had boosted its IPO from $200 million to $220 million on May 20, a day before its public launch, pricing its 22 million shares on offer at $10 each. ProCap shares closed the May 21 trading day up 7% at $10.70, which continued with a 1.6% bump after-hours to $10.87, Yahoo Finance data shows. Read more
A Block Earner spokesperson told Cointelegraph that ASIC's case against the firm has escalated to a “broader legal question” around the definition of a financial product. Australia’s financial regulator will seek the High Court’s permission to appeal a lower court’s ruling favoring fintech firm Block Earner, which found the company’s crypto-linked fixed-yield earning service is not a financial product. The Australian Securities and Investment Commission said on May 21 that it wants to ask the High Court of Australia to clarify what the definition of a financial product is and clarify the circumstances when an interest-earning product and the conversion of assets from one form to another are regulated. “The definition of financial product was drafted in a broad and technology-neutral way, and ASIC believes it is in the public interest to clarify this,” the watchdog said. Read more
Idle capital will be deployed onchain into real-world asset (RWA) projects, the asset manager said. VanEck plans to launch a private digital assets fund in June targeting tokenized Web3 projects built on the Avalanche blockchain network, the asset manager said in a statement shared with Cointelegraph. The VanEck PurposeBuilt Fund, available only to accredited investors, aims to invest in liquid tokens and venture-backed projects across Web3 sectors, including gaming, financial services, payments, and artificial intelligence. Idle capital will be deployed into Avalanche (AVAX) real-world asset (RWA) products, including tokenized money market funds, VanEck said. Read more