concludes – Earlybirds Invest https://earlybirdsinvest.com Latest Crypto News Sat, 12 Jul 2025 23:19:30 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.7 https://i0.wp.com/earlybirdsinvest.com/wp-content/uploads/2024/12/cropped-New-Project-2024-12-17T235703.455.png?fit=32%2C32&ssl=1 concludes – Earlybirds Invest https://earlybirdsinvest.com 32 32 240146708 Memecoin platform PumpFun concludes one of the fastest ICOs, raising $600M in 12 minutes https://earlybirdsinvest.com/memecoin-platform-pumpfun-concludes-one-of-the-fastest-icos-raising-600m-in-12-minutes/ https://earlybirdsinvest.com/memecoin-platform-pumpfun-concludes-one-of-the-fastest-icos-raising-600m-in-12-minutes/#respond Sat, 12 Jul 2025 23:19:30 +0000 https://earlybirdsinvest.com/memecoin-platform-pumpfun-concludes-one-of-the-fastest-icos-raising-600m-in-12-minutes/

Pump.fun, a platform that enables anyone to create and launch memecoins, concluded one of the largest and fastest initial coin offerings (ICOs) on Saturday. Within 12 minutes of the ICO going live, the platform raised $600 million from the sale of 15% of its token supply for $0.0040 each.

The ICO, which ended far quicker than the assigned 72 hours, put the platform’s fully diluted valuation at $4 billion, according to the platform.

Over the next 48-72 hours, all 150 billion PUMP tokens will be transferred to the investors. The tokens, however, will remain untradeable and untransferrable until the platform completes the distribution phase by July 15, according to ICO Drops data.

The PUMP token was available for sale on various centralized exchanges, including Gate, Kraken, and KuCoin, each of which saw cumulative investments worth $5 million, $30 million, and $16.5 million, respectively.

Bybit announced that due to unexpected delays in its application programming interface (API), the PUMP sale was oversubscribed. The exchange said it is verifying the final allocation of users whose funds are frozen. For users who did not receive an allocation, Bybit said it will refund all funds.

Investors from the U.S. and the U.K. were barred from participating in the ICO for regulatory reasons. According to Bloomberg, today’s ICO pushed Pump.fun’s total token sales to $1.32 billion.

All about the PUMP token

The platform describes the PUMP token as a “utility coin that will be used alongside the pump.fun brand behind the Pump.Fun Protocols.”

Holders of the PUMP token can choose to participate in promotional giveaways. Pump.fun, however, clarifies that its protocols will remain permissionless and will not require the use of PUMP tokens.

The PUMP token’s maximum supply is capped at 1 trillion, of which 33% or 330 billion tokens are allocated to the ICO. Of the 33%, 18% or 180 billion tokens were sold to institutional investors in a private sale, the platform said in an X post. The remaining 15% was sold to retain investors during today’s ICO.

It is worth noting that data Pump.fun shows that only 12.5% of the token supply was sold for a total of $500 million. However, Pump.fun co-founder Alon Cohen told Bloomberg that all 15% of PUMP’s supply was sold in today’s ICO as per previously announced plans.

Community reaction

Despite the undeniable success of Pump.fun’s ICO, the crypto community is divided over its merits. This is especially in light of Pump.fun facing growing competition from LetsBONK and a decline in revenue. LetsBONK, a Solana-based memecoin launchpad, has clocked more volume than Pump.fun over the past week, according to Dune Analytics data.

Noting that he is not an investor, Haseeb Qureshi, managing partner at venture capital firm Dragonfly, noted:

“$PUMP is going to be getting 25% of Pump revenues, so beyond one of the largest ICOs ever, this will be one of the highest gross revenue tokens in crypto.”

Others, however, are less thrilled about the ICO. For instance, Jeremie Henicz, head of XBorg AI, asked if he’s the only one who finds it “cringe,” while responding to Qureshi. Similarly, Marty Bent, founder of Truth for the Commoner (TFTC), stated:

“Pump.fun and those supporting it (even if at arm’s length) are Pied Pipers leading Gen Z to ruin.”

Even before the ICO, many have criticized the platform’s tokenomics. Crypto researcher Rex, for instance, called the platform’s tokenomics exploitative, with nearly 40% tokens allocated to Pump.fun itself.

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]]> https://earlybirdsinvest.com/memecoin-platform-pumpfun-concludes-one-of-the-fastest-icos-raising-600m-in-12-minutes/feed/ 0 47283 SEC concludes review of Coinbase disclosures after over 2 years, no amendments required https://earlybirdsinvest.com/sec-concludes-review-of-coinbase-disclosures-after-over-2-years-no-amendments-required/ https://earlybirdsinvest.com/sec-concludes-review-of-coinbase-disclosures-after-over-2-years-no-amendments-required/#respond Tue, 15 Apr 2025 19:08:13 +0000 https://earlybirdsinvest.com/sec-concludes-review-of-coinbase-disclosures-after-over-2-years-no-amendments-required/

The Securities and Exchange Commission has concluded its multi-year review of Coinbase’s financial disclosures without requiring any amendments or restatements, according to a letter released by the agency and shared by the exchange’s Chief Legal Officer Paul Grewal.

In an April 15 social media post, Grewal highlighted that the resolution comes after more than two years of engagement with the SEC’s Division of Corporation Finance.

He wrote:

“We’ve fully resolved – without restatements or amendments – a number of comments related to our disclosures.”

He added that Coinbase remains focused on “bringing the next billion onchain and building world-class products.”

SEC letter

The letter, dated March 17, was addressed to Coinbase Chief Financial Officer Alesia Haas. It confirmed that the SEC had completed its review of the company’s Form 10-K filings for the fiscal years ending December 31, 2022, and 2023.

The letter stated:

“We remind you that the company and its management are responsible for the accuracy and adequacy of their disclosures.”

The regulator further emphasized that the completion of the review does not constitute a sign-off or endorsement of the filings.

The conclusion of the review marks the end of a prolonged comment process that began shortly after Coinbase went public in April 2021. The company’s operations and disclosures have remained under regulatory scrutiny amid evolving standards for digital asset companies navigating US securities law.

It also comes after the regulatory landscape has shifted dramatically since President Donald Trump returned to office in January. His administration has signaled a departure from the aggressive enforcement-led approach championed by former SEC Chair Gary Gensler under the previous administration.

The regulator has already dismissed several lawsuits against crypto firms, including its legal action against Coinbase, and is actively working on developing a regulatory framework for the industry under its new leadership.

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]]> https://earlybirdsinvest.com/sec-concludes-review-of-coinbase-disclosures-after-over-2-years-no-amendments-required/feed/ 0 30962 SEC concludes Yuga Labs, Bored Ape Yacht Club investigation with no charges https://earlybirdsinvest.com/sec-concludes-yuga-labs-bored-ape-yacht-club-investigation-with-no-charges/ https://earlybirdsinvest.com/sec-concludes-yuga-labs-bored-ape-yacht-club-investigation-with-no-charges/#respond Tue, 04 Mar 2025 04:20:10 +0000 https://earlybirdsinvest.com/sec-concludes-yuga-labs-bored-ape-yacht-club-investigation-with-no-charges/

The US Securities and Exchange Commission has officially closed its investigation into Yuga Labs, the company behind the Bored Ape Yacht Club and CyberPunks NFT collections.

The regulator does not intend to take any further enforcement actions and did not issue any charges against the firm. In a social media post on March 3, Yuga Labs said the closure was a win for creators and NFTs.

It stated:

“After 3+ years, the SEC has officially closed its investigation into Yuga Labs. This is a huge win for NFTs and all creators pushing our ecosystem forward. NFTs are not securities.”

Yuga Labs probe

The SEC had launched its probe into Yuga Labs in October 2022  The agency had been examining whether certain NFTs could be classified as securities under federal law.

Specifically, the SEC was reportedly investigating whether Yuga Labs’ NFT collections, including Bored Ape Yacht Club and related assets, were marketed in a way that could be considered an investment contract under the Howey Test.

The agency also scrutinized the company’s sale of ApeCoin (APE), a crypto associated with the BAYC ecosystem, to determine whether it fell under securities regulations.

With the SEC’s decision to close the case without any charges, Yuga Labs and the NFT industry at large see the move as a significant regulatory victory.

The decision provides some clarity for NFT creators and marketplaces, though broader questions about the classification of digital assets remain unresolved.

Multiple cases closed

The decision to end the Yuga Labs inquiry comes amid a wave of SEC case closures in the crypto sector under new leadership appointed by the Trump administration.

In recent days, the agency has also dropped investigations into Robinhood, Gemini, Uniswap Labs, Consensys, and OpenSea. Meanwhile, the SEC has settled lawsuits with Coinbase and Kraken and is reportedly moving toward a resolution with TRON founder Justin Sun.

This regulatory shift follows years of scrutiny from the SEC, which ramped up its enforcement actions against digital asset companies under Chair Gary Gensler.

The agency had argued that many crypto assets, including certain NFTs, met the definition of securities under the Howey Test, a legal standard used to determine whether an asset falls under SEC jurisdiction.

However, industry leaders have pushed back against this classification, arguing that NFTs represent digital ownership rather than investment contracts.

Despite the SEC’s recent case dismissals, its longstanding lawsuit against Ripple remains in active litigation.

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