On May 16, the cryptocurrency market entered a mild correction phase, having attracted over $100 billion in inflows in the preceding 24 hours.

Vanguard Halts Launch of Spot Bitcoin ETF

Vanguard's newly appointed CEO, Salim Ramji, explicitly stated that the company has no plans to launch its own spot Bitcoin exchange-traded fund (ETF). He emphasized the importance of alignment between the company's products and core values by referencing Vanguard's Chief Investment Officer Greg Davis's investment philosophy.

While Vanguard isn't rolling out a spot Bitcoin ETF, the company controversially hasn't provided its clients with the opportunity to trade the numerous spot Bitcoin ETFs launched in the United States.

Prior to joining Vanguard, Ramji worked at Blackstone Group, where he led the global iShares business. He played a crucial role in successfully launching and obtaining approval for spot Bitcoin ETFs at Blackstone before departing from the company.

MicroStrategy Joins MSCI World Index

MicroStrategy (MSTR), a Nasdaq-listed business intelligence company, is the largest corporate holder of Bitcoin, with over $13 billion worth of BTC on its balance sheet. The company's stock will be included in the major MSCI World Index following its surge after listing.

This move signifies MicroStrategy becoming one of the top three additions to the global stock index market cap ranking. Index providers regularly update their indices, with the latest changes set to take effect by the end of May. This further demonstrates how cryptocurrency exposure is increasingly appearing in traditional investment portfolios, as billions of dollars track or benchmark against the MSCI World Index.

Months after the U.S. Securities and Exchange Commission (SEC) approved the launch of spot Bitcoin ETFs in the country, MicroStrategy's inclusion in the index comes as several institutional giants, including JPMorgan Chase, Fidelity Bank, and BNP Paribas, have increased their exposure to BTC through these funds.

BlockTower Capital Faces Security Breach

Established in 2017, BlockTower has invested in major companies in the cryptocurrency space, such as non-fungible token (NFT) developer Dapper Labs, game studio Sky Mavis, and the collapsed stablecoin company Terraform Labs. Last year, the company shuttered its "market-neutral" cryptocurrency fund, which once managed assets exceeding $100 million, due to a lack of suitable investment opportunities.

Well-known cryptocurrency investment firm BlockTower Capital fell victim to a hack, with attackers breaching its main hedge fund and siphoning off an undisclosed amount of assets.

Sources revealed that the company, which manages $1.7 billion in assets, has hired blockchain experts to investigate the theft and recently notified investors of the incident.