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Happy Thanksgiving from your friends at Coffee & Crypto!

We know it’s a hectic day whether you’re frantically learning to baste a turkey, making up the guest room for relatives, or working on a 10 am day drunk.

Whatever your Thanksgiving story, we’re thankful you decided to open the newsletter today.

So, if you have a couple minutes, we’d like to bow our heads around the digital dining room table and name a couple more things we’re grateful for.

Also, we’ll be giving your email inbox a break amid the Black Friday madness and resuming our regularly scheduled newsletters on Monday.

Espresso Shots

☕️ SEC Sits Down With Grayscale

According to a recent memo, high-ranking members of the SEC sat down with the CEO and CFO of Grayscale to discuss the development of a Bitcoin spot ETF.

In October, Grayscale sued the SEC through the U.S. Court of Appeals over the regulatory body’s refusal to convert the Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund (ETF).

Though the outcome is still uncertain, it appears that Grayscale’s efforts at least secured them this meeting and the continued consideration of their application.

Like every SEC meeting, the Grayscale executives met Gary Gensler in a D.C. parking structure where he chain-smoked and frantically asked if they were followed.

☕️ HTX Hacked

An exploit involving HTX’s HECO chain bridge resulted in $86.6 million in various cryptocurrencies being transferred to suspicious addresses.

It’s a truly massive hack, and HTX may also have been attacked directly, with analysts noting $23.4 million in suspicious transfers out of HTX.

Some of the stolen funds have already been sold or exchanged for other tokens, but HTX’s CEO Justin Sun has vowed to reimburse victims of the hack.

There are currently no leads as to the identity of the hacker(s), but we have reason to suspect HTX’s arch-nemesis, THX, creator of the loudest sound in movie theaters.

☕️ Cash Back from Mt. Gox

Mt. Gox has announced plans to begin repaying creditors affected by the exchange’s loss of 850,000 BTC in 2014, in cold, hard cash.

The bankrupt exchange sent out a “Commencement of Repayment” email to affected creditors, telling them to expect cash payments soon and potentially throughout 2024.

“The Rehabilitation Trustee plans to commence repayment to creditors shortly. The Rehabilitation Trustee is making efforts to commence repayments in cash within the 2023 calendar year. However, due to the large number of rehabilitation creditors who will receive repayment, the varying types of repayments, the different preparation and processing times required to make the repayment, repayments will continue into 2024.” The email read.

To honor Mt. Gox’s roots as a Magic: The Gathering exchange, creditors will most likely be able to choose between a cash allotment or equivalently rare Magic cards such as “Black Lotus” or “Lord of the Pit.”

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Spilling the Beans

Thankful For Bitcoin 🦃 ❤️

In theory, Thanksgiving is a time to practice gratitude and be thankful for our many blessings.

But in practice, it’s a time for last-minute cooking, nightmarish air travel, and an opportunity for your most eccentric relatives to air their most controversial political opinions.

Yeah, your family is moderately dysfunctional and grandma’s turkey came out criminally dry, but that’s not what it’s important.

No, despite all that, Thanksgiving is about giving thanks.

And for crypto, it’s a lot easier to be thankful this year, than last year.

Last year, you had to focus on more intangibles like health, hobbies, and interpersonal relationships.

Because following the FTX collapse, the crypto market went belly-up and we certainly weren’t looking to our crypto holdings for seasonal comfort.

But this year, crypto is in a wildly different position.

Thanksgiving 2023, we have a lot to be grateful for and even more to look forward to.

So, without further ado, let’s start examining that gratitude!

First and foremost, we’ve been trotting this one out, examining it, and celebrating it for months.

The coming Bitcoin Spot ETF applications.

Yes, it’s been come-and-go with the SEC reception to this wave of TradFi applications, but eventually one of these brave, baby sea turtles is going to make it to the ocean.

But much like Christmas, vacation, and Christmas Vacation, half the fun is the anticipation. Sorry, now we’re blending our holiday deep dive.

The other half is the billions in funds and countless new investors that will come pouring into DeFi.

And of course, building on that anticipation, we have the upcoming Bitcoin halving event in April of 2024, which always brings in a nice price hike and a chubby little bull run.

And just step back for a second and look at Bitcoin’s trajectory. At this time last year, Bitcoin was wallowing at $17,600.

Today, it’s at $37,633. 

Let’s extend our warmest thanks to that 114% gain.

But there’s one last thing we have to be thankful for, and that’s you, dear readers.

Without you folks sharing, opening, and responding to our newsletter, we wouldn’t exist.

Without Coffee & Crypto, we’d just be scrawling price charts and coffee-themed jokes on the walls of our padded cell in a quiet mental hospital in upstate New York.

In short, we’re thankful for you and we’re thankful for crypto. Now, it’s time to enjoy the Holiday. 

With that being said, we’re going to be taking Friday off to spend time with our families. They love us, but they’re also really tired of hearing our takes on Sam Bankman-Fried.

We’ll resume our regularly scheduled programming on Monday.

See you then! Gobble gobble!

Crypto 101

Cross-Chain Bridges: These are programs that enable the cross-platform transfer of crypto between blockchains.

Cross-chain Bridges can also facilitate the conversion of one asset into an equivalent value on a new blockchain.

The Last Sip

The Last Sip: Unfortunately, Lincoln Elementary’s 3rd-grade class has rejected our proposal for a crypto-themed Thanksgiving pageant. In our story, Crypto-per Columbus discovers the new world and shares a bountiful feast with the Native Tokens. The Native Tokens teach him how to grow corn, but naturally, they call it “maize.” Whatever, there’s always next year.

Stay Caffeinated,

Coffee & Crypto Team

That's all for today! If this email got you hooked on our unhinged crypto takes, be sure to get a full dose on Twitter @GetCoffeeCrypto.

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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.