Kevin Durant Loses Access to Bitcoin Stash, Valour Launches Bitcoin Staking ETP in UK

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NBA star Kevin Durant, who is set to play for the Houston Rockets, has been unable to access a Bitcoin stash he bought nearly a decade ago. His agent, Rich Kleiman, revealed at a conference in Los Angeles that Durant lost track of his Coinbase login details years ago, preventing him from selling. Kleiman mentioned that Durant first became interested in digital assets after a dinner in 2016 where teammates repeatedly discussed Bitcoin. The next day, they started investing. Durant and Kleiman’s firm, Thirty Five Ventures, has worked closely with Coinbase, including a multiyear promotional deal with the exchange. Kleiman said the pair has been collaborating with Coinbase to resolve Durant’s account access, calling the exchange “a valuable resource in growing our business.”

DeFi Technologies’ subsidiary Valour has introduced a Bitcoin staking exchange-traded product (ETP) on the London Stock Exchange, providing investors with crypto yield opportunities as the UK moves toward easing restrictions on digital assets. The Bitcoin staking ETP has a 1.4% annual yield and is backed by Bitcoin (BTC) held in cold storage, with security coming from multiparty computation (MCP) technology. For the moment, the new Bitcoin staking ETP is available to institutions and professional investors. The United Kingdom will allow retail investors to buy crypto exchange-traded notes (ETNs) again on Oct. 8, removing a ban in place since 2021. The announcement didn’t specify how the yield would be generated. However, Valour has another Bitcoin ETP listed on a French exchange that relies on coins delegation on the Core Chain to generate Bitcoin yield. Core Chain is an EVM-compatible layer-1 blockchain backed by Bitcoin’s proof-of-work consensus mechanism. While Bitcoin itself doesn’t generate staking yield, holders can earn returns through alternative avenues such as centralized lending platforms, Bitcoin layer-2 networks like Stacks and Babylon, or by wrapping BTC into tokens like Wrapped Bitcoin (WBTC) to participate in DeFi lending protocols. Cryptocurrency exchange Coinbase unveiled a Bitcoin yield fund in May, targeting non-US institutional investors. Bitcoin and Ether (ETH) ETPs debuted on the London Stock Exchange in May 2024. Recent developments suggest that the United Kingdom's approach to cryptocurrencies may be shifting. On Tuesday, the Financial Times reported that the UK is looking to increase cooperation with the United States on digital assets, with Britain looking to boost innovation in the sector. Trade groups have even pushed the government to add blockchain technology to the UK’s tech collaboration with the US.

A striking golden statue of U.S. President Donald Trump appeared outside the U.S. Capitol this week. The 12-foot figure is holding a large Bitcoin symbol in one hand. This was spotted on September 17 near 3rd Street in Washington, D.C. The statue immediately caught the attention of residents, tourists, and political observers. The statue was not erected by any official body or government agency. Instead, it was put up by a group of crypto investors and memecoin fans. These people are reportedly associated with the Pump.fun platform, which mixes internet culture with digital finance. The organizers designed the statue to prompt discussion about the shifting nature of finance, digital money, and power. Furthermore, they carefully planned the timing to maximize its impact. The statue came at the same time as the U.S. Federal Reserve announced.