Tag: Bitcoin Etf

WisdomTree Appoints Digital Transformation Expert Rilla Delorier to Board

by Blockchain News

WisdomTree, Inc. (NYSE: WT), a global financial innovator with a diverse range of exchange-traded products (ETPs) and a current asset management of approximately $94 billion, has officially announced the appointment of Rilla Delorier to its Board of Directors. Delorier, an accomplished leader with over 30 years of executive experience, is recognized for her leadership in digital transformation within the banking sector and her roles in various financial and tech firms. Her achievements have earned her a spot among the “25 Most Powerful Women in Banking” by American Banker.

This appointment comes at a pivotal time for WisdomTree. The firm has been actively pursuing the introduction of a spot bitcoin ETF, reflecting the growing interest and confidence in the potential of cryptocurrency-based financial products. Despite their enthusiasm, WisdomTree faced challenges in the past.

Their applications for a bitcoin ETF in 2021 and 2022 were met with rejections from the U.S. Securities and Exchange Commission (SEC). The regulatory body cited concerns over investor protection and public interest. However, undeterred by these setbacks, WisdomTree has drawn inspiration from their successful product launches in the more accommodating European markets.

Armed with this experience and new measures in their updated filing, the firm aims to address the SEC’s concerns, particularly those related to market manipulation and investor safety.

Win Neuger, the Chair of the WisdomTree Board, commented, “Rilla is a powerhouse of digital transformation in financial services. Her proven ability to foster innovation and optimize operations will be invaluable as we navigate the industry’s evolving landscape, especially in the realm of blockchain-enabled finance.”

Jonathan Steinberg, the Founder and CEO of WisdomTree, emphasized the timeliness of Delorier’s appointment. He noted, “As we witness an unprecedented momentum in ETP flows and lead the shift towards tokenization, Rilla’s expertise in digital innovation is a perfect fit for our Board.”

Delorier expressed her enthusiasm, stating, “WisdomTree stands out as a pioneer in financial services. Their innovative approach, especially with the launch of WisdomTree Prime™ and their ongoing efforts in the Bitcoin ETF space, positions them to lead the market expansion in the upcoming years.”

WisdomTree is also venturing into next-gen digital products, including digital funds, tokenized assets, and their blockchain-native digital wallet, WisdomTree Prime™.

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Jacobi Asset Management Introduces Europe’s First Premier Bitcoin ETF with a Green Initiative

by Blockchain News

Jacobi Asset Management has unveiled Europe’s inaugural spot Bitcoin ETF on Euronext Amsterdam. This ETF, named the Jacobi FT Wilshire Bitcoin ETF and trading under the ticker BCOIN, stands out as the first digital asset fund in compliance with SFDR Article 8, thanks to its decarbonisation strategy.

The ETF’s unique approach involves a verifiable Renewable Energy Certificate (REC) solution, a collaboration with digital asset platform Zumo. This solution transparently and quantifiably addresses the electricity consumption associated with Bitcoin investments, setting it apart from traditional carbon offsetting methods. The initiative ensures that institutional investors can tap into Bitcoin’s advantages while adhering to their ESG objectives.

Regulated by the Guernsey Financial Services Commission (GFSC), the ETF has garnered support from notable entities. Fidelity Digital AssetsSM is the custodian, Flow Traders act as market makers, and both Jane Street and DRW function as Authorised Participants. Furthermore, the ETF’s benchmark, the FT Wilshire Bitcoin Blended Price Index, is supplied by Wilshire Indexes.

Martin Bednall, CEO of Jacobi Asset Management, remarked on the development, stating, “Europe’s progressive stance on Bitcoin investment for institutional investors is commendable. Our ETF, distinct from European debt instruments, holds the underlying asset directly. We’re honoured to collaborate with top-tier partners in this digital asset market evolution, simultaneously introducing an eco-friendly solution for European investors.”

Wilshire Indexes’ CEO, Mark Makepeace, echoed this sentiment, emphasizing the ETF’s role as a pivotal moment for both the digital asset and global financial sectors. He expressed enthusiasm about the collaboration with Jacobi and Wilshire Indexes’ commitment to fostering the growth of the digital asset ecosystem.

The Jacobi FT Wilshire Bitcoin ETF presents an environmentally-aligned digital asset alternative. It allows potential ETF investors to contemplate Bitcoin as part of their portfolio and independently verify environmental claims. The ETF’s approach involves calculating the power consumption due to Bitcoin and procuring equivalent RECs, ensuring transparent blockchain-recorded proof of these certificates.

Kirsteen Harrison, Zumo’s Environmental Manager, highlighted the urgency of crypto decarbonisation. She shared, “The collaboration with Jacobi Asset Management has been instrumental in crafting an ESG-aligned, future-ready crypto solution. Witnessing its realization as Europe’s first Bitcoin ETF is a monumental industry achievement.”

Emanuel van Praag, a lawyer at Kennedy Van der Laan, also expressed pride in offering legal advice to Jacobi AM during the ETF’s listing process.

This development underscores the evolving landscape of digital asset investment, blending technological advancement with environmental responsibility.

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Grayscale Submits Comment Letter to SEC Regarding Spot Bitcoin ETF Application

by Blockchain News

As Grayscale Investments awaits a decision from the DC Circuit in their lawsuit to convert GBTC to a spot bitcoin ETF, the legal team at Davis Polk has submitted a comment letter to GBTC’s pending 19b-4 filing. This also includes seven other spot bitcoin ETF filings with newly-proposed surveillance sharing agreements (SSAs).

The comment letter, submitted recently, encapsulates Grayscale’s rationale for why the SEC should approve all spot bitcoin ETF applications. The firm remains encouraged by the increased momentum around these filings, underscoring the continued maturation of the bitcoin spot market and reinforcing the belief that American investors should have access to spot bitcoin ETFs in the US.

Grayscale argues that the SEC is already in a position to approve spot bitcoin ETFs, given its previous approval of bitcoin futures ETFs. With third-party studies showing a 99% correlation between Bitcoin’s spot and futures markets, surveillance of the CME bitcoin futures market should suffice to protect against potential fraud or manipulation in the underlying spot bitcoin market.

While Grayscale does not view the introduction of an SSA with a spot bitcoin market as the sole solution for getting spot bitcoin ETFs approved in the US, the organization continues to support efforts that enable investors to access the crypto ecosystem. Grayscale applauds progress that brings more oversight to centralized crypto markets and commits to taking necessary action to convert GBTC to an ETF.

Grayscale emphasizes that the SEC’s actions related to bitcoin ETFs should be made in a fair and orderly manner. As a disclosure-based regulator, the SEC should provide issuers with feedback or guidance consistently and equitably, without picking winners and losers.

Grayscale believes that for the benefit of Bitcoin, the market, and investors, all spot bitcoin ETF applications should be approved simultaneously. This approach ensures American investors are protected and have access to their choice of bitcoin investment vehicles.

With nearly one million investors across all 50 states owning GBTC, Grayscale stresses that GBTC’s conversion to an ETF would return billions of dollars in value to these investors. The firm will continue to advocate for the approval of spot bitcoin ETF applications, emphasizing that there is no reason to keep GBTC investors from the spot bitcoin ETF they deserve.

Grayscale uses the term “ETF” to refer to exchange-traded investment vehicles, including those required to register under the Investment Company Act of 1940, as well as other exchange-traded products not subject to the registration requirements of the ’40 Act.

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Bitwise ETF BITQ Surpasses $100M in Cypto Assets Under Management

by Blockchain News

Bitwise Asset Management, a leading crypto asset manager, has announced that its Crypto Industry Innovators ETF (NYSE: BITQ) recently surpassed $100 million in assets under management. This milestone comes amid a turning point for the crypto sector, which has seen positive industry developments, strong market performance, and growing investor interest throughout 2023.

As of June 30, bitcoin had risen more than 83% year-to-date, while BITQ was up more than 135% over the same period. Since the fund’s inception in 2021, investors have utilized BITQ for its potential impact on portfolio diversification and as a way to access an emerging growth sector through a traditional equity ETF vehicle.

The BITQ ETF seeks to track an index designed by Bitwise that consists of leading companies driving the fast-growing crypto economy. At each rebalancing, at least 85% of BITQ’s holdings are “pure-play” firms, which derive more than three-quarters of their revenue from crypto-related businesses, while up to 15% of holdings are reserved for more diversified companies making meaningful investments in the space.

Bitwise has also been in the news recently for its refiling of a spot Bitcoin ETF application with the SEC, which was officially acknowledged by the regulatory body. Bitwise first filed for a spot Bitcoin ETF in October 2021, but amended and refiled their application on June 28 of this year. This move followed a host of institutional applications, fueled by BlackRock’s June 15 spot Bitcoin ETF application.

Bitwise’s Chief Investment Officer, Matthew Hougan, emphasized the importance of BlackRock’s move, stating, “You have to listen when Blackrock comes to the market, because they’re the largest ETF issuer in the world, they are very careful and connected.”

Founded in 2017, Bitwise manages a broad suite of 18 professional investment solutions, including ETFs, publicly traded trusts, SMA strategies, multi-strategy solutions, and private funds. Today, over 1,800 wealth teams, RIAs, family offices, and institutional investors leverage Bitwise to understand and access crypto markets strategically.

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Bitcoin’s Dawn of the ETF Era: ARK Investment

by Blockchain News

According to a report by ARK Investment, in June 2023, Bitcoin experienced a resurgence in institutional sentiment, with the supply of Bitcoin that had remained unmoved for at least a year reaching an all-time high of approximately 70% of the circulating supply. This development suggests a strong holding pattern among Bitcoin investors, a trend that is likely to impact the cryptocurrency’s future trajectory.

The month also saw a narrowing of the Grayscale Bitcoin Trust’s (GBTC) discount to Bitcoin’s net asset value (NAV), possibly due to Blackrock’s Bitcoin ETF application or indications that Grayscale had gained an edge during its trial against the SEC. This shift towards a one-year low in the GBTC’s discount to Bitcoin’s NAV could signal a growing institutional interest in the cryptocurrency.

Institutional activity in Bitcoin, as indicated by the balance of Bitcoin on OTC desks, hit a one-year high in June. This uptick in institutional activity coincides with BlackRock’s filing for a Bitcoin ETF, following ARK/21 Shares’ filing in April. The move by BlackRock, a global investment management corporation, suggests a growing acceptance of Bitcoin in traditional finance circles.

However, the global economy appears to be heading towards a recession, with recent data from the manufacturing sector indicating a decline in new orders in the Purchasing Managers’ Index, a proxy for future manufacturing activity. In 2022, the US Gross Domestic Product (GDP) declined for two consecutive quarters, implying a technical recession.

In other news, the SEC filed charges against Coinbase for operating as an unregistered securities exchange, broker, and clearing agency, and against Binance entities and founder Changpeng Zhao. Robinhood announced plans to delist tokens for Solana, Cardano, and Polygon after SEC suits named them as securities. Meanwhile, the Tether USDT stablecoin’s market cap climbed to an all-time high of $83.2B.

Despite these challenges, Bitcoin’s holder base and network activity remained strong in June, with active owners increasing by 9.1% and long-term holder supply increasing by 0.11%. These trends suggest a robust and resilient Bitcoin ecosystem, even in the face of potential economic downturns and regulatory hurdles.

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ProShares To Debut First US ETF Betting on Bitcoin Plunge

by Blockchain News

ProShares, an issuer of exchange-traded funds, including inverse exchange-traded funds, and similar products, announced on Monday that it plans to launch the first short Bitcoin exchange-traded fund (ETF) this week.

The ProShares Short Bitcoin Strategy will trade on the New York Stock Exchange under the ticker BITI, ProShares said. BITI will be the first ETF of its nature in the U.S.

The short Bitcoin-linked ETF aims to give investors the opportunity to profit from a decline in Bitcoin’s price, or to hedge their exposure to cryptocurrency. It will have an expense ratio of 0.95%.

ProShares said BITI is designed to deliver the opposite of the performance of the S&P CME Bitcoin Futures Index and that it seeks to get exposure through Bitcoin futures contracts.

In a statement, ProShares CEO Michael Sapir, said: “As recent times have shown, Bitcoin can drop in value. BITI affords investors who believe that the price of bitcoin will drop with an opportunity to potentially profit or to hedge their cryptocurrency holdings. BITI enables investors to conveniently obtain short exposure to bitcoin through buying an ETF in a traditional brokerage account.”

Investors Wary as Market Sell-Off Continues

While US regulators hold off approving any ETFs that directly track cryptocurrency, ProShares is launching a fund (ticker BITI) that will allow investors to take short positions on Bitcoin futures. In October last year, ProShares established the first U.S. Bitcoin futures ETF.

The latest launch comes as applications for a physical Bitcoin ETF pile up in the U.S., with at least fifteen firms throwing their hat in the ring, including Galaxy Digital Holdings Ltd, Fidelity Investments Inc., and others. Since 2013, the US SEC has rejected every spot Bitcoin ETF application, citing concerns about criminal activity and market manipulation.

The launch is well-timed when the market uncertainty remains high as investors await to hear the next moves by the Federal Reserve with regard to interest rate increases aimed to tame rising inflation. Many investors are still speculating the crypto market to remain bottom due to aggressive actions by the Central Bank.

As the crypto plunge continues, Bitcoin currently trades at the $20,000 level while Ether holds above $1,000, with other major coins such as Solana, Cardano, and Dogecoin all in the red. A spate of cryptocurrency meltdowns has erased tens of billions of dollars of investors’ assets.

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Simplify Asset Management Files Application of the “MAXI” Bitcoin ETF

by Blockchain News

According to filings with the U.S. Securities and Exchange Commission (SEC), on April 20, a Registered Investment Adviser Simplify Asset Management filed with the SEC for its Simplify Bitcoin Strategy Risk-Managed Income ETF under the ticker symbol “MAXI”.

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Currently, 22 ETFs are trading on U.S. markets. Simplify Asset Management Inc. ETFs have total assets under management of $1.40B.

The MAXI fund, which charges a management fee of 0.85%, does not hold cryptocurrencies themselves but the futures prices of cryptocurrencies.

The potential Bitcoin ETF aims at earning income through three strategies: Bitcoin futures strategy, income strategy, and option stacking strategy. For example, by selling call options and buying put options on Bitcoin futures or related ETFs to earn spread income to meet the first and third strategies through the integration.

The fund will focus on short-term U.S. Treasuries in its income strategy and ETFs on U.S. Treasuries.

The US SEC has approved America’s third functional Bitcoin Exchange Traded Fund (ETF) product that tracks the futures price of the world’s largest crypto asset.

The approval adds Teucrium to the list of other issuers, including ProShares and VanEck, both of whom received their go-ahead to list Bitcoin-futures-based ETFs last year.

More Bitcoin ETF products is expected to trade in the market. As reported by Blockchain.News on Wednesday, Australia’s first bitcoin ETF will be listed on the Chicago Board Options Exchange (CBOE) stock exchange next week on Apr 27.

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Australia’s First Bitcoin ETF to Launch on Apr 27

by Blockchain News

Australia’s first bitcoin ETF will be listed on the Chicago Board Options Exchange (CBOE) stock exchange next week on Apr 27, The Australian Financial Review reported on Tuesday.

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It is reported that ASX Clear, a powerful clearinghouse in the heart of Australia’s equity capital market, the clearinghouse said that three institutional-level clearing participants and one large retail clearing participant have met the 42% margin requirement for settlement risks.

They will share the strict margin requirements required for settlement risks associated with Bitcoin.

So ASX Clear, the clearinghouse that controls access to the country’s equity capital markets, will give the green light to the country’s first bitcoin ETF.

Per the Blockworks, The bitcoin ETF product will begin trading as early as April 27 on Cboe Australia, following a seven-day notice period to investors, clearing participants, brokers and market makers, beginning Wednesday, after paying the 42% margin required by ASX Clear.

Bitcoin Exchange Traded Fund (ETF) is a type of security that tracks the overall price of Bitcoin and enables investors to trade and purchase shares of it on traditional exchanges, circumventing crypto trading platforms.

Allegedly, nearly $1 billion may flow into the product on launch day.

Cosmos asset management firm also launched its crypto-backed ETF (Cosmos Global Digital Miners Access ETF), which is also scheduled to begin trading on ASX’s biggest rival Chi-X stock exchange.

A few days ago, Fidelity Investments Inc., a multinational financial services corporation based in Boston, announced the launch of two new thematic exchange-traded funds (ETFs) – Fidelity Crypto Industry and Digital Payments ETF (FDIG) and Fidelity Metaverse ETF ( FMET).

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SEC to Give “Careful Consideration” to Concern about Spot BTC ETFs: Gensler

by Blockchain News

In a letter sent to members of Congress, Gary Gensler, Chairman of the United States Securities and Exchange Commission (SEC), promised to give “careful consideration” about spot Bitcoin Exchange Traded Products (ETPs). 

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Recalled that two Congressmen, Tom Emmer (MN-06) and Darren Soto (FL-09), sent a letter to Gensler back in November last year requesting to know the reason for the commission’s caution towards a spot BTC ETF product when indeed, it has approved a related product based on the futures price of the premier cryptocurrency. 

“We question why, if you are comfortable allowing trading in an ETF based on derivatives contracts, you are not equally or more comfortable allowing trading to commence in ETFs based on spot Bitcoin,” the letter read at the time following the approval of ProShares futures-based Bitcoin ETF product. “Bitcoin spot ETFs are based directly on the asset, which inherently provides more protection for investors.”

In response to the inquisition, Gensler said the proposals for both a futures-based and a spot ETF are considered separately based on the provisions of the Exchange Act. While Gensler said, the commission would continue to probe whether the proposals for a spot Bitcoin ETF product are capable of preventing fraud and manipulative practices.

The fears of the SEC are compartmentalised mainly to the U.S., and other countries, including Canada, Brazil, and Germany, have fully functional spot Bitcoin ETF products trading on their public bourses. In a bid to prevent the United States from lagging behind in emerging financial innovations, Rep Emmer tweeted saying;

“This issue remains a priority for us and we will continue to oversee the SEC in its mission to maintain fair and orderly markets and facilitate capital formation.”

While the SEC Chairman reassured that the commission would continue to consider new proposals to list a spot BTC ETF, the ecosystem is hardly optimistic about the chances of anyone emerging soon.

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Valkyrie Bitcoin Miners ETF (WGMI) Approved for Trading on NASDAQ

by CryptoPotato

Valkyrie’s Bitcoin Miners exchange-traded fund (ETF) has been approved for listing on the U.S. stock exchange Nasdaq Stock Market under the ticker symbol “WGMI.”

  • According to a U.S. Securities and Exchange Commission (SEC) filing on Monday (February 7, 2022), Nasdaq gave approval for the Bitcoin Miners ETF from crypto asset manager Valkyrie to be listed and traded on the exchange.

  • The latest development comes less than a month after Valkyrie filed an application with the SEC to list the fund. The company’s filing noted that the Bitcoin Miners ETF would invest at least 80% of its net assets in companies that “derive at least 50% of their revenue or profits from bitcoin mining operations and/or from providing specialized chips, hardware, and software or other services to companies engaged in bitcoin mining.”

  • Also, Valkyrie noted that it would focus on crypto mining firms that use green and renewable energy for their mining activities. The company’s Bitcoin Miners ETF is scheduled to begin trading on Nasdaq on Tuesday, February 8, 2022.

  • While Valkyrie is set for the debut trading of its Bitcoin Miners ETF, it is not the first fund from the company to be approved.

  • Back in October, the crypto firm’s Bitcoin futures ETF became the second such product in the United States after ProShares’ to receive the green light from the SEC. Valkyrie’s Bitcoin Futures ETF was also listed on Nasdaq.

  • Meanwhile, the SEC continues to be reluctant to approve a spot Bitcoin ETF. In January, the securities watchdog turned down a proposal from SkyBridge, stating that the company did not meet the requirements.

  • Other applicants who have met the same fate include Valkyrie and Kryptoin. Recently, the SEC delayed its decision on Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

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