Tag: Bitcoin Etfs

Cathie Wood: SEC to Approve Multiple Bitcoin ETFs Simultaneously

by Blockchain News

Cathie Wood, Chief Investment Officer and Portfolio Manager at ARK Investment Management LLC, has hypothesised that the United States Securities and Exchange Commission (SEC) would approve many spot Bitcoin ETFs all at the same time.

During an interview with Bloomberg on August 7, 2023, Wood, who has over 40 years of experience and started ARK in 2014, provided this significant prediction. The conversation took place in 2023.

An application for a spot Bitcoin exchange-traded fund was submitted by ARK Investment Management in June of 2023. ARK Investment Management is well-known for its focus on disruptive innovation, and the firm submitted the proposal.

The growing interest from major financial firms like BlackRock, Fidelity, WisdomTree, VanEck, and Invesco, all of which have submitted applications for spot Bitcoin ETFs similar to ARK’s, reflects a broader trend in the market.

Grayscale, a prominent digital currency investment authority founded in 2013 by Digital Currency Group, is currently engaged in legal proceedings with the SEC. Holding assets including BTC, ETH, ETC, MANA, SQL, and BCH, the company sent a letter to the regulator in July, urging simultaneous approval of all proposed spot Bitcoin ETFs. This request was made to promote fairness among applicants and prevent any single ETF from gaining an advantage. 

The SEC has until August 13, 2023 to make a judgement on ARK’s petition; so far, the agency in the United States has never granted its approval to a spot cryptocurrency ETF. ARK is proposing to list its shares in an exchange-traded fund (ETF).

The regulatory body in charge of the sector has a maximum of 240 days, which brings the deadline for their decision forward to January 2024.

Because regulators in other countries, most notably Canada, have in the past allowed analogous spot ETF filings from bitcoin firms, the drive for spot Bitcoin ETFs is gathering momentum. The demand for spot Bitcoin ETFs receives a further boost as a result of this.

The prediction of simultaneous approval made by Wood and the campaign for fairness made by Grayscale both bring to light the possibility of a shift in the regulatory atmosphere for bitcoin exchange-traded funds (ETFs) in the United States. 

Image source: Shutterstock

Source

Tagged : / / / /

Stone Ridge Shutting down Bitcoin Futures Fund, Returning Money to Investors

by Blockchain News

Stone Ridge Asset Management, a global asset management firm based in New York, announced Monday plans to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund with the Securities and Exchange Commission (SEC).

According to an SEC filing, Stone Ridge said it expects to liquidate the Bitcoin Futures Fund next month, October 21, and from November 3, shares of the funds will not be available to purchase.

“The adviser will reduce the Fund to cash in preparation for the Liquidation Date. Proceeds of the liquidation of the Fund are expected to be distributed to shareholders in cash. The liquidation proceeds are expected to be distributed promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund,” the filing said.

The shutdown comes as the Fund launched in late 2019 with a strategy to invest in Bitcoin (BTC) via futures contracts, failing to find interest from investors. Currently, the Fund holds only about $2.3 million in assets under management.

The Fund likely faced obstacles not just from the Bitcoin bear market but also SEC approval of several competing Bitcoin Futures ETFs, at least some of which charged fees less than the Stone Ridge product.

Stone Ridge was founded in 2012 by current CEO Ross Stevens. In 2017, the founder launched the Bitcoin-driven New York Digital Investment Group (NYDIG), where he serves as executive chairman.

Stone Ridge Asset Management and NYDIG are both Stone Ridge Holdings Group subsidiaries. NYDIG is a full-service, vertically integrated Bitcoin-only financial services company.

Market Struggles to Recover

This year, Bitcoin ETFs have not been as good investments as expected. And the same scenario is being seen in stocks in the S&P 500 (such as Netflix (NFLX), Under Armour (UAA), Ceridian HCM (CDAY), Caesars Entertainment (CZR), Epam Systems (EPAM), among others) whose performance also turned worse this year.

This year, inflation crises have tremendously impacted the economy and the stock market globally. The $822.9-million-in-assets ProShares Bitcoin Strategy ETF is one of the major ways most investors use ETFs to gain exposure to cryptocurrency.

As of June, the largest Bitcoin ETF, ProShares Bitcoin Strategy, was down 53.6% this year. Such discouraging performance shows the underappreciated risk of the new asset class because most investors were not prepared to face hard questions like What would happen during a market crash? Or What would happen if a crypto exchange company went bankrupt?’

And that makes total sense, as it tracks the price of Bitcoin. Bitcoin price itself is down more than 50% this year.

ProShares Bitcoin Strategy is not just the largest Bitcoin ETF that is suffering. The entire crypto ETF universe is not doing well this year.

And the ETFs that own big positions in Bitcoin-based companies are underperforming. The First Trust SkyBridge Crypto Industry and Digital Economy ETF, which puts a bigger piece of its portfolio in Coinbase than any other ETF, is down 69% this year.

Despite the low performance of ETFs, the industry is still pushing for the launch of more Bitcoin ETFs. Several firms have filed with the SEC to get approval to launch their spot Bitcoin ETFs.

Grayscale has been pushing for the SEC to approve their request to convert their Bitcoin trust into a spot ETF.

Image source: Shutterstock

Source

Tagged : / / / / /

Stone Ridge Shuting down Bitcoin Futures Fund, Returning Money to Investors

by Blockchain News

Stone Ridge Asset Management, a global asset management firm based in New York, announced Monday plans to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund with the Securities and Exchange Commission (SEC).

According to an SEC filing, Stone Ridge said it expects to liquidate the Bitcoin Futures Fund next month, October 21, and from November 3, shares of the funds will not be available to purchase.

“The adviser will reduce the Fund to cash in preparation for the Liquidation Date. Proceeds of the liquidation of the Fund are expected to be distributed to shareholders in cash. The liquidation proceeds are expected to be distributed promptly following the Liquidation Date in full redemption of each shareholder’s shares of the Fund,” the filing said.

The shutdown comes as the Fund launched in late 2019 with a strategy to invest in Bitcoin (BTC) via futures contracts, failing to find interest from investors. Currently, the Fund holds only about $2.3 million in assets under management.

The Fund likely faced obstacles not just from the Bitcoin bear market but also SEC approval of several competing Bitcoin Futures ETFs, at least some of which charged fees less than the Stone Ridge product.

Stone Ridge was founded in 2012 by current CEO Ross Stevens. In 2017, the founder launched the Bitcoin-driven New York Digital Investment Group (NYDIG), where he serves as executive chairman.

Stone Ridge Asset Management and NYDIG are both Stone Ridge Holdings Group subsidiaries. NYDIG is a full-service, vertically integrated Bitcoin-only financial services company.

Market Struggles to Recover

This year, Bitcoin ETFs have not been as good investments as expected. And the same scenario is being seen in stocks in the S&P 500 (such as Netflix (NFLX), Under Armour (UAA), Ceridian HCM (CDAY), Caesars Entertainment (CZR), Epam Systems (EPAM), among others) whose performance also turned worse this year.

This year, inflation crises have tremendously impacted the economy and the stock market globally. The $822.9-million-in-assets ProShares Bitcoin Strategy ETF is one of the major ways most investors use ETFs to gain exposure to cryptocurrency.

As of June, the largest Bitcoin ETF, ProShares Bitcoin Strategy, was down 53.6% this year. Such discouraging performance shows the underappreciated risk of the new asset class because most investors were not prepared to face hard questions like What would happen during a market crash? Or What would happen if a crypto exchange company went bankrupt?’

And that makes total sense, as it tracks the price of Bitcoin. Bitcoin price itself is down more than 50% this year.

ProShares Bitcoin Strategy is not just the largest Bitcoin ETF that is suffering. The entire crypto ETF universe is not doing well this year.

And the ETFs that own big positions in Bitcoin-based companies are underperforming. The First Trust SkyBridge Crypto Industry and Digital Economy ETF, which puts a bigger piece of its portfolio in Coinbase than any other ETF, is down 69% this year.

Despite the low performance of ETFs, the industry is still pushing for the launch of more Bitcoin ETFs. Several firms have filed with the SEC to get approval to launch their spot Bitcoin ETFs.

Grayscale has been pushing for the SEC to approve their request to convert their Bitcoin trust into a spot ETF.

Image source: Shutterstock

Source

Tagged : / / / / /

Canada Marks Launch Of First Bitcoin, Ethereum ETFs With Monthly Payouts

by NEWSBTC

ETFs have been trading in the United States, Canada, and some other countries for a while now. These ETFs have made strides so far with high volumes traded in throughout their existence in the market. However, none of these ETFs have offered mostly dividends to their investors. An asset management firm in Canada has now made history as the first to offer a monthly yield to those invested in its ETF.

Edging Towards The Future

Purpose Investment has first made headlines in February when it created the first North American ETF that tracks the price of Bitcoin. This time around, the investment firm has made another stride in becoming the first to launch an ETF that pays monthly yields to investment. This puts Canada at the front of the race when it comes to crypto ETFs and the purposes which they serve.

Related Reading | Market Analysts Explain Why This Correction Is Good For Bitcoin

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The Bitcoin and Ethereum ETF will offer investors monthly yields using a derivatives-based covered call strategy. Like the ETFs, the strategy is another first of its kind in the crypto market.

The annual yield of the ETFs is also attractive according to estimates. Market experts explained that although there is no way to guarantee what the amount would be each month, it is expected to be the equivalent of 8% to 10% annual yield, with 1.10% going to the firm as a management fee.

Bitcoin price chart from TradingView.com

Get 110 USDT Futures Bonus for FREE!
BTC trending south of $57K | Source: BTCUSD on TradingView.com

Canada is ahead of the U.S. in the ETFs market and currently has approved Ethereum ETFs whereas the latter is still yet to approve its first Ethereum ETF. Both Bitcoin and Ethereum ETFs offered by Purpose Investment will pay out similar yields and are classified as income in non-registered accounts.

ETFs Making Waves

ETFs have offered investors a way to get exposure to the cryptocurrency market without having to purchase any of the digital assets themselves. The anticipation for their approval shone through with the first-ever Bitcoin ETF approved in the United States, the ProShares Bitcoin Futures ETF, which saw over $1 billion in trading volume after the first day.

Related Reading | Over 1 Milllion ETH Has Been Burned Since Ethereum EIP-1559

ETFs, however, do not shield investors from the highly volatile nature of the market. For the Purpose Investment ETFs, investors are shielded to a certain extent by these fluctuations. They will enjoy the benefits of monthly yields, but will also see limited capital gains compared to those who do not for this reason.

“Given the connection between the volatility of the underlying asset and premiums, covered call strategies on cryptocurrencies offer unique exposure to a unique asset class, providing investors a high yield without sacrificing significant price participation.” – Vlad Taveski, COO & Head Of Product, Purpose Investments

Tasevki told “Yahoo Finance Canada” that investors are allowed to choose if they wish to earn these monthly yields on their investors. It is a way to generate short-term income using covered calls on assets which they believe in.

Featured image from Investment U, chart from TradingView.com

Source

Tagged : / / / / / / / /

This Is Hilarious: Bitcoin Denier Steve Hanke Is Into Ethereum Now

by NEWSBTC

Did Steve Hanke find a way out of the hole he’s been digging himself into for all these years? The economist holds the world record for the person with the highest number of terrible Bitcoin takes, with almost 13 years of failed predictions. And now, out of nowhere, he seems to like the world’s second cryptocurrency by market capitalization. What does he like about Ethereum, though? The “560% price surge this year,” of course. But there’s more… 

Wait… is Steve Hanke into NFTs? The man said, “Ethereum has become increasingly popular amongst DeFi and NFTs” without a hint of irony. He also said, “Ethereum is giving Bitcoin a run for its money,” which is the most positive thing Steve Hanke has said about Bitcoin in over a decade. And, in the end there, he leaves space for possible deniability, “Has the look of a bubble. But, is it?”

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The economist also links to an extremely basic and clumsy CNN article. Is Steve Hanke warming up to cryptocurrencies? Or is there some other dynamic at play here?

The Article Steve Hanke Linked To

This run-of-the-mill article doesn’t really say much. Its main message is the price action anyone reading NewsBTC is probably already familiar with.

“Ethereum, or ether for short, is also trading at record levels. It’s now hovering around $4,850, having soared more than 560% this year, compared to the “mere” 135% pop for bitcoin. Crypto investors are betting that ether will continue to be used as the backbone for even more non-fungible tokens, or NFTs, as well as so-called smart contracts.”

Ok, what else do you got for us? Not much. It’s all over the place. It breaks down the total cryptocurrency market capitalization, introduces the concept of the mythical “flippening,” and tries to keep people away from meme coins. To accomplish this, CNN quotes Paxfull’s Ray Youssef saying, “Ether and bitcoin versus meme coins are like the difference between blue chips and penny stocks you get a call about from a guy in a boiler room.” The article also talks about inflation, how could it not?, and introduces ETFs into the picture.

Get 110 USDT Futures Bonus for FREE!

“The rise of bitcoin ETFs also could be good news for ethereum, because experts predict that similar ether ETFs could soon launch. That will make it even easier for average investors and big money management firms to buy into the crypto.”

So, all in all, it doesn’t say much and the only clear fact it presents is that Ethereum had a better year than Bitcoin. Why did Steve Hanke link to it, then?

ETHUSD price chart for 11/13/2021 - TradingView

ETH price chart for 11/13/2021 on Bitfinex | Source: ETH/USD on TradingView.com

Is Hanke Trying To Find A Lifeboat?

Here at NewsBTC, we constantly argue with Steve Hanke. Just in the last year, we responded to him calling Bitcoin not legitimate, not a currency, and the concept of it being legal tender “stupid.” And now, he seems to like Ethereum. Why? Is it because Ethereum’s internal policies are more akin to the traditional banking system he’s accustomed to? Or did Hanke realize that cryptocurrencies are here to stay and is too afraid to admit he was so wrong about Bitcoin for all these years?

In any case, the main reaction in his replies so far is mockery. Even notorious Ethereum defender Udi Wertheimer said, “this is the most bearish ethereum signal i’ve seen in my entire life.” Let’s keep an eye on his Twitter feed and see what the economist says about Ethereum in the next few days. This is going to be interesting.

Featured Image: RobinHiggins at Pixabay | Charts by TradingView

Source

Tagged : / / / / / / / / / /

Why We Could See The First Approved U.S. Bitcoin ETF In October

by NEWSBTC

Various investment funds have applied for Bitcoin ETFs in the U.S. The number has grown as interest in crypto has been on the rise in recent months. A couple of countries so far have approved some crypto ETFs and investors can trade on these. However, the United States is yet to see the approval of its very first bitcoin ETF.

Speculations around the approval of a bitcoin ETF have been on the rise lately. The Securities and Exchange Commission (SEC) was expected to make a ruling on various Bitcoin ETFs that had been filed. But the regulator had moved up the date. In the case of VanEck, moving it by 60 days until the SEC would provide its decision on the Bitcoin ETF.

SEC Boss Clarifies Stance On Crypto

After SEC Chairman Gary Gensler announced that the regulatory body had no intention of banning bitcoin in the United States, investors began to expect the approval of a bitcoin ETF soon. The reasoning behind this being that the chairman would not go out of his way to provide information like this if there wasn’t good news in the future.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Related Reading | Number Of Bitcoin Active Entities Grows 19% To Hit 2020 Bull Levels, Set Up For New Highs?

It is expected that October will see the approval of the first bitcoin ETF in the country, which would enable investors to begin trading on Bitcoin Futures ETFs. Instead of having to trade on Canadian crypto ETFs.

In addition to the SEC’s stance on crypto regulation, a Canadian mutual fund with the same language as a bitcoin ETF had been previously approved by the regulation. This was put forward by asset manager James Seyffart, who believes that since the SEC had approved this mutual fund, then it would most likely approve an ETF that consisted of similar wording.

Get 110 USDT Futures Bonus for FREE!

Bitcoin ETFs Getting Closer To Approval

Eric Balchunas, an ETF analyst for Bloomberg, took to Twitter to point out some events that may signal that the first bitcoin ETF is close to being approved. The analyst pointed out that Valkyrie, a digital asset management firm, had updated their Bitcoin Futures ETF prospectus.

Bitcoin price chart from TradingView.com

Bitcoin price chart from TradingView.com


BTC breaks above $57K again | Source: BTCUSD on TradingView.com

Now, updates to ETFs are not a mundane thing. An update to a prospectus is only required when the regulators are close to approving it and the firm needs to make sure that the document contains the correct information. In addition to this update, Valkyrie had also updated added their ticker ($BTF) to the document.

Related Reading | Bitcoin Whales Accumulation Patterns Shows Strong Bullish Sentiment Among Top Holders

Balchunas notes that while this is a good sign, it does not mean that a bitcoin ETF is going to be approved. If anything, it means that the firms who submitted these ETFs are moving in the right direction towards getting approval. However, every launch is usually preceded by an update. “That’s what happens right before a launch, they fill in all the XXs and add ticker,” said the analyst.

Featured image from Coingape, chart from TradingView.com

Source

Tagged : / / / / / / / /

“Buy Bitcoin, Save The Planet,” Says Canadian Investment Firm

by NEWSBTC

Calgary-based Accelerate Financial Technologies prepares to launch a Carbon-Negative Bitcoin ETF (TSX: ABTC). It plans to match each investment by planting trees to counteract the adverse environmental impact of crypto mining.

“Accelerate intends to sequester over 100% of the estimated carbon dioxide emissions attributable to bitcoin transactions that ABTC is indirectly exposed to by funding decarbonization initiatives including its global tree-planting program” the company states on its website.

Related Reading | $425bn Wiped Off Crypto Market As Musk Says Bitcoin Is Bad For The Environment

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

According to this Bloomberg report, Accelerate pledges to plant 3,450 trees for every C$1 million ($788,200) invested into its carbon-negative ETF. The company estimates that each investment would result in the offset of 1,000 tons of carbon dioxide.

The Environmental Impact Of Bitcoin Mining

There is an ongoing debate about the energy use of Bitcoin mining. While some companies have changed their tone in recent months, and are even building out cryptocurrency offerings for their clients, Bank of America has been conservative in its approach.

A report from Bank of America released earlier this year stated mining as an environmental concern. Bitcoin mining is an energy-intensive process that requires the use of massive computing rigs—and the corresponding hardware to cool down such machines—to process transactions and maintain the network. “A $1 billion fresh inflow into Bitcoin may cause CO2 to rise by the equivalent of 1.2 million (combustion engine) cars,” the report said.

Get 110 USDT Futures Bonus for FREE!

Related Reading | China Banned Bitcoin Mining. What Happens To Small Hydropower Stations Now?

The report notes that the digital currency’s energy consumption will soon rival that of some of the largest countries in the world. Its estimated energy consumption has grown more than 200% in the past two years. A single bitcoin purchase at a price of ~$50,000 has a carbon footprint of 270 tons, the equivalent of 60 ICE [petrol/diesel] cars. Hence, it accounts for about 0.4% of global energy consumption at a $50,000 price point.

BTCUSD chart from TradingView.com

BTCUSD chart from TradingView.com


BTC price falls below $49K | Source: BTCUSD on TradingView.com

Accelerate claims its ABTC is eco-friendly because it trades bitcoin futures that don’t need to be mined. Also, the tree-planting campaign neutralizes carbon emissions and helps fight climate change. All these processes are independently verified by a third-party sustainability consultant. Julian Klymochko, Accelerate’s chief investment officer, pushed back against the notion that the company was falsely marketing the ABTC initiative as environmentally friendly. “We’re highly cognizant of the concept of greenwashing.” He said the firm preferred planting trees instead of buying so-called carbon credits to label the product carbon negative.

Approval Of Crypto ETFs

Canada was the first country to launch a Bitcoin ETF. Exchange-traded crypto funds have been approved in Canada, though not yet in the United States. Canadian regulators have given the green light to many firms applying for crypto ETFs in 2021, including offerings from Purpose Investments, Evolve Funds Group, and CI Global Asset Management.

Related Reading | Will Bisq Be Part Of Jack Dorsey’s Bitcoin DEX Project? Here’s The 411

Accelerate applied for its Bitcoin ETF with Canadian securities regulators in February. The investment firm plans to list the product on the Toronto Stock Exchange under the ticker ABTC, offering units in both U.S. and Canadian dollars.

The Accelerate Carbon-Negative ETF is for investors who want exposure to the performance of BTC and can tolerate a high level of investment risk. The ETF will begin trading Tuesday.

Featured image from Accelerate, Chart from TradingView.com

Source

Tagged : / / / / / / / / / / /

Invesco Files for Bitcoin ETF with US Regulators

by Btcmanager

United States-based investment management firm Invesco has become the latest company to file a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

Invesco Joins US Bitcoin ETF Queue

Invesco submitted its application to the SEC in a Form N-1A filing on Thursday (August 5, 2021). Meanwhile, the Bitcoin ETF was filed under the Investment Company Act of 1940.

According to the document, the Bitcoin ETF will not directly invest in bitcoin. Instead, an excerpt from the filing reads:

“While the Fund generally seeks to have full exposure to bitcoin futures, the Fund may at times invest in Bitcoin-Related Assets, which include ETPs (including exchange-traded notes (“ETNs”) and ETFs listed outside of the U.S.) and open-ended private investment trusts that are linked to bitcoin, such as the Grayscale Bitcoin Trust.”

Invesco’s application comes on the heels of comments made by SEC chairman Gary Gensler. The SEC chair, while speaking at the Aspen Security Forum on August 3, called for tougher regulatory policies for the cryptocurrency industry.

Gensler touched on different aspects of the industry, with one of them being Bitcoin ETFs. The chairman noted that he was expecting new ETF applications to be filed under the Investment Company Act of 1940, which among other things, ensures investor protection.

Meanwhile, the U.S. continues to lag behind other countries in approving a Bitcoin ETF. Back in June, Invesco filed for two crypto-based ETFs Invesco Galaxy Crypto Economy ETF and the Invesco Galaxy Blockchain Economy ETF.

Similar to its current application, the cryptocurrency ETFs will not directly invest in crypto assets and initial coin offerings (ICOs).

Several other companies have their applications pending before the U.S. SEC. Some of them include Global X, Ark Investment, VanEck, Galaxy Digital, among others. VanEck has had its application postponed twice by the SEC.

Interestingly, former SEC Chairman Jay Clayton, who did not approve any Bitcoin ETF during his tenure, is serving on the board of One River Asset Management. The company earlier filed for a carbon-neutral Bitcoin ETF.

However, the co-founder of Wilshire Phoenix William Cai said that a BTC ETF is not a priority for the American regulator. According to Cai, the US could wait till 2023 before getting an approved Bitcoin ETF.

Related posts:






Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Source

Tagged : / / /

Institutional USD Inflows to Bitcoin Falls 10% in Q1 2021

by Btcmanager

Institutional-grade investors appear to be slowing down on Bitcoin purchases, according to data compiled from 17 reputable exchanged by Kaiko, a market data provider, on Mar 30.

USD Flowing to BTC Falls

For the better part of Q1 2021, institutional demand for Bitcoin as gauged by BTC-USD trading volumes via regulated exchanges fell from 37 to 27 percent.

According to Kaiko, the BTC-USD and BTC-USDT trading ratio can indicate institutional inflows into crypto.

This is assuming that deep-pocketed investors would prefer to use regulated crypto ramps like Coinbase over Binance for BTC purchases.

The Rush to Bitcoin of H2 2020

Coinciding with the sharp spike of prices at the tail end of 2020 was an influx of institutional investors, acquiring large chunks of Bitcoin using their cash reserves.

From Sept 2020, MicroStrategy–a NASDAQ-listed company, began acquiring Bitcoin.

At the same time, other projects, including Square, Mode Global, PayPal, and later Tesla, announced either mega purchases of Bitcoin or plans of integrating BTC and crypto in their operations.

Hedging against Debasement

The increasing exposure of Bitcoin also saw higher inflows from retailers to exchanges like Binance supporting leading stablecoins, including USDC and USDT.

Meanwhile, in the United States–amid fiat debasement, central banks’ intervention, and helicopter money, institutions began flocking to regulated facilitators like Grayscale Investment.

Others opted for direct purchases through Coinbase, with one of the largest known, institutional clients being MicroStrategy and Tesla.

Coinbase is also behind Meitu’s purchase of BTC and ETH. The Hong Kong-listed, Xiamen-based software company has purchased $90 worth of BTC and ETH. Most notably, it is the first public firm to hold ETH as part of its treasury.

Focus on Bitcoin ETFs

Despite the noted slump in institutional participation, retailers are positioning themselves, ready to clip the next wave of higher highs.

Most BTC traders trade using USDT—a leading stablecoins, primarily via exchanges outside U.S. regulators. The issuer of USDT, Tether Limited, settled with the New York Office of the Attorney General.

Also, as BTCManager reports, institutions are angling for BTC derivatives products with an immediate focus being on Bitcoin ETFs, GBTC products, and ETPs.

Related posts:






Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Source

Tagged : / / / / /

Canada: Second Bitcoin ETF Set to Commence Trading on Toronto Stock Exchange

by Btcmanager

The Canadian Evolve Bitcoin exchange-traded fund (ETF) is on course to join the Toronto Stock Exchange (TSE) under the name EBIT. The Exchange of Canada, which regulates all capital markets, granted it exempt status and will provide it to corporations.

EBIT is The Second Approved ETF on TSE

The Exchange of Canada’s rules is systematized and regulated, placing regulations on stocks, commodities, and other types of products.

The fund comes as the second bitcoin ETF given the green light by the Ontario Securities Commission(OSC). Purpose Investment had its bitcoin ETF approved as the first on the Toronto Exchange on the 18th of February this year. 

Evolve’s CEO Raj Lala, expressed delight on the matter saying,


“The recent institutional adoption has helped further legitimize the progress of bitcoin…..Being able to offer an ETF which holds physical bitcoin is a real game-changer in Canada.”

A Breakthrough on the Digital Market

Since its first launch, the ETF has built up massive popularity and outshined more conventional options. Purpose’s bitcoin ETF was one of Toronto’s highest-ranking securities after its launch. According to data from the exchange tracker TMX group, approximately 10 million shares were sold during the ETF debut day.

Bitcoin ETFs are becoming more popular by the day as they give people an insight into having BTC without necessarily holding the digital coins. According to Bitcoin Private, bitcoin attracts a small number of knowledgeable traders who want to profit from rapidly improving technology. The bitcoin technology is a fresh swim in the storm for many investors who will ultimately determine its final success.

The OSC’s approval of bitcoin ETFs has encouraged investors in the US to push the United States Securities and Exchanges Commission(SEC) to include ETFs in the digital market. Nevertheless, the SEC has turned down several requests filed by exchanges to trade bitcoin ETFs, resonating the action from security concerns.

Bitcoin ETFs Moving Past Hurdles

Bitcoin is increasingly gaining ground as a currency, like the United States Dollar, which also functions similarly to a conventional currency. However, analysts warn investors to be very careful while handling their portfolios because of how volatile the digital coin’s price is.

Amy Arnott, a portfolio analyst, supported the idea of including bitcoin ETFs on the market, saying it comes as a ‘holy grail.’ Although happy about ETF in exchanges, the analyst continued to say the bitcoin price volatility is a concern.

The bitcoin exchange-traded fund represents a quantum leap from conventional investments in virtual currency. Bitcoin is not backed by any central bank, is decentralized, and its transaction records are not stored in any central database. The spread between the price when you buy it and the price you sell it at are proof that it operates without any central authority or middleman.


Like BTCMANAGER? Send us a tip!

Our Bitcoin Address: 3AbQrAyRsdM5NX5BQh8qWYePEpGjCYLCy4


Source

Tagged : / / / / / / / / / / /
Bitcoin (BTC) $ 26,101.99 1.82%
Ethereum (ETH) $ 1,574.86 1.15%
Litecoin (LTC) $ 64.33 0.62%
Bitcoin Cash (BCH) $ 206.92 0.93%