Bitcoin Miner Ault Alliance Regains NYSE Compliance

Ault Alliance, Inc., a diversified holding company, has successfully regained compliance with the NYSE American’s continued listing standards, according to a statement released by the company. The NYSE American had previously notified Ault Alliance of its non-compliance due to the low trading price of the company’s common stock.

The company’s return to compliance was achieved through management’s efforts, including a potential reverse stock split, which was suggested as a means of demonstrating sustained price improvement. As a result of these efforts, the NYSE American has confirmed that Ault Alliance is now in full compliance with its continued listing standards. The “.BC” designation will be removed from the “AAI” trading symbol effective from the commencement of trading on July 5, 2023, and the company will also be removed from the list of NYSE American noncompliant issuers on the exchange’s website.

Ault Alliance, Inc. is a diversified holding company that seeks growth by acquiring undervalued businesses and disruptive technologies with a global impact. The company owns and operates a data center where it mines Bitcoin and provides mission-critical products that support a diverse range of industries. These include the metaverse platform, oil exploration, crane services, defense/aerospace, industrial, automotive, medical/biopharma, consumer electronics, hotel operations, and textiles. Ault Alliance also extends credit to select entrepreneurial businesses through a licensed lending subsidiary.

On June 26, Ault Alliance provided an update on its Bitcoin production and mining operations. The company reported that approximately 19,000 miners are now active, delivering an operational hash rate of 2.1 exahashes per second. 


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Circle Spokesperson Denies Blaming SEC for Failed $9 billion deal

USD Coin (USDC) issuer Circle has rejected claims that it blames the United States Securities and Exchange Commission (SEC) for the failure of its $9 billion plan to go public in December, according to a spokeswoman for the company.

The representative of the stablecoin issuer was responding to an article that was published on January 25 in the Financial Times. The article characterised Circle as having “blamed” the securities regulator for its “derailed” listing by dragging its feet on the approval of a merger agreement. “Circle has not and does not blame the SEC for anything related to the mutual termination of our SPAC merger agreement with Concord,” the representative said, adding that any statements to the contrary are inaccurate.

Circle’s listing on the New York Stock Exchange (NYSE) was contingent on them being able to combine with Concord, a company that was established by banker Bob Diamond through an arrangement known as a Special Purpose Acquisition Company deal, also known as a SPAC deal. This was one of the requirements for Circle to be eligible for NYSE listing.

According to the Financial Times, Circle said that the merger was unable to be completed because the SEC did not declare the relevant S-4 registration valid in a timely manner. This would have caused the agreement to become null and void on December 10th.

The spokeswoman for Circle, on the other hand, drew reference to earlier remarks made by the business in December and said that “the contract just termed out.”

However, on December 5 — the same day that it was announced that the deal had been terminated — Concord filed an 8-K form with the SEC, which revealed that it was being delisted by the NYSE due to “abnormally low trading price levels.” Prior to this, Concord had not publicly disclosed a reason for the failed business combination.

In point of fact, Circle co-founder and CEO Jeremy Allaire had nothing but positive things to say about the SEC in a tweet he posted on December 5. In the tweet, he mentioned that while it was disappointing that they were unable to complete qualifications in time, the company was still planning on becoming a publicly listed one.


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Schwab to List Its First Crypto-Related ETF on NYSE

Schwab Asset Management, the asset management arm of The Charles Schwab Corporation, an US multinational financial services company based in California, on Friday, announced the launch of its first crypto-related exchange-traded fund (ETF) called the Schwab Crypto Thematic ETF (NYSE Arca: STCE).

The giant asset manager said that the crypto ETF will be listed on New York Stock Exchange Arca as from 4th August.

According to the report, the ETF will trade under the ticker STCE and is designed to track Schwab’s Crypto Thematic Index.

The Schwab’s EFT will not directly invest in or track digital assets, rather it is designed to provide investors with exposure to firms that are investing in or trading cryptocurrency or other digital assets.

David Botset, Managing Director, Head of Equity Product Management and Innovation at Schwab Asset Management, talked about the development: “For investors who are interested in cryptocurrency exposures, there is a whole ecosystem to consider as more companies seek to derive revenue from crypto directly and indirectly. The Schwab Crypto Thematic ETF seeks to provide access to the growing global crypto ecosystem along with the benefits of transparency and low cost that investors and advisors expect from Schwab ETFs.”

As one of the largest providers of ETFs in the United States, Schwab Asset Management has more than a decade of experience managing ETFs and a robust capital markets team that plays a crucial role to ensure the Schwab ETFs function efficiently.

Schwab also has a wide history in indexing. The financial institution launched its first proprietary index, the Schwab 1000 Index®, in 1991.

Why Crypto ETFs Continued Rising

Cryptocurrencies have continued to uphold their reputation despite volatility in recent months. So far, crypto users have more investment options than ever before as the list of cryptocurrency exchange-traded funds (ETFs) continues to expand.

In October 2021, the ProShares Bitcoin Strategy ETF’s (BITO) kicked off the launch of a series of new funds coming to market. The SEC had been hesitant to approve Bitcoin ETFs before that.

Schwab has joined a wide list of various financial institutions, including BlackRock, and Fidelity, among others that recently released their crypto-related exchange-traded products.

The increasing launches are driven by huge interest from institutional investors and the ability to trade them in regulated stock markets.

Image source: Shutterstock


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NYSE Owner Purchases Stake in tZERO

New York Stock Exchange’s (NYSE) parent company Intercontinental Exchange Inc (ICE), announced the purchase of a stake in tokenized securities venue tZERO. - 2022-02-23T143419.471.jpg

The announcement also added that ICE Chief Strategy Officer David Goone will become tZERO’s new chief executive officer next month. ICE’s investment will make it a “significant” minority shareholder in tZERO. However, the announcement did not provide the stake size or dollar value of the transaction.

TZERO is currently working to remake U.S. stock trading into a blockchain-powered business. The company runs a trading system where corporations can list digital versions of their stocks. 

Currently, only a few companies have signed up for tZERO’s system.

Goone, tZERO’s new CEO, said: “I look forward to bringing my three decades of product innovation and strategic experience forged in the exchange and derivatives trading industry to drive continued growth and operational excellence at tZero.” 

Other investors include tZERO’s original investor, and Medici Ventures, a blockchain-focused fund.

ICE has hugely invested in cryptocurrency exchange Bakkt.

The NYSE has also filed for an NFT trademark application with the United States Patent and Trademark Office (USPTO) on February 10, Blockchain.News reported.

According to the official announcement, the application submitted by the NYSE involves virtual reality and augmented reality software, non-fungible tokens or online markets.

The NYSE hopes it will offer “downloadable virtual goods” for NFTs and digital collectables, using blockchain technology for authentication, the report added.

This trademark application implies NYSE’s determination and plans to launch the NFT market and explore the blockchain and NFT market.

Image source: Shutterstock


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NYSE Files Trademark Application to Trade NFTs

The world’s largest public bourse, the New York Stock Exchange (NYSE), said it filed a trade NFT trademark application with the United States Patent and Trademark Office (USPTO) on February 10, aiming to enter the world of the NFT market.

According to the official announcement, the application submitted by the NYSE involves virtual reality and augmented reality software, non-fungible tokens or online markets.

The NYSE hopes it will offer “downloadable virtual goods” for NFTs and digital collectables, using blockchain technology for authentication.

“Many more NYSE NFTs to come as we continue to welcome new, innovative companies to our community,” NYSE added.

This trademark application implies NYSE’s determination and plans to launch the NFT market and explore the blockchain and NFT market.

A non-fungible token (NFT) is a special encrypted token representing unique collectables. An NFT is used in specific applications that require unique digital items, such as encrypted art, digital collectables, and online games.

As NFTs cannot be copied or divided between different holders. Therefore, the authentication of identity is crucial.

In April of last year, the NYSE launched its “first-class of NYSE NFTs” to celebrate the “First Trades of these notable listings: Spotify, which executed the first-ever Direct Listing, Snowflake, Unity, DoorDash, Roblox and Coupang, the largest US IPO so far this year.”

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SEC delays decisions on Bitwise and Grayscale’s Bitcoin ETFs

The United States Securities and Exchange Commission (SEC) continues to delay decisions on Bitcoin (BTC) exchange-traded funds (ETF), issuing two fresh deadline extension notices.

On Dec. 15, the SEC postponed two major Bitcoin exchange-traded offering proposals, including NYSE Arca’s “actual” Bitcoin ETF, named Bitwise Bitcoin ETP Trust, and Grayscale Bitcoin Trust’s Bitcoin ETF.

The SEC now expects to decide whether to approve or disapprove, or “institute proceedings to determine whether to disapprove” Bitwise’s BTC ETF and Grayscale’s BTC ETF on Feb. 1 and Feb. 6, respectively.

“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments received,” the SEC wrote in both notices.

This article is developing and will be updated.