The U.S. Securities and Exchange Commission (SEC) is delaying its decisions on several Bitcoin (BTC) and Ethereum (ETH) exchange-traded fund (ETF) applications until next year. In new filings, the regulatory agency says that it will be delaying its decisions on applications filed by asset management firm Hashdex to create a mixed spot and futures Ethereum […]
The post US SEC Delays Decisions on Multiple Bitcoin (BTC) and Ethereum (ETH) ETF Applications appeared first on The Daily Hodl.
The largest investment firm in the world is filing for a spot market Ethereum (ETH) exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) months after applying for a spot Bitcoin (BTC) ETF. In a new filing, BlackRock – which has over $8 trillion in assets under its management – is seeking the […]
The post BlackRock Files for a Spot Ethereum ETF With the SEC Months After Applying for a Similar Bitcoin Product appeared first on The Daily Hodl.
Digital asset management giant Grayscale’s institutional crypto products are soaring sky-high as spot markets continue a major bounce back. Grayscale primarily provides institutional investors with trusts that aim to give exposure to digital assets in a compliant, simpler way than holding them directly. The price of the trusts doesn’t directly track the price of the […]
The post Grayscale’s Solana Trust (GSOL) Explodes to 869% Premium As Institutional Demand Sends Crypto Products Ripping appeared first on The Daily Hodl.
Earlier in the day, BlackRock registered corporate entity “iShares Ethereum Trust” in Delaware, the first hint that a filing for a spot Ethereum ETF filing was imminent.
Blackrock’s plans for a spot Ethereum exchange-traded fund (ETF) has now been confirmed, per a 19b-4 form filing submitted to the United States Securities and Exhange Commission on Nov. 9.
Nasdaq filed the 19b-4 form to securities regulator on behalf of the $9 trillion asset management firm for a proposed ETF called the "iShares Ethereum Trust."
The move signals BlackRock’s intention to expand beyond Bitcoin with its ETF aspirations.
Earlier on Nov. 9, it emerged that BlackRock registered corporate entity iShares Ethereum Trust in Delaware, the first hint that a spot Ethereum ETF filing could be imminent.
UPDATE: BlackRock #Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq pic.twitter.com/pLhuhhK7jo
— James Seyffart (@JSeyff) November 9, 2023
BlackRock and other financial firms have expressed interest in cryptocurrency-backed ETFs over the last few months.
Bloomberg ETF analyst James Seyffart noted that there are at least five firms in the running to win the Securities and Exchange Commission’s approval for a spot Ethereum ETF.
Related: Ethereum futures ETFs garner lukewarm reception on first day of trading
Among them are VanEck, ARK 21Shares, Invesco, Grayscale and Hashdex.
There are 5 other live spot Eth filings that i'm aware of:@vaneck_us @ARKInvest/ @21Shares @hashdex @InvescoUS/ @galaxyhq
— James Seyffart (@JSeyff) November 9, 2023
andddd @Grayscale's filing to convert $ETHE.
In no particular order.
Ether (ETH) spiked 8.9% to $2080 on the news that BlackRock is moving forward its plans for an iShares Ethereum Trust and is up 10.1% over the last 24 hours, according to CoinGecko.
The price surge has helped ETH claw back some market dominance against Bitcoin (BTC), which has outperformed ETH in recent months.
ETH’s market dominance now sits at 17%, up 1.3% percentage points prior to the news.
Grayscale’s Chainlink Trust (GLINK) is currently trading at a 223% premium, signaling institutional investors are particularly eager to get their hands on the digital asset investment product. The trust offers institutions a way to gain exposure to the native asset of decentralized oracle provider Chainlink (LINK) without directly investing in the crypto asset. GLINK is […]
The post Grayscale’s Chainlink Trust (GLINK) Explodes 223% As LINK Outperforms Crypto Market appeared first on The Daily Hodl.
The $744 million trust asset sale request comes after the judge approved the phased-out sale of nearly $3.4 billion in crypto assets a couple of months ago.
Bankrupt crypto exchange FTX has requested the bankruptcy court in Delaware to allow it to sell certain key trust funds, including assets from crypto asset manager Grayscale and custody service provider Bitwise valued at around $744 million.
In a court filing dated Nov. 3, FTX debtors requested the court to allow them to sell Trust assets as it will make way for the firm to prepare for “forthcoming dollarized distributions to creditors.”
These trust assets are held in one Bitwise trust valued at $53 million and five Grayscale trusts valued at $691 million. These crypto trusts act as an onboarding tool for many and allow investors to gain crypto exposure without owning one.
The court filing read:
“The Debtors’ judgment is that proactively mitigating the risk of price swings will best protect the value of the Trust Assets, thereby maximizing the return to creditors and promoting an equitable distribution of funds in the Debtors’ plan of reorganization.”
The FTX debtors requested that the sale of trust assets and sale procedures should be approved by an investment adviser. Also, they proposed a pricing committee represented by the stakeholders to be part of the sale procedure.
Related: ‘Fuck regulators,’ said SBF behind closed doors: Report
The latest request by FTX debaters for the sale of trust assets comes after the court had earlier approved the liquidation of nearly $3.4 billion in crypto assets. The court ordered the sale of these assets in batches of $50 million and $100 million to avoid any market dump.
The FTX bankruptcy proceedings are moving along as the former FTX CEO Sam Bankman-Fried was found guilty by a jury on all seven counts during his criminal trial in New York. The former CEO was found guilty of two counts of wire fraud, two counts of wire fraud conspiracy, one count of securities fraud, one count of commodities fraud conspiracy and one count of money laundering conspiracy. The judge is set to order sentencing in the case on March 28, 2024.
Magazine: Blockchain detectives — Mt. Gox collapse saw birth of Chainalysis
The latest data reveals that the first Bitcoin (BTC) exchange-traded fund (ETF) registered its highest weekly trading volume since its inception. According to senior Bloomberg ETF analyst Eric Balchunas, BITO – the BTC futures ETF released by ProShares – recorded $1.7 billion in trading volume while the Grayscale Bitcoin Trust (GBTC) saw $800 million. Balchunas […]
The post First Bitcoin Futures ETF Registers $1,700,000,000 in Trading Volume Last Week: Bloomberg Analyst appeared first on The Daily Hodl.
ProShares and Grayscale lead a surge of activity in Bitcoin investment products, with analysis confident of implied demand for a Bitcoin spot ETF.
Bitcoin (BTC) institutional investment vehicles are seeing a major volume boost as excitement over possible United States regulatory changes takes hold.
Data from resources including Bloomberg showed Bitcoin exchange-traded funds (ETFs) and others nearing record weekly inflows.
Hints that the U.S. might soon allow a Bitcoin spot price-based ETF have not only impacted BTC price action — the surrounding ecosystem has benefitted in kind.
In addition to exchanges and mining firms, embattled institutional investment options are also seeing a resurgence in demand.
As noted by Bloomberg senior ETF analyst Eric Balchunas, at least two household names saw “notable” volume in the trading week through Oct. 27.
Among them was the ProShares Bitcoin Strategy ETF (BITO), the first futures-based ETF to get the green light in the U.S. in 2021.
“$BITO traded $1.7b last week, 2nd biggest week since its wild WEEK ONE,” Balchunas wrote in part of X commentary.
He noted that the stalwart Grayscale Bitcoin Trust (GBTC) fetched $800 million in volume, helping reduce its discount to the Bitcoin spot price to two-year lows.
“That's $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there's an audience,” the X post concluded.
Notable: $BITO traded $1.7b last week, 2nd biggest week since its wild WEEK ONE. $GBTC did $800m. That's $2.5b (top 1% among ETFs) into two less desirable methods (vs spot) for exposure = while we think spot ETFs unlikely to set records on DAY ONE, clearly there's an audience pic.twitter.com/6bFYtE0UoR
— Eric Balchunas (@EricBalchunas) October 28, 2023
Others also picked up on the data, with William Clemente, co-founder of crypto research firm Reflexivity, describing ETF trading as "back in full steam."
As Cointelegraph reported, GBTC has seen a remarkable comeback in recent months, even prior to BTC/USD gaining 15% last week.
Related: US court issues mandate for Grayscale ruling, paving way for SEC to review spot Bitcoin ETF
Legal victories on the long road to gaining permission to convert GBTC into a spot ETF provided kindling, and Grayscale’s product now trades with an implied share price, which is just 13.1% below the BTC spot price.
Per data from monitoring resource CoinGlass, this is the lowest since November 2021, when Bitcoin itself was at all-time highs.
"The GBTC discount keeps narrowing," popular Bitcoin and altcoin trader Mister Crypto meanwhile responded.
"Maybe TradFi knows something we don't know yet..."
Despite this, investment management firm ARK Invest has reduced its GBTC holdings in step with the share price gains.
While ARK itself plans a Bitcoin spot ETF launch, GBTC now accounts for 10.24% of its ARK Next Generation Internet ETF (ARKW) — its first change since November 2022.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Three stocks associated with digital assets are soaring amid a big jump in Bitcoin (BTC) and crypto markets. Coinbase (COIN), Microstrategy (MSTR) and Grayscale Bitcoin Trust (GBTC) shares are all soaring after BTC rose over 19% in the last week. Shares of Coinbase, the largest US-based cryptocurrency exchange, are worth $82.80 at time of writing, […]
The post Coinbase (COIN), Microstrategy (MSTR) and Grayscale’s Bitcoin Trust (GBTC) All Soar in Price As Crypto Heats Up appeared first on The Daily Hodl.
The Grayscale Bitcoin Trust is the largest asset held by the ARK Next Generation Internet ETF, accounting for more than 10% of its portfolio.
Investment firm ARK is selling Grayscale Bitcoin Trust (GBTC) shares amid a market surge fueled by anticipation of a spot BTC exchange-traded fund (ETF).
On Oct. 23, ARK — headed by pro-Bitcoin (BTC) investment veteran Cathie Wood — sold 100,739 GBTC shares ($2.5 million) from ARK Next Generation Internet ETF (ARKW), according to a trade notification seen by Cointelegraph.
The transaction comes as GBTC touched multi-month highs, reaching $24.7 for the first time since May 2022. According to data from TradingView, GBTC has surged more than 200% year-to-date and is up nearly 30% over the past 30 days.
The GBTC sale marks ARK’s first officially reported GBTC transaction since November 2022, when the firm added 450,272 GBTC shares worth $4.5 million to ARKW.
The latest GBTC sale amount accounts for about 2% of all GBTC value in ARKW’s portfolio, or $122.6 million as of Oct. 23. GBTC is the largest asset held by ARKW, accounting for 10.4% of the product’s exposure, with Coinbase and Roku’s shares following with 9% and 7.4%, respectively.
According to Bitcoin advocate Samson Mow, ARK’s latest GBTC sale may be linked to the firm awaiting a decision from the United States Securities and Exchange Commission (SEC) regarding its filing to list a Bitcoin-based exchange-traded fund (ETF). Grayscale filed a new BTC ETF registration statement with the SEC on Oct. 19, a few days after ARK amended its spot Bitcoin ETF filing on Oct. 11.
“It makes sense for ARK to sell GBTC now as the discount is getting lower and they have their own ETF filing pending,” Mow told Cointelegraph.
Related: Grayscale files for new spot Bitcoin ETF on NYSE Arca
Some online traders have also speculated that if ARK is approved for a spot Bitcoin ETF, the firm would likely put its ETF as the first holding in ARKW and dump GBTC.
$ARKW is the largest owner of $GBTC by WEIGHT at 8.36%. So @JSeyff : If ARK is approved for a Spot Bitcoin ETF, they would likely put that ETF at the #1 holding in ARKW and dump GBTC. There is some obscure rule that if ARK sells GBTC, they have to pay out Capital Gains on it like… pic.twitter.com/LLv7lDa065
— Jay Dilks (@DilksJay) October 14, 2023
ARK did not immediately respond to Cointelegraph’s request for comment.
Apart from selling GBTC, ARK also sold 32,158 Coinbase (COIN) shares from ARKW and 10,455 COIN shares from its ARK Fintech Innovation fund for a total of $3.4 million. The investment firm has continued stacking Robinhood (HOOD) shares, adding 32,158 HOOD shares ($300,000) to ARKW on Oct. 23.
Magazine: Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
