Bitcoin’s emergence as an asset class has been tumultuous. Amidst a raucous debate about its utility, the cryptocurrency’s price volatility has transfixed investors and traders looking for short-term profits. But they do not have much choice in terms investing avenues because the cryptocurrency remains largely outside the perimeters of regulation. Instead, players have crafted unique investing configurations to provide exposure to the asset class. The … Continue reading Delving Into MicroStrategy’s Bitcoin Bet
Among the limited number of bitcoin-related investments available to investors, the Grayscale Bitcoin Trust (GBTC) is the most well-known. It was the first publicly traded investment vehicle in public markets and has the biggest number of assets under management. In the last year, however, GBTC’s popularity has waned. Its shares, which traded at significant premiums to its net asset value, are trading at a discount. … Continue reading What Does The Future Hold For GBTC?
Last month, as the crypto contagion was beginning to spread, FTX CEO Sam Bankman-Fried, who believes in “effective altruism”, talked about his “responsibility” to crypto with National Public Radio (NPR). “I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion,” he said. He has rescued many companies that have fallen … Continue reading Notes: 7/8: Voyager and Alameda, Celsius, and Grayscale ETF
Bitcoin’s fortunes may have tumbled this year but its advocates are not backing down yet. Investment firm Grayscale is pulling out all stops in its bid to get approval for conversion of its Grayscale Bitcoin Trust (GBTC) – a closed-end fund for accredited investors – to an ETF. The company submitted its application to the SEC in October last year and a decision is expected … Continue reading Grayscale Launches Advertising Blitz For Bitcoin ETF Approval
The Bitcoin ETF season is upon us. After a wait of eight years and multiple rejections from the Securities and Exchange Commission (SEC), a Bitcoin ETF finally made a record-setting debut in public markets. With a trading volume of slightly more than a billion dollars, the ProShares Bitcoin Strategy ETF (BITO) had the second-highest trading volume for any ETF ever. Only BlackRock’s U.S. Carbon Transition … Continue reading Futures-Based Bitcoin ETFs: Not a Good Trade for Retail Investors
The approval of a Bitcoin ETF seemed imminent when Gary Gensler became the Securities and Exchange Commission (SEC) chief. In anticipation, several Bitcoin ETF applications were submitted to the agency. Going by Gensler’s recent statements, however, those applications will have to gather dust before his agency takes a look at them. The SEC Commissioner cautioned investors about Bitcoin markets at a conference recently. “Investors should … Continue reading The SEC Isn’t In a Hurry to Approve a Bitcoin ETF But Crypto Isn’t Worried
While institutional funds are still trickling into Bitcoin, the cryptocurrency’s enthusiasts seem to have fixed their aim at another target – retirement accounts. ForUsAll, a San Francisco-based 401(k) provider, has partnered with Coinbase Global to launch Alt 401(k), a new investing platform designed to spur investments into cryptocurrencies and other alternative investments into retirement accounts. According to a press release issued by the company, the … Continue reading Bitcoin in 401(k)s. Too Soon?
The Securities and Exchange Commission (SEC) has postponed ruling on a Bitcoin ETF proposal. A decision on the WisdomTree Bitcoin Trust proposal, which was filed in March, was expected this month but the agency said it would rule on the proposal by July 14. The proposal is among a dozen Bitcoin and cryptocurrency ETF applications filed by the likes of Fidelity and VanEck sitting with … Continue reading SEC Postpones WisdomTree Bitcoin ETF Decision
The Securities and Exchange Commission (SEC) kicked off a debate about introducing Bitcoin ETF this week by publishing a letter warning mutual funds that “Bitcoin, including gaining exposure through the Bitcoin futures market, is a highly speculative market.” The agency has about ten applications under review for a Bitcoin ETF. For several, its comments were a sign that it was still not convinced about the … Continue reading When Bitcoin ETF? The SEC Isn’t Telling.
The SEC rejected the final bitcoin ETF proposal Wednesday evening, nixing New York-based Wilshire Phoenix’s bid to become the first investment firm to launch a Bitcoin ETF. The company had submitted its proposal in conjunction with NYSE Arca last year. Wilshire attempted to differentiate its product from other ETF proposals for Bitcoin by investing in treasury bonds along with bitcoin. The idea was to … Continue reading Is the SEC’s Rejection of the Wilshire Bitcoin ETF Proposal the End of Road for a Bitcoin ETF?
Approximately twenty months after it first listed a multitude of concerns as reasons for its refusal of a Bitcoin ETF, the SEC has come to the same moment of reckoning. The next couple of weeks are critical for Bitcoin ETFs as the agency takes a decision on applications filed by New York-based Wilshire Phoenix and San Francisco’s Bitwise Asset Management. The prospects of approval for … Continue reading A Time of Reckoning for Bitcoin ETFs
As the decision date for a Bitcoin ETF enters the home stretch, Bitwise Asset Management is pulling out all stops to convince the SEC that crypto markets are ripe for a fund. Over the course of two weeks recently, senior executives from the San Francisco-based firm made presentations to and educated senior SEC officials, including commissioners and senior SEC lawyers, about the current state of … Continue reading Bitwise Chases America’s First Bitcoin ETF
Investment firm VanEck, which had applied for a Bitcoin ETF earlier this year along with SolidX, withdrew its application on Sep. 13th, according to a filing posted on the SEC website this evening. The federal agency was due to issue a final decision on their application by October 18th. Today’s application withdrawal leaves just two more players in the Bitcoin ETF fray: Wilshire Phoenix and … Continue reading VanEck Withdraws Bitcoin ETF Application After Launching Fund for Institutional Investors
Those waiting for the first Bitcoin ETFs might have to hold their breath a little longer. The Securities and Exchange Commission (SEC) postponed decisions on three filings for Bitcoin ETFs yesterday. It published documents stating that it will take a final decision on two high-profile ETF proposals in mid-October. Those decisions pertain to the Bitwise and VanEck Bitcoin ETF filings submitted in February and March … Continue reading SEC Delays Decision On Bitcoin ETFs, Again
After last year’s meteoric rise, 2018 promised much for bitcoin and cryptocurrency markets. And it delivered. Bitcoin continued to remain in the news, except for different reasons. Cryptocurrency markets crashed and their scandals multiplied. Crypto companies suffered growing pains. Big names in the financial services industry announced plans for crypto-related products. (They delayed those plans later). The SEC rejected bitcoin ETF proposals even as it … Continue reading Three Developments That Defined Crypto in 2018
Federal Christmas holidays may end up delaying the debut of Bakkt, a bitcoin futures and trading platform from NYSE owner Intercontinental Exchange. This will be the second delay for Bakkt. It was initially expected to launch during the second week of December but postponed it due to “the work required to get all the pieces (for a bitcoin futures system) in place”. A Coindesk report … Continue reading Bakkt Futures May Be Delayed Again
Will there be a bitcoin ETF in 2019? Matthew Hougan, Global Head of Research at Bitwise Investment – a San Francisco-based asset management firm, says “conditions” today are suitable to satisfy the SEC’s concerns. Bitwise has index funds that track cryptocurrency performance and may file for a Bitcoin ETF in the future, according to Hougan. In a January letter, the federal agency had laid out … Continue reading Will There Be A Bitcoin ETF Next Year? Yes, Say These Two Crypto-Focused Funds
The SEC has postponed a decision on a bitcoin ETF proposal submitted by investment firm VanEck to Feb 27 next year. VanEck and SolidX proposed a physically-backed ETF meaning that it would be settled using actual bitcoins as opposed to cash. The proposal was submitted in June 2018. Cboe followed up that application with one of its own to list and trade bitcoin ETFs and … Continue reading SEC Postpones Bitcoin ETF Decision To Feb 2019
Bitcoin price and crypto markets continued their tumble from yesterday even as a slew of news that could be construed as positive emerged regarding the cryptocurrency. Bitcoin continued its downward descent, falling by as much as 8% from its price 24 hours ago. At 17:09 UTC, it was changing hands at $6403.66, down 4.24% from a day earlier. The marquee cryptocurrency’s fall this week has … Continue reading Bitcoin Price Continues To Crash; Crypto Markets Follow
The introduction of bitcoin ETFs is important to advance the Bitcoin ecosystem. Financial experts often point to gold, whose ecosystem exploded after capital made its way into the industry. Bitcoin has aspirations to become a similar store of value, a digital gold so to speak. But the precious metal has had a head start on its digital counterpart. It has been traded for several centuries … Continue reading Are Gold ETFs a Blueprint For Bitcoin ETFs?
The Chicago Board Options Exchange (Cboe) has again filed an application with the SEC to list and trade bitcoin ETFs. The application, which is for VanEck SolidX Bitcoin Trust, was filed in the last week of June. This is the Cboe’s third attempt to get the federal agency to approve a bitcoin ETF. Its earlier attempts were turned down by the SEC, which highlighted its … Continue reading Cboe Again Files To List And Trade Bitcoin ETF