Day: October 30, 2023

HSBC Reports Huge Q3 2023 Profits, Unveils Share Buy-Back

In light of HSBC’s robust results, the banking giant’s board approved a third interim dividend of 10 cents per share. HSBC Holdings Plc (LSE: HSBA.L), Europe’s largest bank by assets, has reported remarkable financial results for the third quarter of 2023, with its profit after tax surging to $6.26 billion. Beyond Profits: HSBC’s Q3 2023 Performance This figure, as highlighted in a recent report, represents an impressive 235% increase when compared to the same period in the previous year when it stood at $2.66 billion. Profit before tax also experienced…

VanEck Updates Its Spot Bitcoin ETF Application

The recent uptick in amendments to filings awaiting SEC approval could be a sign of progress in negotiations between asset managers and regulators. Asset manager VanEck amended its application for a spot Bitcoin exchange-traded fund (ETF) with the Securities and Exchange Commission (SEC) last week. According to the watchdog’s database, the amended filing was submitted on Friday, October 27. The updated filing shows that a seed capital investor purchased Seed Creation Baskets – a block of 50,000 shares of the proposed ETF – in October with the MarketVector Bitcoin Benchmark…

Sam Bankman-Fried and His Testimony in Criminal Trial

SBF began his official testimony in the case against him on October 27. The former FTX CEO Sam Bankman-Fried’s (SBF) criminal trial took a new turn last week after he agreed to give his testimony before jurors. The Criminal Trial So Far The SBF trial kicked off with jury selection on October 3. Since then, there have been opening statements from both prosecutors and defendants. There have also been witness testimonies. FTX’s co-founder and CTO Gary Wang testified that Alameda Research was used for whatever purposes he and SBF saw…

Crypto Analyst Presents Uniswap’s UNI As The Next Coin Primed For Breakout

Several altcoins are currently on the rise following Bitcoin’s resurgence, and popular crypto analyst Ali Martinez has singled out the Uniswap UNI token as one of those tokens that could rally further as he projects that UNI is set to break out soon from its current resistance level.  Why Uniswap Is Poised For A Breakout In a post shared on his X (formerly Twitter) platform, Martinez noted that the majority of UNI holders were positioned ‘Out of the Money,’ which suggests that the token was preparing for a breakout. Accompanying…

Sam Bankman-Fried Implied His Friends Lied About His Role in FTX’s Collapse

The first half of Friday’s testimony was basically “A History of FTX, presented by Samuel Bankman-Fried.” For those following the case over the past year, nothing new. For those of us who have been tracking FTX since its founding, maybe a bit of useful detail but basically really nothing new. But we’re not the intended audience – the jury is. One audience member in the overflow room, who said she did not have much familiarity with FTX or Bankman-Fried, said she found it useful. And I overheard a few people…

Thailand’s Bank Acquires Local Crypto Exchange Satang

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Thailand’s Kasikorn Bank (K-Bank) expanded its presence in the digital asset space with its latest acquisition of 97 percent stakes in the parent company of local crypto exchange Satang, Coindesk reported. The deal has been inked at a valuation of 3.705 billion Thai baht ($102.8 million). Satang has been operating as a crypto exchange in the country since 2017 and offers an array of services, including custody, staking, and crypto payments. However, the spot trading volume on the exchange appears to be much less at about $430,000 in the last…

Kraken will share data of 42,000 users with IRS

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United States-based cryptocurrency exchange Kraken said it will share the data of 42,000 users with the U.S. Internal Revenue Service (IRS) in compliance with a court order. The information will be sent to the IRS in early November.  On its support page, Kraken specifies that the summons to produce “a wide range of records and data” on its U.S. clients and pass it to the IRS came in a court order from the U.S. District Court for the Northern District of California in May 2021. The company objected to the…

VanEck submits amended Bitcoin ETF application to SEC

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VanEck, the New York-based asset management firm, has submitted an amended application for a spot Bitcoin ETF to the United States SEC. Taking a unique approach that sets it apart from other applicants in the spot Bitcoin ETF market, VanEck submitted revised filings concerning its fund seeding on Oct. 27. Notably, VanEck faced its third rejection from the U.S. SEC on March 10 for its proposal to list and trade shares of its Bitcoin Trust, further stalling its efforts to launch a spot Bitcoin ETF. These rejections are part of…