Tag: ETF

Bitcoin ETF: SEC May Notify Approved Issuers To Launch Very Soon

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According to a recent report from Reuters, the US Securities and Exchange Commission (SEC) may notify the asset managers looking to launch a spot Bitcoin ETF (exchange-traded fund) if their applications have been approved as soon as next week.  SEC To Notify Applicants Of Its Decision By Next Week: Reuters On Saturday, December 30, Reuters reported that the SEC may notify the 14 Bitcoin ETF applicants if their applications will be approved by Tuesday or Wednesday next week. This move would come ahead of the January 10 deadline for the…

Bitwise heats up spot ETF competition with $200m seed fund

As the deadline for potential approval of Spot Bitcoin ETFs looms closer, Bitwise is making waves as it looks set to surpass even the world’s largest asset manager, BlackRock, in terms of seed funds for their respective ETFs.  According to Bitwise’s latest amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC), the Schaumburg, Illinois-based company has attracted the interest of an investor prepared to seed its ETF with a substantial $200 million upon launch.  This figure far overshadows BlackRock’s initial seed fund of $10 million and,…

Coinbase Custody Head Departs As Crypto Giant Prepares For Bitcoin ETF Services

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According to Bloomberg, Coinbase Global has recently experienced a change in leadership within its custody division. The departure of Aaron Schnarch, former CEO of Coinbase Custody, has been confirmed by a spokesperson, who also revealed that Schnarch was replaced by Rick Schonberg in August. Per the report, the transition aligns with Coinbase’s efforts to offer services to applicants of spot Bitcoin (BTC) exchange-traded funds (ETFs). Coinbase Affirms Readiness For Bitcoin ETF Approval Rick Schonberg, who joined Coinbase in 2021, aims to provide experience to his new role, having previously worked…

Record Crypto Options Volume Expires Pre-Bitcoin ETF Deadline: Analyzing BTC And ETH Reactions

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The recovery of the overall crypto market this year has spurred a surge in the digital-asset derivatives market as institutional investors seek exposure to the crypto space.  According to a recent Bloomberg report, the deadline for US regulators to approve or reject Bitcoin (BTC) exchange-traded funds (ETFs) has prompted traditional investors to turn to crypto options and futures, leading to unprecedented trading volumes. Crypto Options Trading Hits Record High Before the options expiry on Friday morning, crypto options trading volume reached a new all-time high, with options worth a notional value…

BlackRock, Valkyrie Name Authorized Participants Including JPMorgan for Bitcoin ETF

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BlackRock was the first applicant to announce who will acquire the bitcoin on behalf of BlackRock, which is not legally allowed to purchase the cryptocurrency itself. The asset manager has teamed up with J.P. Morgan and quantitative trading firm Jane Street, a filing shows. Valkyrie has also named Jane Street in addition to Cantor Fitzgerald as AP, another filing shows. Many ETF issuers will likely have multiple authorized participants. Original

VanEck files updated spot Bitcoin ETF application

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The asset manager submitted an amended S-1 Form with the SEC on deadline day, switching to cash-only subscriptions like most issuers seeking spot Bitcoin ETF approval.   VanEck’s update did not name the authorized participants for its VanEck Bitcoin Trust, an exchange-traded fund aiming to invest in the largest cryptocurrency by market cap at its spot price. Several other issuers like BlackRock have filed amended prospectus briefs to the cash-only edict stressed by the U.S. Securities and Exchange Commission (SEC). However, these updates have not disclosed APs who are effectively underwriters…

Coinbase appoints new head of custody amid Bitcoin ETF preparations

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Coinbase has changed its head of custody, potentially as a strategic decision for handling services related to spot Bitcoin ETFs. The departure of Aaron Schnarch, the former Chief Executive Officer of Coinbase Custody, marks a pivotal shift in the company’s leadership. Schnarch’s position has been filled by Rick Schonberg, who joined Coinbase in 2021 and brings experience from previous stints at Goldman Sachs, State Street, and Tagomi. Breaking: After @Grayscale shuffles their team before the ETF approvals, @Coinbase follows suit with Rick Schonberg replacing Aaron Schnarch at Coinbase Custody. Aaron…

Cryptocurrency option trading soars as January ETF expectations escalate

There’s been a noticeable uptick in trading cryptocurrency options and futures since Christmas, primarily driven by traditional financial institutions.  This increase is largely in anticipation of a key decision by U.S. regulatory authorities regarding the approval or disapproval of exchange-traded funds (ETFs) focused on direct investments in Bitcoin. As reported by Bloomberg, recent data indicates that Bitcoin options trading has reached unprecedented levels. Deribit, a leading platform in the crypto-options sphere, is on the brink of experiencing its largest quarterly expiry of options this Friday. The expiring options, valued at…