Tag: ETF

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…

Hashdex Drops Ad Ahead of Its Spot Bitcoin ETF Approval

Asset management firm Hashdex has unveiled a new advertisement amid the US Securities and Exchange Commission’s (SEC) evaluation of applications for the listing of spot Bitcoin (BTC) tickers on US exchanges for exchange-traded funds (ETFs). The advertisement, shared on December 28 on X (formerly Twitter), features an interview setting from the 1980s, where the subject critiques the use of home computers for everyday tasks, drawing a parallel to the skepticism around emerging technologies. Besides, the release comes at a pivotal moment as the SEC weighs its decision on Bitcoin ETF…

Spot Bitcoin ETF Approval May Trigger Drop To $32,000, Here’s Why

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A recent report from CryptoQuant has sparked discussions, suggesting that a Bitcoin spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission (SEC) could lead to a significant market event. This possibility arises amid the Bitcoin (BTC) price stabilizing above $40,000, leaving many market participants sitting on substantial unrealized profits. The report by CryptoQuant particularly posits that this scenario could trigger a “sell the news” event, historically linked to market corrections. Bitcoin Possible Drop To $32,000 CryptoQuant’s analysis points to the current state of Bitcoin holders as a…

Cathie Wood’s ARK ETF Overhauls Bitcoin Portfolio: ProShares In, Grayscale Out

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In a significant shake-up of its Bitcoin (BTC)-related holdings, Cathie Wood’s ARK Next Generation Internet exchange-traded fund (ETF) has made strategic changes as BTC ends the year with a significant 156% surge. According to a Bloomberg report, the ETF sold all its remaining 2.25 million shares of the Grayscale Bitcoin Trust (GBTC) while acquiring 4.32 million shares of the ProShares Bitcoin Strategy ETF.  Caution As Reason For Exiting Grayscale Bitcoin Trust According to Bloomberg, Wood cited caution as the reason behind the sale of the Grayscale Bitcoin Trust. The move…

Could a bitcoin ETF approval be a sell-the-news event? What investors are expecting on the big day

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Just a couple of weeks from now, the U.S. could have its first spot bitcoin ETF. The excitement around the prospect has been building for months, but the market may be a little overheated now. The chances that the ETF approval will be a sell-the-news event have been getting higher, according to CryptoQuant, which points to the fact that investors have been sitting on high unrealized profits – a trend that historically has preceded price corrections. In this case, bitcoin could correct all the way down to $32,000, the short-term…

Hong Kong firm mulls tokenizing 3-ton gold vault amid local ETF boon

Value Partners, a Hong Kong-listed company, is set on issuing blockchain tokens backed by physical gold and filing applications for crypto-related ETFs. According to local media Hong Kong Commercial Daily, the firm plans to tokenize its three tons of gold bars worth an estimated $201 million at current prices.  Value Partners already offers the only Hong Kong gold ETF backed by physical gold and believes digitizing its precious metal with blockchain technology will only improve accessibility for investors.  The move comes after gold hit its all-time high and traded at…

Cathie Wood’s Ark Invest Sells Coinbase and GBTC Shares to Buy ProShares Bitcoin ETF (BITO)

Ark Invest purchased $92 million worth of ProShares Bitcoin Strategy ETF (BITO) and 4,320,928 units of the US Bitcoin futures-linked ETF. Cathie Wood’s asset management firm Ark Invest has actively engaged in portfolio rebalancing this year amid a surge in stock prices of crypto firms. In the latest development on Wednesday, December 27, Ark Invest divested its Coinbase holdings and all of its GBTC holdings. In a recent trade filing, the company led by Cathie Wood revealed the sale of 148,885 Coinbase shares valued at approximately $27.58 million on Wednesday.…

Cathie Wood’s ARK Invests in ProShares Bitcoin ETF After Dumping GBTC Holdings

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The ProShares exchange-traded fund, which started trading in October 2021 as the first U.S. bitcoin-linked ETF, now accounts for 5.03% of the ARK Next Generation Internet ETF (ARKW), its sixth-largest holding. The fund no longer holds any GBTC shares, with the last reported sale on Dec. 20. At just under 12%, Coinbase remains the fund’s largest holding even after Wednesday’s sale of 148,885 shares. Original