“Investor demand for BITO remains strong, as shown by the ETF reaching a new high in assets under management,” Simeon Hyman, global investment strategist at ProShares, said in a statement to CoinDesk. “We believe this speaks to the demand for a familiar, accessible and regulated way to target the returns of bitcoin.” Source
Bitcoin (BTC) may hit $100,000 in one year’s time thanks to “earlier than expected” exchange-traded funds (ETF) launching, says Standard Chartered. In a research note issued on Nov. 28 quoted by sources including Business Insider, the banking giant doubled down on its bullish BTC price targets. Standard Chartered still expects six-figure BTC price Bitcoin is in line to trade at six figures by the end of 2024, the latest forecast from Standard Chartered concludes. Thanks to the United States potentially approving Bitcoin spot price ETFs, BTC/USD has the ability to…
U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said he is not ready to discuss approval of applications for spot Bitcoin (BTC) ETFs. Gensler, speaking on the sidelines of the Healthy Markets Association conference on Nov. 29, said he would not “pre-judge” the matter of Bitcoin spot ETFs. He did however note his concerns about the crypto industry as a whole: “This is a field that is rife with bad actors and rife with fraud and manipulation and money laundering.” Gary Gensler, SEC Chairman Gensler considers the process of…
BlackRock, the world’s largest asset manager, has recently updated its application for a spot Bitcoin Exchange-Traded Fund (ETF) in a bid to address the U.S. Securities and Exchange Commission’s (SEC) concerns. The revisions, detailed in the meeting minutes from a Nov. 28, 2023, discussion with the SEC’s Division of Trading and Markets, focus on mitigating issues related to market manipulation and broker-dealer registrations. BlackRock’s updated redemption model In its revised proposal, BlackRock introduces a “prepaid model” within the existing in-kind redemption framework. This model requires the offshore market maker to…
Pando has named the Bank of New York Mellon as the official administrator of the ETF. Swiss asset management company Pando Asset has joined the race for a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. On November 29, the company filed with the country’s Securities and Exchange Commission (SEC), becoming the 13th financial services firm to submit an application with the agency for a BTC trust without directly investing in the crypto asset. Pando Names Coinbase as Custodian for Its Spot Bitcoin ETF Like many spot Bitcoin…
Grayscale is hoping that the proposed changes to GBTC’s Trust Agreement would help both the company and GBTC to achieve operational efficiencies. Manager of the Grayscale Bitcoin Trust (GBTC), Grayscale is currently updating its trust agreement as the wait for spot Bitcoin exchange-traded funds (ETFs) enters top gear. That is according to a Wednesday filing by the company. However, the move is Grayscale’s first such in as long as five years, signalling a significant moment in the company’s history. Per the filing, Grayscale is looking to update the structure of…
Swiss asset manager Pando Asset has become an unexpected late entrant into the spot Bitcoin (BTC) exchange-traded fund (ETF) race in the United States. On the same day, investment giant BlackRock met with the country’s securities regulator to pitch an updated ETF model based on the agency’s feedback. On Nov. 29, Pando submitted a Form S-1 to the Securities and Exchange Commission — used to register securities with the agency — for the Pando Asset Spot Bitcoin Trust. Like other ETF bids, the trust aims to track Bitcoin’s price with…
Bitcoin (BTC), the leading cryptocurrency, is currently in an upward accumulation phase, inching closer to surpassing its current yearly high of $38,390. This upward trend is further fueled by the anticipation surrounding the approval of Bitcoin spot exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC). Bitcoin ETF Approval By January 10 In a recent post on X (formerly Twitter), Erich Balchunas, a Bloomberg ETF expert, shared his perspective on the probability of Bitcoin ETF approval. Balchunas maintains a 90% chance of SEC approval by January 10, which…
“Today, Grayscale has outlined proposed amendments to GBTC’s Trust Agreement that are intended to provide operational efficiencies that we believe are beneficial to both Grayscale and GBTC,” a Grayscale spokeswoman said via email. “Importantly, this is in our normal course of business, and GBTC remains ready to uplist as a spot Bitcoin ETF to NYSE Arca upon appropriate regulatory approvals.” Source
Swiss asset manager Pando Asset seeks SEC approval for a spot Bitcoin ETF, a step towards integrating crypto into mainstream finance. Swiss asset manager Pando Asset has filed for approval of a spot Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). The proposed Pando Asset Spot Bitcoin Trust, if approved, would be listed on the Cboe BZX Exchange, leveraging Coinbase as its custodian. The trust plans to use the CME’s CF Bitcoin Reference Rate for Bitcoin (BTC) pricing. Pando’s move aligns with its current offerings in Europe, where…