Tag: ETF

SEC in hot seat for Ark Investment BTC ETF final deadline

The U.S. Securities and Exchange Commission must either greenlight or turn down Ark Investment’s spot bitcoin (BTC) ETF application by Jan. 10, 2024. The Florida-based asset management firm reportedly has the second-nearest application expiry date, with Grayscale’s final deadline set for Jan. 1, 2024. Ark updated its S-1 filings with the financial watchdog on Dec. 2, 2023, according to recent records. The financial regulator initially postponed the verdict, seeking public opinion on the vulnerabilities of spot BTC ETFs, off the back of rejecting several applications. Gary Gensler and the SEC…

VanEck files 5th amendment to spot Bitcoin ETF under ‘HODL’

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Asset manager VanEck filed a fifth amended application for a spot Bitcoin (BTC) exchange-traded fund (ETF) on Dec. 8. According to the regulator’s database, the amended filing to the S-1 Form with the United States Securities and Exchange Commission (SEC) highlights updates to the VanEck Bitcoin Trust. A spot Bitcoin ETF is an investment vehicle that lets people buy shares in a fund that tracks the price of Bitcoin. The VanEck ETF is now expected to be listed under “HODL,” which is a misspelling of “hold” or an acronym for “hold…

Fidelity and SEC meet to discuss spot Bitcoin ETF application

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The United States Securities and Exchange Commission (SEC) recently met with Fidelity to seek additional clarity on its spot Bitcoin (BTC) exchange-traded fund (ETF) application. According to a filing published on December 7, two Cboe BZX Exchange representatives, along with six personnel from the SEC and nine individuals from Fidelity, discussed the workings of the Wise Origin Bitcoin Trust in a meeting.  “The discussion concerned Cboe BZX’s proposed rule change to list and trade shares of the Wise Origin Bitcoin Trust under Cboe BZX Rule 14.11(e)(4). Fidelity also provided the…

YieldMax files for ETF focused on MicroStrategy derivatives

YieldMax, a firm specializing in exchange-traded funds (ETFs), has filed to launch a novel yield-bearing ETF based on shares of Michael Saylor’s Bitcoin (BTC) holding company, MicroStrategy. According to a Dec. 7 filing with the U. S. Securities and Exchange Commission (SEC), the proposed ETF, named Option Income Strategy ETF, is scheduled for a 2024 release and will trade under the ticker MSTY. This ETF employs a “synthetic covered call” strategy, which involves a combination of buying call options and selling put options to generate income. This income is then…

SEC’s “Crypto Asset Securities” Alert Boosts Spot Bitcoin ETF Prospects

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As anticipation builds for the long-awaited approval of a spot Bitcoin ETF by the US Securities and Exchange Commission (SEC), an encouraging sign has emerged, further increasing the likelihood of approval.  The SEC issued an investor alert regarding “crypto asset securities,” prompting speculation that the spot Bitcoin ETF may be closer than ever.  Spot Bitcoin ETF Approval On The Horizon? The recent investor alert issued by the SEC has garnered significant attention in the cryptocurrency community. While the alert does not explicitly mention the spot Bitcoin ETF, many market participants…

BlackRock Bitcoin ETF seed capital, HashKey targets market makers, and more

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The countdown is underway for the United States Securities and Exchange Commission (SEC) to decide on approving the first spot Bitcoin exchange-traded fund (ETF) in the United States. After several delays, the regulator’s final deadline is approaching, with market participants anticipating a decision in early January 2024. In another sign that a green light may be forthcoming, companies awaiting approval have regularly met with SEC officials over the past weeks, discussing their proposals and making adjustments as requested. If approved, the biggest cryptocurrency will be traded on the spot market…

Vaneck submits fifth amendment for Bitcoin ETF launch

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James Seyffart, an analyst at Bloomberg Intelligence, reports that the American asset manager, VanEck, has submitted their fifth S-1 Amendment for their spot Bitcoin ETF.  The updated filing reveals their ticker $HODL. Seyffart also described a few highlights in the amendment, including the create or redeem language within the S-1 filings encompasses both in-kind and cash, which he suggests may be a trend in retaining this optionality.  However, at the same time, Seyffart noted that 19b-4 approvals might initially limit creations to cash, pending potential updates for confirmation. For this…

Vanguard and State Street Steer Clear of Bitcoin ETF Hype

Despite Vanguard and State Street’s decision to abstain, the SEC is approaching a crucial deadline to announce its decision on the first Bitcoin ETF in early January.  The anticipation surrounding the potential approval of spot Bitcoin Exchange-Traded Funds (ETFs) in the United States has reached its zenith. However, amid the frenzy, two major players in the ETF industry, Vanguard Group, and State Street Corp (NYSE: STT), have notably chosen to stay on the sidelines. While other industry giants like BlackRock Inc (NYSE: BLK) and Grayscale Investments LLC eagerly await regulatory…

New ETF Proposal Linked to MicroStrategy Stocks Aims for Monthly Payouts to Investors

The fund would use investor capital to buy call options on MSTR while simultaneously selling put options. The premiums collected from these transactions would then be distributed to shareholders as monthly yields. An investment firm YieldMax directed a request to the Securities and Exchange Commission (SEC) seeking regulatory approval for an exchange-traded fund (ETF) that offers monthly income tied to MicroStrategy derivatives. If granted the green light, the ETF is scheduled to launch in 2024 under the name Option Income Strategy ETF, with the ticker symbol MSTY. YieldMax, the company…

Fidelity’s FBTC Spot Bitcoin ETF Inches Closer to SEC Approval on DTCC List

As the growing anticipation for a spot Bitcoin ETF approval continues to propel BTC prices higher, Jurrien Timmer, Fidelity’s director of global macro, believes the crypto asset could surge to over $1 billion in 2038. Fidelity Investments achieves a significant milestone as its spot Bitcoin exchange-traded fund (ETF), known as FBTC, makes its appearance on the active and pre-launch list of the Depository Trust & Clearing Corporation (DTCC). The move places the financial services company at the forefront of the race for the first spot Bitcoin (BTC) ETF approval in…