Tag: ETF

Bitwise Pulls Plug on Bitcoin and Ethereum Market Cap ETF Application

With the Bitwise ETF application gone, the crypto community is now awaiting the SEC’s decision on the remaining applications by WisdomTree, Invesco Galaxy, Valkyrie, VanEck, and Fidelity. In a surprising move, Bitwise, an asset management company based in San Francisco, has decided to withdraw its application for the Bitcoin (BTC) and Ethereum (ETH) Market Cap Weight Strategy Exchange-traded fund (ETF) filed with the United States Securities and Exchange Commission (SEC) last month. The decision by Bitwise comes as a surprise, especially given the recent optimistic sentiment surrounding Grayscale’s victory against…

Bitcoin Price Crashes Below $26,000 As SEC Pushes Back On 7 Spot ETF Filings

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On August 29, flagship cryptocurrency Bitcoin soared to as high as $28,000 following Grayscale’s victory. However, it has now lost these gains as the US Securities and Exchange Commission (SEC) chose to delay its decisions on seven Spot ETF applications.  Bitcoin Crashes Below $26,000 Bitcoin dropped by over 4% to $26,000 as the SEC extended the timeline to decide on the ETF applications of BlackRock, WisdomTree, Invesco, Fidelity, Valkyrie, VanEck, and Bitwise. This price action contrasts with when the cryptocurrency had reacted positively to the news of Grayscale’s victory, with…

Bitwise withdraws Bitcoin and Ether Market Cap ETF application

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In an unexpected turn of events, Bitwise submitted a request to retract its application for its Bitcoin and Ether Market Cap Weight Strategy exchange-traded fund (ETF), initially filed with the United States Securities and Exchange Commission (SEC) on Aug. 3. While market sentiment turned bullish following Grayscale’s SEC victory, Bitwise appears to be reassessing its strategy. The withdrawal of the ETF application was unexpected; however, in the filing, a statement read, “The fund seeks to provide investors with capital appreciation. There can be no assurance that the fund will achieve…

Bitcoin traders wipe Grayscale gains after SEC delays spot ETF decisions

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In less than a day, Bitcoin (BTC) has shed nearly all the gains it made from Grayscale Investment’s court victory against the United States Securities regulator. On Aug. 29 Bitcoin popped to a two-week high after a judge ruled that the Securities and Exchange Commission was “arbitrary and capricious” when it rejected Grayscale’s spot Bitcoin ETF application. However, the SEC’s recent delay to seven pending spot Bitcoin ETF applications has sent Bitcoin’s price downwards, falling nearly 5% in the last 24 hours. Cointelegraph Markets Pro data shows Bitcoin’s price is…

US SEC postpones ruling on 6 spot Bitcoin ETF applications

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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The United States Securities and Exchange Commission (SEC) has postponed its ruling on six spot Bitcoin exchange-traded fund (ETF) applications from WisdomTree, Invesco Galaxy, Valkyrie, VanEck, Fidelity, and BlackRock. In a filing on Aug. 31, the regulator said they will be taking another 45 days to consider the proposed rule changes. That means they have until October 2023 to approve, deny, or announce a delay of the decision. This postponement follows reports suggesting that the SEC…

Q4 Tumble, ETF Battles, Mt. Gox Drama, And Economic Shivers Await

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In a recent legal win for Grayscale against the US Securities and Exchange Commission (SEC), Bitcoin (BTC) soared to $27,000. However, the bullish sentiment seems to have waned as the cryptocurrency has retraced to $26,000.  QCP Capital, a cryptocurrency analysis firm, has provided valuable insights into the implications of this ruling and the overall market outlook. BTC’s Short-Term Challenges Persist According to QCP, while the ruling is a positive outcome for the industry, the firm notes that its near-term impact on spot prices is “inconsequential.”  The firm cautions against getting…

BlackRock’s Bitcoin ETF the 7th application delayed by SEC on Aug. 31

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The United States Securities and Exchange Commission (SEC) has delayed an application for a Bitcoin (BTC) exchange-traded fund from global asset manager BlackRock. BlackRock, a firm with more than $8.5 trillion in assets under management, had a decision on its iShares Bitcoin Trust delayed following an application with the SEC. In June, BlackRock lodged an application for a BTC-backed ETF with Coinbase listed as the planned custodian of the fund’s Bitcoin holdings and the Bank of New York Mellon in charge of its fiat accounts. BlackRock’s filing outlined the value of the…

SEC delays decision on spot Bitcoin ETF applications from WisdomTree, Invesco, and Valkyrie

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The United States Securities and Exchange Commission (SEC) has postponed its decision on WisdomTree’s Bitcoin Trust first filed on Dec. 8 2021. The institutional giant refiled its ETF application on July 19, 2023 with the first deadline approaching. WisdomTree’s Bitcoin ETF proposal didn’t get the SEC’s approval in 2021. However. after BlackRock joined the spot Bitcoin ETF race, WisdomTree refiled its application as well, However, WisdomTree was not the only institutional giant making a second attempt after rejections, the likes of Valkyrie, Fidelity and Invesco have also re-filed their applications…

WisdomTree and Invesco Galaxy Spot Bitcoin (BTC) ETF Applications Delayed by SEC

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Judge Neomi Rao, writing for the unanimous court, said the SEC’s denial of the application was inconsistent with the approval of a pair of bitcoin futures ETFs, and did not explain why it viewed these types of products differently given the underlying bitcoin market had a “99.9% correlation” between spot and futures market prices. Grayscale’s argument that its proposed ETF was “materially similar” to the futures ETFs won. Original

Bitcoin ETF Applications Are Bitcoin’s Best Marketing Strategy

Nowadays, with finance heavyweights such as Larry Fink talking up Bitcoin on the world stage, the masses are finally tuning in. Shortly after BlackRock filed its Bitcoin ETF application, the CEO had this to say: “Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in — let’s be clear, bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people…