The surge came as investors turned optimistic about being able to redeem funds in the future, and Grayscale potentially winning an on-going lawsuit against the U.S. Securities and Exchange Commission (SEC) about converting the fund into an ETF after news about BlackRock’s filing for an ETF. GBTC doesn’t allow redemptions at the moment, which led to a price discount. Original
Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied Fidelity may be planning moves in the crypto market with the launch of a bitcoin spot ETF or a potential acquisition of Grayscale. The world’s third-largest asset manager, Fidelity has grown its digital asset presence significantly over the years. Its cryptocurrency-dedicated offshoot, FDA, received a New York Trust Charter and launched European operations in 2020. The FDA has spearheaded initiatives such as the Fidelity crypto offering, which allows users to trade bitcoin and ethereum along with…
Bitcoin held steady over the weekend, with altcoins continuing to lag behind. Bitcoin traded between $26,200 and $26,300 and ether, starting the weekend around $1,700, remains the same. Altcoins, however, underperformed bitcoin and ether, with Chainlink’s LINK, Cosmos’ ATOM and NEAR Protocol’s NEAR all losing 3% over the last 24 hours. U.S. markets are closed today, with the New York Stock Exchange and the Nasdaq Stock Market shut in observance of Junteenth. Original
Bitcoin (BTC) plans by BlackRock appear to have sparked a rally in the “OG” institutional BTC investment vehicle. Data from monitoring resource CoinGlass shows that on June 17, the Grayscale Bitcoin Trust (GBTC) almost hit new 2023 highs. GBTC “premium” heads below -37% Bitcoin market sentiment showed a modest improvement late last week as news emerged that the world’s largest asset manager, BlackRock, had filed to launch a Bitcoin spot price exchange-traded fund (ETF). While still not allowed in the United States, a spot ETF from a stalwart entity such…
Top Stories This Week US lawmakers file ‘SEC Stabilization Act’ to fire Gary Gensler United States Representative Warren Davidson has introduced the “SEC Stabilization Act” into the House of Representatives. One of the bill’s main provisions is to fire Securities and Exchange Commission (SEC) Chair Gary Gensler. The bill would remove Gensler from office and redistribute power between the SEC chair and commissioners. It would also add a sixth commissioner to the agency, disallow any party from holding a majority on the commission and create an executive director position. The…
Exchange Traded Fund (ETF) terminology can sometimes be tricky, and fund management giant BlackRock’s application for a spot Bitcoin ETF has raised some questions. Original
First, exchanges should be a bit fearful. If new investors want price exposure to bitcoin and don’t care about the aspect of it that makes it cool (like using it), then those investors will look to pay as little as possible for that bitcoin. Why would an investor pay a 1% fee at an exchange when they could pay a tiny fraction of that through an ETF when they aren’t interested in actually using bitcoin? Original
Many crypto observers keenly awaited how GBTC’s discount would react to the news about BlackRock, the world’s largest ETF issuer and a mainstay in the traditional finance world, attempting to register a spot BTC ETF with the U.S. Securities and Exchange Commission (SEC). Multiple investment managers, including WisdomTree, VanEck, Ark Investment Management with 21Shares, have tried to register such a product over the past two years, but the U.S. Securities and Exchange Commission (SEC) has rejected all applications, so far. Source
Blackrock’s (BLK) iShares Bitcoin Trust application to the U.S. Securities and Exchange Commission (SEC) this week might stand a better chance than previous attempts by other fund managers thanks to the promise of a “surveillance-sharing agreement” between exchanges. Original
The latest price moves in bitcoin (BTC) and crypto markets in context for June 16, 2023. First Mover is CoinDesk’s daily newsletter that contextualizes the latest actions in the crypto markets. Original