Tag: ETF

Third time’s the charm? ARK and 21Shares again file with SEC for Bitcoin ETF

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Cathie Wood’s ARK Invest and European crypto investment firm 21Shares are seemingly unperturbed by the cryptocurrency regulatory environment in the United States, again requesting approval for a Bitcoin (BTC)-based financial product. On April 25, the two companies requested that the U.S. Securities and Exchange Commission (SEC) approve the creation of a spot Bitcoin exchange-traded fund (ETF) despite being rejected twice before. The two companies first applied to create their spot Bitcoin ETF on June 28, 2021, which was later rejected by the SEC in April 2022. The regulator said the…

Bitwise launches new bitcoin-linked ETF

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Bitwise has launched the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) to offer long-term investors regulated exposure to bitcoin (BTC). The US Securities and Exchange Commission (SEC) has not approved any spot bitcoin ETF.  Barely four months after signaling plans to expand its fund offerings and assembling its active strategies team of industry experts led by Jeffrey Park, Bitwise, one of the world’s largest crypto asset managers, has launched a new type of bitcoin futures ETF dubbed the Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). Per a press release by…

Judges hear oral arguments in Grayscale suit against SEC over BTC spot ETF rejection

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A panel of judges heard oral arguments in the Grayscale Investments suit against the United States Securities and Trade Commission (SEC) on March 7. Grayscale is challenging the SEC order not to approve Grayscale’s application to create a Bitcoin (BTC) spot exchange-traded fund (ETF). The SEC issued its order on July 6, 2022. Former solicitor general Donald Verrilli Jr. represented Grayscale and SEC senior counsel Emily Parise spoke for the SEC before Chief Judge Sri Srinivasan and Judges Neomi Rao and Harry Edwards in the District of Columbia Circuit Court…

A Dozen Reasons Why the SEC Should Have Approved Grayscale’s Spot Bitcoin ETF

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The core argument in favor of approving a spot bitcoin ETF, at least at this time, is that the SEC’s concerns about manipulation are literally inconsistent – and possibly in violation of the Administrative Procedure Act, as Ribbit Capital’s Sigal Mandelker and Jessi Brooks wrote. The agency has already approved exchange-traded products that use bitcoin futures contracts, particularly NYSE Arca’s proposal to list and trade shares of the Teucrium Bitcoin Futures Fund and Nasdaq’s proposal to list and trade shares of the Valkyrie XBTO Bitcoin Futures Fund. Both of the…

Grayscale and the SEC are going to court over a bitcoin ETF

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The years-long push for an exchange traded fund that tracks bitcoin will finally get its day in court this week. Several different firms tried to bring a spot bitcoin ETF to market in the U.S. without success, but Grayscale Investments is taking it a step further for the future of its Grayscale Bitcoin Trust (GBTC) . After Grayscale’s proposal to convert the trust to an ETF was rejected last June, the firm sued the U.S. Securities and Exchange Commission in the D.C. Circuit Court of Appeals. Oral arguments are set to…

GBTC Discount Narrows to 42% Ahead of Grayscale’s ETF Hearing Tuesday

Laurent Kssis, a crypto trading adviser at CEC Capital, said that with GBTC trading at such a discount it makes sense to hold some of the shares, however, traders must be brave if bitcoin’s price continues to slide. Kssis said that he is not hearing of investors buying more GBTC shares today ahead of tomorrow’s hearing, but he is seeing most investors hedging against a possible drop in bitcoin’s price. Source