US SEC deems spot Bitcoin ETFs filings as inadequate: Report
In the eyes of the SEC, the recent filings from BlackRock, ARK Invest, Fidelity and other asset managers are not “sufficiently clear and comprehensive.”
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Značka: digital asset management
Prime Trust subsidiary Banq files for bankruptcy amid BitGo acquisition deal
Prime Trust payment subsidiary Banq files for bankruptcy, citing “unauthorized’ asset transfers to Fortress Group.
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Coinbase legal chief sends letter to SEC on RIA rulemaking
Coinbase’s chief legal officer requests revisions to SEC’s RIA custody rule to safeguard all asset classes, including cryptocurrencies, criticizing the rule for unfairly targeting crypto.
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Deloitte on a crypto hiring spree, reveals LinkedIn job postings
Deloitte highlights its commitment to Web3 and crypto through its intent to hire cryptocurrency experts to join its team, with over 300 positions posted on LinkedIn.
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German dwpbank to offer Bitcoin trading to 1,200 affiliate banks on new platform
Securities processor Deutsche WertpapierService Bank (dwpbank) will provide its affiliates seamless integration with their current offerings, with more digital assets to come.
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Celsius’ co-founder Daniel Leon follows Mashinsky out as crypto exec flight continues
S. Daniel Leon, who cofounded Celsius with Alex Mashinsky in 2017, has quit his job as the bankrupt crypto lender’s chief strategy officer, CNBC reported Oct. 4, citing unnamed sources and an internal memo seen by the outlet. Bloomberg later reported receiving confirmation of Leon’s resignation from the company. Leon’s resignation comes one week after Mashinsky’s and is part of an apparently growing trend. Celsius filed for bankruptcy July 13, while it was under investigation by six American states and a month after freezing withdrawals. The company was reportedly $1.9 billion in debt at the time of its bankruptcy declaration. Mashinsky resigned Sept. 27, saying in a statement, “I regret that my continued role as CEO has become an increasing distraction, and I am very sorry about the difficult financial circumstances members of our community are facing.” His financial dealings and handling of the firm’s final days of solvency were the subjects of intense scrutiny. Leon filed in U.S. bankruptcy court to have his 32,600 common shares of the company declared worthless on Sept. 5. Bids on Celsius assets will be accepted through Oct. 17, with an auction set for Oct. 20, if necessary. FTX CEO Sam Bankman-Fried was reportedly among the interested bidders.Related: Celsius bankruptcy proceedings show complexities amid declining hope of recoveryLeon has joined a steady stream of executives departing from the crypto sector as the crypto winter stretches on. Some execs, such as former MicroStrategy CEO Michael Saylor, Kraken CEO Jesse Powell, FTX US president Brett Harrison and Genesis CEO Michael Moro and managing director Matthew Ballensweig moved into less visible advisory roles. Others, such as former Alameda Research co-CEO Sam Trabucco, Ignite CEO Peng Zhong and bankrupt Voyager Digital’s chief financial officer Ashwin Prithipaul have changed direction entirely. All of those leaders have left their positions since July.
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Stone Ridge board approved plan for 'liquidation and dissolution' of its Bitcoin fund
Stone Ridge Asset Management, whose holding company is behind the New York Digital Investment Group, has filed notice with the United States Securities and Exchange Commission that it will liquidate its Bitcoin Strategy Fund.In a Monday SEC filing, the asset manager said the Stone Ridge Trust board of trustees approved a Friday plan to liquidate and dissolve its Stone Ridge Bitcoin Strategy Fund, first filed with the SEC in July 2021. According to the plan, the asset management firm will continue to operate the fund through Oct. 3, after which time it will “reduce the fund to cash” in preparation for liquidation and distribution to shareholders.“The liquidation of the Fund is expected to take place on or about October 21, 2022,” said the filing. “Effective after the close of business on October 3, 2022, the Fund’s shares will generally no longer be available for purchase.”According to its July 2021 prospectus, the Bitcoin (BTC) strategy fund aimed to offer exposure to the cryptocurrency via futures markets, as the SEC has not approved spot investment vehicles linked to BTC. The asset manager said at the time the objective of the fund was “capital appreciation.” Data from Yahoo Finance showed the fund held roughly $2.8 million in net assets at the time of publication. A Stone Ridge semi-annual report from April 2022 said more than half — 50.5% — of the funds were allocated to foreign government agency bonds and the fund had more than $10.9 million in total net assets.Related: Simplify files with SEC for Bitcoin Strategy Risk-Managed Income ETFIn October 2020, Stone Ridge purchased 10,000 BTC through the NYDIG as part of a post-pandemic investment strategy, making it one of the largest BTC holders among private companies. At the time of publication, the price of Bitcoin was $22,230, hitting a three-week high on Monday.
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SBF and the Mooch tie the knot as FTX Ventures takes 30% stake of SkyBridge Capital
FTX Ventures, an arm of Sam Bankman-Fried’s FTX crypto exchange, will acquire a 30% stake in alternative asset manager SkyBridge Capital, the firms announced Sept. 9. The terms of the deal were not disclosed, but SkyBridge will use $40 million of the proceeds to purchase cryptocurrencies to hold as a long-term investment, according to a statement. SkyBridge founder and managing partner Anthony Scaramucci said about the deal on Twitter, “There’s a small universe of outside investors SkyBridge would ever consider partnering with, and @SBF_FTX is one of them.” He added separately, “This won’t significantly impact our day-to-day business and doesn’t change our strategy. […] We will remain a diversified asset firm, while investing heavily in blockchain.” SkyBridge managed about $2.5 billion, including over $800 million in digital assets, as of June 30, according to its website.There’s a small universe of outside investors SkyBridge would ever consider partnering with, and @SBF_FTX is one of them. Sam is the real deal, and, in my opinion, is building @FTX_Official into the Amazon of financial services. He even has me dressing like a millennial. pic.twitter.com/yO9N6u24Rz— Scaramucci.algo (@Scaramucci) September 9, 2022The two firms collaborated on the SALT (SkyBridge Alternatives) Conferences and the Crypto Bahamas conference for the past year. Bankman-Fried told CNBC:“We’ve gotten to know the team over the last year. […] We’ve been really excited about what they’ve been doing […] from the investment angle, growing out the community — the digital assets community and the traditional asset community — bringing them together.”SkyBridge began investing in Bitcoin (BTC) in 2020 and Scaramucci has become a vocal proponent of crypto since then. The firm has been relatively untouched by the meltdown of the crypto market, although it announced the suspension of withdrawals from its crypto-exposed Legion Strategies fund in July. Bankman-Fried’s firms have entered into a flurry of acquisition activity since the crypto winter began. Bankman-Fried bought a 7.6% share in online brokerage Robinhood in May. FTX US extended a $400 million revolving credit to BlockFi, and FTX offered to buy out some of the debts of bankrupt Voyager Digital in July. It has also made inroads into traditional finance.
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VTB sealed the first deal with digital financial assets in Russia
VTB Factoring, a subsidiary of Russia’s state-owned bank, reported the first major deal with digital finance assets. As part of the deal, the bank subsidiary acquired a tokenized debt pool of the engineering company Metrowagonmash, issued via the fintech platform Lighthouse.On Wednesday, June 29, VTB reported the deal on its webpage, claiming it to be the first issuance and placement of digital financial assets secured by cash in the Russian Federation. In the announcement, the bank compares it with the issue of short-term commercial bonds. Anton Musatov, CEO at VTB Factoring, emphasized the new technology’s potential regarding the access of Russian businesses to the funds necessary for operational activities:“Apart from the standard factoring procedure, [here] a client shouldn’t necessarily sign a service contract to sell its debt pool. The issuer’s readiness to tokenize it and the factoring bank’s decision to acquire it.”In June 2022 the largest Russian bank Sber announced its first operation with the digital financial assets (DFA) to take place in Mid-July, after finally obtaining a license from the country’s central bank. While current legislation on the DFA was put in force in 2020, in June 2022 the head of the Financial Markets Committee of the Russian parliament’s lower chamber introduced a bill that would prohibit the use of DFA as a “monetary surrogate”. Related: Russia to include crypto into its tax code: Here is what the rules might look likeIn February 2022 VTB conducted the first successful testing of the operation with “digital rubbles”, a central bank digital currency (CBDC) project of the Bank of Russia. Later, the bank announced its first purchase of DFAs in exchange for the digital ruble. By the press time, there is no information on whether the aforementioned deal was made via CBDC.
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Galaxy Digital reports $112M Q1 loss, citing crypto price volatility
Cryptocurrency investment manager Galaxy Digital Holdings reported a sharp loss in the first quarter due to unrealized losses in its digital asset portfolio, underscoring heightened volatility in the digital asset sector in 2022. Galaxy Digital reported a net comprehensive loss of $111.7 million in the quarter ending March 31, compared to a gain of $858.2 million in the same quarter of 2021, the company announced Monday. In addition to unrealized losses in its digital asset portfolio, Galaxy’s overall losses were also attributed to investments in its trading and investment businesses. The firm did report aggregate profitability for its asset management, investment banking and mining operations. Investment banking and mining posted record revenue and net comprehensive income during the quarter. Assets under management held by Galaxy Digital Asset Management declined 5% during the quarter to $2.7 billion. Galaxy’s declining profitability in the first quarter reflected extreme volatility in the digital asset market as Bitcoin (BTC) and altcoins experienced multiple large drawdowns. The market appears to be entering a capitulation phase in May due to Bitcoin’s strong correlation with other risk-on assets. Risk assets, including crypto, have nosedived ever since the United States Federal Reserve and other central banks decided to aggressively pursue rate hikes to combat soaring inflation. Last week, the Fed hiked interest rates by 50 basis points, marking the largest upward adjustment in over two decades. Related: VC Roundup: Gaming, crypto fintech and blockchain infrastructure dominate venture capital roundsGalaxy Digital, a crypto investment manager, founded by Mike Novogratz, is set to acquire institutional custodian service and wallet operator BitGo for $1.2 billion. https://t.co/QinaTE3PRE— Cointelegraph (@Cointelegraph) May 5, 2021Despite market volatility, crypto fund managers and venture capitalists continue to make large, strategic investments in the space. Galaxy plans to finalize its aquisition of BitGo later this year after first announcing its intent to buy the digital asset custodian in May 2021. Meanwhile, venture capital funding in crypto and blockchain projects reached a record high in the first quarter.
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Sushi and Synthetix get the boot in Grayscale DeFi fund rebalancing
Digital asset management firm Grayscale, has added three new cryptocurrency assets across three main investment funds, while removing two other assets from its Decentralized Finance Fund as part of this year’s first quarterly rebalance. Grayscale removed tokens from crypto-derivatives decentralized exchange Synthetix (SNX), and decentralized exchange SushiSwap (SUSHI), from its DeFi fund after the two crypto assets failed to meet the required minimum market capitalization. No other cryptocurrencies were removed during the rebalancing. Grayscale’s DeFi fund, which was launched in July last year, currently holds approximately $8 million in assets. The digital assets remaining in the DeFi fund after the quarterly rebalance include Uniswap (UNI), Aave (AAVE), Curve (CRV), MakerDAO (MKR), Amp (AMP), Yearn Finance (YFI) and Compound (COMP).The crypto asset manager added Avalanche (AVAX) and Polkadot (DOT) to its Digital Large Cap Fund, alongside adding Cosmos (ATOM) to its Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund).The GSCPxE Fund, which was launched on March 22nd, offers investors the ability to bet on an index of Ethereum’s largest competitors. The GSCPxE Fund’s current holdings listed by the total amount held are ADA, SOL, AVAX, DOT, MATIC, ALGO, XLM and ATOM.Related: Ethereum is like the best and worst parts of New York: GrayscaleGrayscale remains the world’s leading crypto asset manager, reporting that it held $43.5 billion in assets under management as of Jan. 3rd, this year. The Grayscale Bitcoin Trust (GBTC) remains the largest fund with just over $30 billion in AUM, but has traded at an increasing discount to its net-asset-value for the past year. GBTC is followed in size by the Grayscale Ethereum Trust (ETCG) which currently holds approximately $11.8 billion in AUM.01/03/22 UPDATE: Net Assets Under Management, Holdings per Share, and Market Price per Share for our Investment Products.Total AUM: $43.5 billion$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $ADA $SOL $AMP pic.twitter.com/67Pb7xneoQ— Grayscale (@Grayscale) January 4, 2022In 2021, cryptocurrency investment funds generated over $9.3 billion in inflows as institutional adoption rose to new highs. Grayscale is gearing up to offer a Bitcoin Spot exchange-traded fund (ETF) and said it was willing to pursue legal action if the investment product remains barred by the SEC.
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Trader builds Bitcoin 'buy the dip' bot, outperforms DCA
While a bullish backdrop emerges in February, spare a thought for the traders trying to time the market. One savvy trader by the name of Samjhill on Reddit has built a trading tool that outperforms dollar-cost-averaging (DCA) for buying Bitcoin (BTC). DCA is the strategy in which investors buy a small amount regularly regardless of price fluctuations. It works in contrast to traders keen to get the lowest entry, timing the dip to perfection and avoiding “catching a falling knife.”The aptly named “Buy the Dip Bot” aims to “get the best price for a given asset by using a limit strategy.” Inspired by another Redditor who suggested a manual limit-buy-order strategy for getting the best price entry, Sam took the idea one step further, coding up a dip buying bot.The bot places limit orders at several intervals below the current price and if an order gets executed or canceled, it starts again. Using tech from AWS, Python, Lambda, DynamoDB and React.JS while hosted on Github, the cost to run is low, “about $5 per month.”While the bot has been beavering away since December, it hit a maiden milestone yesterday. Reaching profitability versus regular dollar-cost averaging, “the price-per-coin advantage is about (cheaper) 5-10% right now, which you could also think of as getting that much more coin for your money,” Sam told Cointelegraph.The bot runs a backtesting library to work out the best entry points for the limit buys. A complex process, the work paid off, culminated in a “winning strategy.”Related: TokenBot helps crypto traders build social communities and monetize market knowledgeWhen asked by Cointelegraph if he would recommend the bot as opposed to regular DCA, Sam replied it depends on where you are in your BTC journey:“For people just starting out, regular DCA probably makes more sense, since your goal is probably to stack as many coins as possible. For those later in their journey, they might have a decent stack already and want to minimize increasing their cost basis, and so might benefit more from this.”Sam, who first learned of Bitcoin around 2013, added that he is doing both DCA and the limit strategy “to get a more even curve of coin growth.”While the future is currently Bitcoin orange for the trading bot, Sam built the system for easy integration with other coins. Ethereum (ETH) features on the Github page, and Sam hints he may roll out other coins to production.
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