Značka: ETF

Zuck got PUNKed — new Metaverse-linked ETF shorts Meta shares in holdings

An exchange-traded fund linked to companies involved with the Metaverse launched on the Cboe BZX Exchange — shorting shares of Facebook’s parent company, Meta.The Subversive Metaverse exchange-traded fund (ETF, listed under the ticker PUNK, opened for trading at $25.15 on Thursday. The fund’s holdings include shares of Block — formerly Square — Google’s parent company Alphabet, Microsoft, Sony, GPU manufacturer Nvidia, Coinbase Global, Galaxy Digital and online gaming platform Roblox. However, exposure to Meta — one of the largest tech firms in the world, with an $837 market capitalization — was conspicuously absent from PUNK’s top holdings.$PUNK https://t.co/nBYPFrIKo8 pic.twitter.com/jAB2APsML9— Michael Auerbach (@msauerbach) January 27, 2022According to a Thursday Bloomberg report, Subversive Capital Advisor founder Michael Auerbach claimed the reputation around Facebook’s parent company — purportedly based on reports the firm was not doing what it claimed in regard to removing hate speech and posts encouraging violence — made it unsuitable for the ETF. The fund takes a short position on 40 Meta shares, the only one out of the 59 companies in its holdings.“Facebook seems to be the antithesis of what actual consumers want their digital futures to look like,” said Auerbach. “Mark [Zuckerberg] and his team are not the best custodians of our digital futures.”Christian Cooper, the ETF’s portfolio manager, added:“We want to make sure this industry develops, without getting “Zucked-up,” from those who see the true potential of this space.”Related: Meta unveils metaverse AI supercomputer, claims it will be world’s fastestAt the time of publication, the Metaverse ETF is trading at $24.74, having fallen more than 2% since opening. In December, ETF-issuer ProShares announced it had applied with the U.S. Securities and Exchange Commission to list shares of a fund tracking the Solactive Metaverse Theme Index — with companies including Meta, Apple and Nvidia. However, there are also current listings for Metaverse-linked ETFs from Roundhill Ball, Evolve, Fount and Horizons across the U.S. and Canada.

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SEC rejects application for Fidelity’s Wise Origin Bitcoin Trust spot ETF

The United States Securities and Exchange Commission has disapproved asset manager Fidelity’s Wise Origin Bitcoin Trust spot exchange-traded fund application.According to a Thursday filing, the SEC rejected a proposed rule change from the Cboe BZX Exchange to list and trade shares of Fidelity’s Wise Origin Bitcoin (BTC) Trust. The regulatory body said any rule change in favor of approving the ETF would not be aimed at preventing “fraudulent and manipulative acts and practices” nor would it necessarily “protect investors and the public interest.”The SEC extended its deliberation window to approve or deny the offering in July and November following Fidelity’s original application in March 2021 — but published in the Federal Register on June 1. The SEC added that the BZX exchange “has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section.”“It is essential for an exchange listing a derivative securities product to enter into a surveillance-sharing agreement with markets trading the underlying assets for the listing exchange to have the ability to obtain information necessary to detect, investigate, and deter fraud and market manipulation, as well as violations of exchange rules and applicable federal securities laws and rules,” stated the SEC ruling.The decision followed separate filings from the SEC on Tuesday extending its window on a proposed rule change to allow shares from agricultural fund provider Teucrium tracking Bitcoin futures to be listed on NYSE Arca and ARK 21Shares Bitcoin ETF to be listed on the Cboe BZX Exchange. The final extension from the regulator will likely result in a decision by April 8 and April 3, respectively. While the SEC has yet to approve ETFs with direct exposure to BTC, the regulator gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.Related: Valkyrie aims for ETF linked to Bitcoin mining firms on NasdaqMany analysts do not expect SEC officials to approve Bitcoin-linked ETFs anytime soon. The regulatory body is expected to reach a decision on NYDIG’s spot Bitcoin ETF and ​​asset manager Stone Ridge Holdings Group’s BTC ETF on March 16.

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SEC pushes decision on ARK 21Shares Bitcoin ETF to April 3

The U.S. Securities and Exchange Commission has extended its window to approve the ARK 21Shares Bitcoin exchange-traded fund (ETF) originally proposed in July 2021.According to a Tuesday filing from the SEC, the regulatory body will push the deadline for approving or disapproving the ARK 21Shares Bitcoin ETF from Feb. 2 for an additional 60 days, to April 3. SEC Assistant Secretary J. Matthew DeLesDernier noted in the filing that it was “appropriate to designate a longer period” for the regulatory body to consider the proposed rule change, allowing the ETF to be listed on the Cboe BZX Exchange.The exchange originally filed the paperwork to apply for the ARK 21Shares Bitcoin ETF in July 2021, with the SEC able to delay its decision and open the offering to public comment for up to 180 days, with the option for a final 60-day extension starting on Feb. 2. After April 3, the SEC should not be able to extend the deliberation window further and will approve or disapprove of the crypto ETF.In a separate filing, the SEC also extended its window on a proposed rule change, allowing shares of an ETF tracking Bitcoin futures from agricultural fund provider Teucrium to be listed on NYSE Arca. The firm applied for the investment offering in May 2021 and will likely receive a final decision from the SEC by April 8.Related: Valkyrie aims for ETF linked to Bitcoin mining firms on NasdaqU.S. regulators have yet to approve ETFs with direct exposure to cryptocurrencies like Bitcoin (BTC) but gave the green light to investment vehicles linked to BTC derivatives for the first time in October 2021. At the time of publication, shares of Bitcoin futures-linked funds from Valkyrie and ProShares are currently listed on Nasdaq, with VanEck’s Bitcoin Strategy ETF trading on the Chicago Board Options Exchange.

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Valkyrie aims for ETF linked to Bitcoin mining firms on Nasdaq

Crypto asset manager Valkyrie has filed an application with the United States Securities and Exchange Commission to trade an exchange-traded fund (ETF) with exposure to Bitcoin mining firms on the Nasdaq Stock Market.In a Wednesday SEC filing, Valkyrie said its Bitcoin Miners ETF will not invest directly in Bitcoin (BTC) but at least 80% of its net assets would offer exposure to the crypto asset through the securities of companies that “derive at least 50% of their revenue or profits” from BTC mining or providing hardware or software related to mining. The filing added Valkyrie would invest up to 20% of the ETF’s net assets in companies holding “a significant portion of their net assets” in Bitcoin. Valkyrie launched a Bitcoin Strategy ETF in October 2021, which offered indirect exposure to BTC with cash-settled futures contracts following SEC approval for a similar ETF from ProShares. At the time of publication, shares of the fund traded on the Nasdaq for $14.93, having fallen more than 40% since opening on Oct. 22. In 2021, the SEC approved investment vehicles linked to BTC derivatives for the first time, but hasn’t given the green light to any Bitcoin spot exchange-traded fund in the United States. The Valkyrie Bitcoin Miners ETF resembles the Digital Asset Mining ETF proposed by asset manager VanEck in December 2021, which plans to invest 80% of its total assets in securities from crypto mining firms — the regulatory body has until Feb. 14 to reach a decision on the fund or extend the deadline.Related: Why now? SEC took eight years to authorize a Bitcoin ETF in the USWhile many crypto ETF applications are still under consideration in the United States, Canadian regulators have approved ETFs with direct exposure to crypto from Fidelity, Purpose Investments and Evolve Fund Group. At a House of Representatives committee hearing in December, former Acting Comptroller of the Currency Brian Brooks said the United States was “unquestionably” behind other countries in approving crypto ETFs.

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SEC rejects Skybridge's application for spot Bitcoin ETF

The United States Securities and Exchange Commission, or SEC, has officially disapproved the application for First Trust SkyBridge’s spot Bitcoin exchange-traded fund after several deferments.In a Thursday filing, the SEC rejected a proposed rule change from the New York Stock Exchange, or NYSE, Arca to list and trade shares of the First Trust SkyBridge Bitcoin ETF Trust. The SEC said any rule change in favor of approving the ETF would not be “‘designed to prevent fraudulent and manipulative acts and practices” nor “protect investors and the public interest.”The decision follows SkyBridge first applying to list a Bitcoin ETF on the NYSE in March 2021. The SEC twice designated a longer period to approve or disapprove the proposed rule change for the ETF in July and November before reaching its decision on Thursday.In its rejection, the SEC said that the NYSE had not met the requirements of listing a financial product under its rules of practice as well as those of the Exchange Act. Under these restrictions, exchanges seeking to list a BTC ETF need to have “a comprehensive surveillance-sharing agreement with a regulated market of significant size related to the underlying or reference Bitcoin assets.” The NYSE Arca used a $10 million market order example to claim that buying and selling large amounts of Bitcoin (BTC) would have an “insignificant market impact.” The exchange also hinted at Tesla’s $1.5 billion BTC purchase in February as an example of gaining exposure to crypto through the company’s shares, arguing for the need for a different investment vehicle with exposure to BTC as opposed to “imperfect Bitcoin proxies,” which provide only “partial Bitcoin exposure paired with additional risks.”The commission rejected these claims, citing similar reasons for disapproving Bitcoin spot ETFs from asset manager VanEck in November and WisdomTree in December. To date, the SEC has not approved any ETF with direct exposure to crypto but has given the greenlight to offerings linked to BTC futures, including ones from ProShares and Valkyrie. Related: ETFs listed — What’s next for Bitcoin?A separate decision for a Bitcoin ETF application from the New York Digital Investment Group, or NYDIG, is expected by March 16. The application is still under review after being delayed on Saturday.

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Bitcoin’s transition to a risk-off asset will propel it to $100K in 2022, says Bloomberg analyst

Bloomberg analyst Mike McGlone is convinced Bitcoin is on track to reach $100K in 2022, as it completes its transition from a risk-on to risk-off asset. While the Fed is planning to raise interest rates to fight inflation, risk-on assets like crypto may suffer, as people would likely prefer to invest in fixed-income assets like bonds. While this trend may represent a short-term hurdle, McGlone said he is confident that Bitcoin will still appreciate significantly in 2022:“Bitcoin is in a unique phase, I think, of transitioning from a risk-on to risk-off global digital store of value, replacing gold and becoming global collateral. So I think that’s going to be happening this year.”He said he considers the current bearish sentiment as a positive sign, indicating market consolidation. The analyst is also bullish on Ethereum, given its key role in providing the main infrastructure for decentralized finance and nonfungible tokens (NFTs). He is also convinced that USD-backed stable coins will proliferate in 2022. McGlone’s outlook for the broad crypto market is not as optimistic, though, given the large number of speculative bets among altcoins.  “Simple rules of economics do not favor prices of a market where there’s an unlimited supply and ease of entry. That’s the crypto market”. To find out more about McGlone’s crypto outlook for 2022, check out the full interview on our YouTube channel and don’t forget to subscribe!

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Indian INX exchange reportedly plans to list Bitcoin futures ETF

Despite the ongoing uncertainty about cryptocurrency regulation in India, local financial firms are backing new ventures aiming to launch Bitcoin (BTC) exchange-traded funds (ETF).Torus Kling Blockchain, a joint venture between Cosmea Financial Holding, a financial firm backed by former Reliance Capital CEO Sam Ghosh, and Kling Trading India, is preparing to launch Bitcoin and Ether (ETH) futures ETFs in India, The Economic Times reported Thursday.The company has signed a memorandum of understanding with India’s major stock exchange, the India International Exchange (INX), to launch crypto ETFs alongside investment products tracking major metaverse-related companies listed in the United States.According to the report, Torus Kling Blockchain is planning to set up the ETFs in the Gujarat International Finance Tec-City (GIFT City) by the end of the current fiscal year in India, or by the end of March 2022. The ETFs are subject to approval by India’s International Financial Services Centres Authority (IFSCA) and other regulators, the report notes.​​India INX CEO Venkataramani Balasubramaniam said that the stock exchange and GIFT IFSC are looking at “exploring the launch of digital asset-based products” and has already applied with the IFSCA under “regulatory sandbox.”“This is a part of our product innovation initiative to benchmark offerings with other international financial centers. We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals,” the executive noted.Cryptocurrencies are a new asset class that is a “tip of the iceberg” of the upcoming fintech innovation and adoption, Torus Kling Blockchain CEO Krishna Mohan Meenavalli said. “Exchange trade products allow trading through regular investment accounts, bypassing the hassle and security concerns of cryptocurrency exchanges,” he said.In late 2021, India’s Securities and Exchange Board reportedly approved Invesco Mutual Fund’s Invesco CoinShares Global Blockchain ETF Fund of Fund, aimed at investing in blockchain industry companies.Related: Pakistan’s central bank reportedly wants to ban cryptoThe news comes amid India INX aggressively extending to other markets, reportedly moving to allow local investors to access trading on Russia’s Moscow Exchange earlier in January. As previously reported, Russian financial giant Sber launched its own blockchain-related ETF tracking Coinbase and Galaxy Digital in late 2021.

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A third of Americans to buy Bitcoin by end of 2022, says Ric Edelman

Bitcoin bull and founder of Edelman Financial Engines Ric Edelman has made some promising predictions about the future of the seminal cryptocurrency.In an interview on CNBC program ETF Edge on Jan. 10, Edelman said:“We’re already at a quarter of that number with 24% of Americans owning Bitcoin. It won’t be that much of a stretch for it to get to one-third. Bitcoin is becoming more and more mainstream. People are hearing about it everywhere–it isn’t going away.”While 2022 got off to a rocky start, In his view, governments corporations, foundations, pension funds are investing in BTC: “there is major institutional involvement.”As the author of soon-to-be-released “The Truth about Crypto,” Edelman is a long-standing crypto proponent. In 2019, he described Bitcoin as the first “genuinely new asset class” in 150 years, and back in December 2018, he recommended that investors load up on the orange coin. In a follow-up interview with CNBC yesterday, he lamented that while he has predicted a Bitcoin spot exchange-traded fund (ETF) for the past seven years, he’s convinced that by 2023, there will be spot ETF approval. Similar to U.S. Securities and Exchange Commissioner Hester Peirce’s thoughts on the matter, Edelman articulates that the SEC is running out of excuses to say no:“A lot of the concerns the SEC has have been resolved by the industry through their own maturity, innovation and development. I am confident that we will see the SEC say yes because there is no legitimate reason for them not to.”Matthew Hougan, chief investment officer at Bitwise Asset Management agreed with him in the second interview. Related: Crypto mainstream adoption: Is it here already? Experts answer, Part 1Hougan stated that there would be even more investor protections and a better product thanks to the “cumulative weight of the evidence that will force them to move forward with approval.” Consumer protection provided by an SEC-run ETF is the cherry on top of a slick product. ETF speculation aside, Edelman is clairvoyant about the banality of Nakomoto’s invention in the future. He summed it up succinctly; Bitcoin is “going to be as common in the next couple of years as any other portion of a portfolio.”

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Bitcoin ETF decision delayed, SEC commissioner wonders why

The United States Securities and Exchange Commission has postponed its decision to approve NYDIG’s spot exchange-traded fund (ETF) for Bitcoin (BTC), delaying until March 16.In a notice published on Tuesday, the SEC found it “appropriate to designate a longer period within which to issue an order approving or disapproving” the ETF. Upon the news, BTC’s price didn’t flinch, remaining in its tightly coiled range under $47,000.In a promising turn of events, an SEC bigwig has been vocal in support of a spot ETF. While crypto enthusiasts are used to rejections and delays in BTC spot ETFs, SEC Commissioner Hester Peirce also wonders why it’s taking so long.In an interview with industry media, the commissioner said, “I can’t believe we’re still talking about this as if, you know, we’re waiting for one to happen […] We’ve issued a series of denials even recently, and those continue to use reasoning that I think was outdated at the time.”Related: What has been standing in the way of a pure-Bitcoin ETF?The NYDIG first proposed an ETF on Feb. 16 last year, while the most recent deadline for giving a thumbs-up was Jan. 15. If approved, it would have become the first spot Bitcoin ETF in the United States. U.S.-based investors can gain exposure to BTC through Valkyrie’s latest ETF offering or through the popular ProShares BTC futures contracts fund. However, investors still covet a way of gaining direct exposure to the asset.Across the border, Fidelity Canada launched a BTC ETF and mutual fund in December, while Brazilian and Latin American investors can tap into BTC spot ETFs. It begs the question: When will a spot ETF land on U.S. shores?With over 20 BTC-related ETFs awaiting approval or rejection in the U.S. according to ETF.com, surely 2022 is the year.

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Crypto funds attracted $9.3B in inflows in 2021 as institutional adoption grew

Institutional cryptocurrency funds attracted record inflows in 2021, as demand for digital assets such as Bitcoin (BTC) and Ether (ETH) continued to grow during a volatile and often unpredictable bull market. Crypto investment products registered $9.3 billion in inflows during the year, up from $6.8 billion in 2020, according to the latest CoinShares data, which was released on Tuesday. Bitcoin funds attracted $6.3 billion worth of capital last year, while Ether products saw inflows totaling nearly $1.4 billion. Multi-asset funds were also popular, attracting $775 million in investor capital. A total of 37 investment products launched in 2021, compared with 24 that hit the market the year before. Notably, crypto assets that were included in investment products expanded to 15 from nine the previous year. Grayscale remains the single largest crypto asset manager with $43.5 billion in assets under management as of Monday. Other multi-billion-dollar asset managers included 3iQ, 21Shares, ETC Group, Purpose and ProShares.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, 2022Despite massive volatility, cryptocurrencies enjoyed broader mainstream recognition in 2021, with both retail and institutional investors participating in the market. 2021 was the year that crypto became a multi-trillion-dollar asset class, putting it on the radar of fund managers and family offices. Along the way, a slew of BTC exchange-traded products hit the market, including the Purpose Bitcoin ETF in Canada, which offered North American investors spot exposure to the leading digital asset. Related: Bitcoin open interest matches record high amid predictions of BTC price ‘fireworks’ this monthRegulators in the United States would also approve several futures-linked Bitcoin ETFs in 2021, opening the door to broader institutional adoption. The Securities and Exchange Commission is expected to deliver its verdict on a pair of physically-backed Bitcoin funds from NYSE Arca and Grayscale in early February.

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Russian bank Sber launches blockchain ETF tracking Coinbase, Galaxy Digital

Sber, the Russian government-backed company and the largest bank in the country, is launching a blockchain exchange-traded fund (ETF) to track the performance of major crypto companies such as Coinbase and Galaxy Digital.Sber Asset Management officially announced the news on Thursday, stating that the new ETF is linked to various blockchain and crypto industry firms, including hardware and software providers for mining and issuing crypto assets.Called “Sber — Blockchain Economy,” the fund is set to trade under the ticker SBBE and will track the eponymous index developed by Sber’s investment subsidiary SberCIB.SBBE’s portfolio will include some of the world’s biggest crypto companies, including the United States’ largest exchange Coinbase, Mike Novogratz’s investment company Galaxy Digital and blockchain software provider Digindex.According to the announcement, Sber’s blockchain ETF will be the “first ETF in Russia to allow investors to make money in the blockchain market without difficulties associated with direct development, buying, holding and selling digital currencies.”This story is developing and will be updated.

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