Valkyrie ‘BRRR’ spot Bitcoin ETF enters SEC’s Nasdaq rulemaking list
The SEC has accepted for review the Valkyrie spot Bitcoin ETF filing named “BRRR,” which is a reference to a popular meme in the Bitcoin community.
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Značka: shares
Ark Invest sells more Coinbase shares, eyes Meta platforms, Robinhood
Cathie Wood, the Bitcoin advocate, is actively investing in Meta Platforms (META) and Robinhood Markets (HOOD) shares.
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Coinbase shares up 50% since the SEC sued the exchange
Senior Coinbase executives, including CEO Brian Armstrong, have been selling their COIN shares amid the stock’s growth over the past month.
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Lawyers for Celsius investors file motion to have interests represented in court
An international law firm representing groups of Celsius investors has filed a motion to appoint a committee to represent their interests in the crypto lending firm’s bankruptcy case.In a Thursday filing with the U.S. Bankruptcy Court in the Southern District of New York, lawyers with the law firm Milbank requested the appointment of an “Official Preferred Equity Committee” to represent certain Celsius shareholders. According to the filing, the equity holders “urgently require their own fiduciary” for representation in court alongside Celsius debtors and an Unsecured Creditors Committee, or UCC.“The need for a fiduciary to pursue the Equity Holders’ interests is particularly critical when one considers the practical realities of these cases: There are only two groups of real economic stakeholders — the retail customers and the Equity Holders,” said the court filing. “Not only is the UCC laser focused on maximizing value for the customers, without regard for the Equity Holders, but the Debtors also have made it abundantly clear that the UCC is their partner, and these cases are ‘all about the customer.’”The legal team added:“An estate fiduciary is needed to take the other side of this dispute before a plan of reorganization is proposed that violates the Bankruptcy Code […] An Official Preferred Equity Committee should be appointed now — and not after the fact — or these cases will be inappropriately and inequitably skewed in favor of the customers to the detriment of the Equity Holders.”The shareholders included investors in Celsius’ Series B $750-million funding round from November 2021, one of the last before the firm filed for Chapter 11 bankruptcy in July 2022. A hearing on Milbank’s motion will be held on Oct. 6 — the same day the court was scheduled to decide on a motion allowing Celsius to sell its stablecoin holdings to generate liquidity to help “fund the Debtors’ operations.”We expect to soon begin the Claims process. Our objective is to make the entire process simple and straightforward for all customers.— Celsius (@CelsiusNetwork) September 15, 2022Related: Celsius co-founder declares his equity is ‘worthless’ in courtSince filing for bankruptcy in July, Celsius has faced legal issues from many clients seeking to reclaim their funds. In August, a group of creditors filed a complaint aimed at recovering more than $22.5 million worth of crypto held in the lending firm’s custody service. However, the price of Celsius’ CEL token has roughly doubled since the Chapter 11 filing, from $0.78 to $1.54 at the time of publication.Cointelegraph reached out to Milbank, but did not receive a response at the time of publication.
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‘Market will decide’ on post-Merge Ethereum ETPs, says crypto executive
The Ethereum Merge is set to be one of the biggest events in the cryptocurrency industry, potentially affecting many related firms and services, and Ethereum-based exchange-traded products (ETPs) are no exception.ETC Group, a major European crypto ETP issuer, has decided to expand its current Ethereum ETP offering by launching one more Ethereum investment product. The new ETP is based on ETHW, a new token that is set to run on proof-of-work (PoW) Ethereum following the hard fork.The new ZETW ETP will launch in addition to the currently offered Physical Ethereum ETP (ZETH), which was listed on Deutsche Boerse Xetra in March 2021. ZETW is scheduled to go live shortly after the Ethereum hard fork occurs, which is expected to occur within 24 hours following the Merge.The Merge refers to Ethereum’s transition from the infamous mining-based PoW consensus mechanism to an eco-friendly proof-of-stake (PoS) system.As some Ethereum users are willing to keep using the PoW model, the Merge is likely to fork Ethereum into two separate blockchains. Those include the main PoS-based Ethereum blockchain, commonly referred to as ETHPOS and associated with the original Ether (ETH) token. Another Ethereum network would rely on the PoW system, referred to as ETHPOW, with the new ETHW token.Scheduled to occur on Sept. 15, the Merge poses an impact on Ethereum-based ETPs: The underlying asset in default physical Ethereum ETPs will no longer be based on PoW, but some ETH ETP investors might want to have exposure to such an asset.According to ETC Group co-CEO and founder Bradley Duke, the new ETP launch would allow the firm to ensure the most transparent and fair approach to investors. With the new ETP, current ZETH holders will get the ZETW token automatically as an addition to ZETH on a 1:1 unit basis on brokerage accounts.“We just want to ensure investors in our products have the same opportunity as direct holders of any given crypto in the event of a fork,” Duke said.ETC Group sees the Merge as a positive development as it supports a greener PoS consensus mechanism, the founder noted, adding that the firm is very market-driven in their outlook:“If enough people get behind a fork for whatever reason, we feel the free market will decide on what should live and what should not. […] We are not in the business of predicting whether the fork will be a success or not.”According to Duke, the upcoming Merge will be the first time for ETC Group to manage a hard fork as part of their crypto ETP offering. Since launching their first centrally cleared Bitcoin ETP in June 2020, ETC Group has listed a total of 14 crypto ETPs on Xetra.Duke noted that launching a new ETP is not the only option to distribute hard fork proceeds for investors, as the firm could also just sell ETHW tokens following the hard fork. However, launching the new ETP appeared to be a better option for ETC Group because some investors might not want to sell it right away, he said.“The new ETP seems better because we just don’t know what will happen whether ETHW will succeed or not. We feel this approach is the fairest,” Duke stated.While ETC Group is moving forward with two separate Ethereum ETPs due to the Merge, some issuers decided to simply keep their ETPs running on PoS Ethereum.Related: Ethereum’s potential fork ETHPOW has crashed 80% since debut — More pain ahead?Cryptocurrency investment firm 21.co told Cointelegraph that their flagship 21Shares Ethereum ETP will reflect the PoS fork of Ethereum, which is “expected to be the dominant version of the network post-Merge.”“If a hard fork were to result in an airdrop, 21Shares would likely sell and reinvest the proceeds into the respective products to align with the index,” 21.co director of research Eliézer Ndinga said. The exec added that there may be “unknown and unforeseen factors,” including lockup periods, and it may take time for custodians to fully process the newly forked asset, among other issues.“Once any airdrops are announced, and the specifics are available, 21Shares will provide an update,” Ndinga added.
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Bitcoin gains superior to stocks in the long term, economist says
The recent crashes in stock and cryptocurrency markets have provided yet another chance to observe better return opportunities of crypto versus stocks, according to several industry executives.This week, the crypto market saw one of its biggest sell-offs ever, with the total market capitalization plummeting more than 30% from $1.8 trillion on May 4 to as low as $1.2 trillion on May 12. Bitcoin (BTC), the biggest digital asset by market capitalization, tumbled below $27,000 for the first time since late 2020, losing 30% of value over the same period. But the market instability has not been exclusive to crypto. The stock market has also seen one of its worst moments since 2020, with the tech-focused Nasdaq Composite dropping more than 12% over the period, dipping below 12,000 points.Tech giants like Apple and Microsoft both saw their market cap decline by about 13%, while Tesla’s market cap tanked 23% from $986 billion to $754 billion.Cryptocurrency markets are more volatile than stocks and thus are associated with higher risks, but they also offer bigger opportunities, ANB Investments CEO Jaime Baeza told Cointelegraph.“Over the long term and without getting too much into detail, I believe crypto as a whole provides better risk-return opportunities,” Baeza said.Huobi Group chief financial officer Lily Zhang expressed similar remarks, stating that the volatility of crypto means that there are “more opportunities to make substantial gains with cryptocurrency.”“It is important to note that we are in the midst of a new Fed rate hike cycle and both cryptocurrencies and tech stocks may be subject to sudden capital outflows, leaving them susceptible to deep corrections,” Zhang noted.According to Ryan Shea, a crypto economist at fintech startup Trakx.io, crypto has a higher beta to market sentiment than stock markets. When investors become more reluctant to take risks, the market experiences relatively larger price declines, but it also means relatively larger price gains when risk appetite improves, Shea said, adding:“Our long-term view is that certain crypto-assets — fixed or limited supply cryptocurrencies like Bitcoin — will experience superior price gains as they offer a better store of value relative to fiat money.”According to Huobi’s CFO, the correlation between the crypto market and the U.S. stock market has been strong since the end of 2020. Bitcoin’s correlation with the S&P 500 was as high as 0.7 in January, and has remained high since then, she added.Related: Bitcoin’s rocky road to becoming a risk-off asset: Analysts investigate“Given this correlation, it is difficult to hedge against overall portfolio price volatility when assets are allocated amongst both equities and crypto assets. However, investors can still smooth out volatility by controlling their risky asset positions, and adjusting both their asset allocation strategies and the variety of assets they invest in within these two asset classes,” Zhang stated.At the time of writing, crypto markets are seeing a significant recovery, with Bitcoin edging up about 9% over the past 24 hours, trading at $30,610, according to data from CoinGecko. The cryptocurrency is down 23% over the past 30 days.
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Robinhood shares spike 30% after Sam Bankman-Fried buys $650M stake
Sam Bankman-Fried, the billionaire founder and CEO of cryptocurrency exchange FTX has acquired a substantial 7.6% stake in the popular online brokerage, Robinhood. The news was well received by the market, with Robinhood’s (HOOD) stock price initially soaring over 30% in after hours trading. At the time of writing the price has settled to a 24% overall gain.According to a securities filing made with the Securities and Exchange Commission on Thursday, Bankman-Fried purchased a total of $648 million in Robinhood shares at an average price of $11.52. The purchases disclosed by Bankman-Fried reportedly began in mid-March and continued through until Wednesday.In the securities filing, Bankman-Fried made it clear that he had, “no intention of taking any action toward changing or influencing the control of [Robinhood],” and that the move was simply because he saw Robinhood as an “attractive investment.” Robinhood’s communications team took to Twitter to emulate what Bankman-Fried said in his securities filing — tweeting to their 82,000 followers, “Of course we think it is an attractive investment too.”Of course we think it is an attractive investment too. We have the best customer base, are introducing great new products, and we have the team to deliver.— Robinhood Comms (@RobinhoodComms) May 12, 2022The transaction was executed by an Antiguan firm called Emergent Fidelity Technologies Ltd, of which Bankman-fried is the sole director and majority owner. The announcement seems to have provided Robinhood investors with some short-term relief, after its stock price reached a new all time low of $7.73 on March 12, just one day after the brokerage firm revealed that its crypto transaction revenue fell 39% year-over-year (YOY).Robinhood has been taking significant strides into the cryptocurrency market, as revenue from stock-related trading has fallen drastically. Robinhood currently provides users with crypto trading capabilities, bringing it into immediate competition with other US-based cryptocurrency exchanges such as Coinbase and Gemini. According to Robinhood’s Q1 2022 report, roughly 18% of its Q1 net revenue came from crypto-related transactions, however transaction-based revenue from cryptocurrencies decreased 39% YOY to $54 million, compared to $88 million in the Q1 2021.Related: Robinhood axes almost 1 in 10 staff members as stock hits all-time lowIn April last year, Robinhood announced plans to expand into cryptocurrency brokerage by purchasing UK-based crypto company Ziglu.Earlier this month, Robinhood also rolled out its highly anticipated crypto wallet to 2 million waitlisted users, outlined plans to integrate the Lightning Network, and listed Shiba Inu (SHIB) after months of campaigning from its supporters.
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Crypto-related stocks jump in positive reaction to executive order
The stock prices of crypto-related companies have jumped as the broader market reacted positively to President Joe Biden’s long-awaited executive order requiring US federal agencies to create a regulatory framework for digital assets, as well as exploring a future digital dollar. Coinbase (COIN) surged, up 10.5% at market close, while shares in Bitcoin-evangelist Michael Saylor’s MicroStrategy (MSTR) posted a 6.4% gain, according to TradingView. Blockchain-related exchanged-traded funds (ETFs) also enjoyed the markets’ renewed confidence in crypto, with ProShares Bitcoin Strategy ETF (BITO) gaining 10% and Valkyrie Bitcoin Strategy ETF (BTF) closing up 10.3%.Cryptocurrency mining companies enjoyed the largest gains with Riot Blockchain Inc. (RIOT) shares up 11.2% and Marathon Digital Holdings Inc. (MARA) rose 13.5% with Jefferies (JEF) analyst Jonathan Peterson, reportedly restoring his buy rating for MARA in a note to clients and stating that crypto miners are likely to gain now that the U.S Government is “more formally recognizing, engaging with and seemingly supporting” the digital asset industry. While 10% swings are common in crypto, these are unusually volatile moves on traditional markets. And despite the past day’s increase, Coinbase is still down nearly 48% from it’s direct listing price in Apr. last year, while RIOT is in an even worse position, currently down 76% from it’s most recent high in Feb. 2021. Bitcoin (BTC) itself jumped 9% after details concerning the executive order leaked last night, before settling back to the current 5% gain. Aside from the immediate positive price action, the executive order was considered by most investors to be if not a net positive for the crypto industry, at least a lot less bad than had been feared. President Biden called the rise of digital assets, “an opportunity to reinforce American leadership in the global financial system and at the technological frontier”. The order didn’t explicitly state what sort of regulatory measures could be expected, butthe overall sentiment from the US Federal government seemed constructive — meaning that the executive order will potentially work to expand the adoption of virtual currencies within the U.S. financial system.This was further supported by the Treasury Secretary Janet Yellen who said in a statement that legislation will aid consumers and businesses. “President Biden’s historic executive order calls for a coordinated and comprehensive approach to digital asset policy,” Yellen said. “This approach will support responsible innovation that could result in substantial benefits for the nation, consumers and businesses.”Minnesota Congressman, Tom Emmer provided an insightful breakdown of the areas that the executive order glossed over, warning his 48,000 Twitter followers that they have no reason to expect that the US government will prioritize policies for open, permissionless or private technology. Related: Crypto could bypass President Biden’s ‘devastating’ sanctions on Russian banks and elites: Report1) Decentralization is the Point: The EO doesn’t mention decentralization once. The disintermediation of our economy will enable all Americans, regardless of circumstance, to decide their futures, not a bank or Big Tech or the government.— Tom Emmer (@RepTomEmmer) March 10, 2022He added however the one of the most promising parts of the executive order was that it “doesn’t ask the SEC to weigh in. SEC Chair Gensler has spent the past year intimidating crypto innovators and entrepreneurs with his unproductive regulation by public statement and enforcement action. His input is not critical.”Gensler weighed in on the news anyway, deciding to post his support for Biden’s regulatory efforts on Twitter.Today, @POTUS signed an Executive Order on crypto-assets. I look forward to collaborating with colleagues across the government to achieve important public policy goals: protecting investors & consumers, guarding against illicit activity, & helping ensure financial stability.— Gary Gensler (@GaryGensler) March 9, 2022
Gensler’s tweet was received with criticism from some in the cryptocurrency community on Twitter, given his oft expressed skepticism for the digital asset industry. Ryan Selkis, the CEO of Messario Crypto, put Gensler directly in the crosshairs, claiming that Gensler’s goals have nothing to do with investor protection.With any luck, you’ll be completely boxed out of meaningful input as your personal goals have nothing to do with investor protection, market stability or blocking illicit activity.Fitting you say nothing about capital formation here.Keep promoting CCP companies over crypto!— Ryan Selkis (@twobitidiot) March 9, 2022
Zooming out, the overall share market rose on Wednesday, with the S&P 500 posting a 2.5% gain despite continued geopolitical tension in Eastern Europe.
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Big jump in investors who favor crypto over stocks: Survey
New research by consumer data aggregator CivicScience has found that a growing number of investors are selling their shares to purchase more crypto. The research questions were sent to people over 18 years old in the U.S. at varying times during 2021. The results were weighted by U.S. census data. Each question had between 1000 and 40,600 respondents. Out of 3,700 respondents surveyed, the number who said they would be more likely to invest their money in cryptocurrency than traditional stocks increased 140% in just five months. Back in June, only 10% of respondents said they would be more likely to invest their money in cryptocurrency than traditional stocks, which rose to 24% in November.Interesting those who said they follow the financial market and economy “very closely” or “somewhat closely” were more likely to swap their traditional assets for crypto. Out of the 1285 respondents who said they follow the market “very closely,” 40% said that they or someone they know has sold their traditional stocks to purchase crypto. This percentage dropped to 30% for those who follow the market “somewhat closely,” and around 17% for those who said they followed the market “not closely at all.”Around 44% of the 1,988 respondents who had sold stocks for crypto said they’d sold less than 10% of their portfolios. But around one-fifth had sold over half of their stock assets to buy crypto which Zack Butovich from CivicScience described as a “shockingly significant number.” That might be pushing it, but it’s certainly notable.Related: True or false: 91% of surveys about Bitcoin and crypto are totally wrongAccording to its website, CivicScience sources its data through digital and mobile content partnerships. Cointelegraph contacted CivicScience for more detail on its methodology and is awaiting a response. CivicScience also found that those not interested in blockchain tech has continued to decline, from 80% in May of this year, to 68% currently based on 40,571 responses from May 1 to Dec. 6.
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