ETF
KuCoin crypto exchange debuts USDT-dominated NFT ETF
Seychelles-headquartered cryptocurrency exchange KuCoin has launched an exchange-traded fund (ETF) tied to major nonfungible token (NFT) assets like Bored Ape Yacht Club (BAYC). KuCoin’s NFT ETF Trading Zone went live on Friday, the firm announced. The new investment product is launched in collaboration with NFT infrastructure provider Fracton Protocol. The KuCoin NFT ETF is a Tether (USDT)-dominated product that marks particular underlying NFT assets like Bored Ape Yacht Club. BAYC is one of five NFT ETFs that KuCoin is launching. Trading under the symbol hiBAYC, the asset is an ERC-20 token representing 1/1,000,000 ownership of the target BAYC in the BAYC meta-swap of Fracton Protocol. The ETF aims to increase liquidity as it enables exposure to NFTs via the USDT stablecoin instead of Et...
SEC extends window to decide on ARK 21Shares spot Bitcoin ETF to August
The United States Securities and Exchange Commission has pushed the deadline to approve or disapprove ARK 21Shares’ Bitcoin exchange-traded fund to August 30. According to a Tuesday filing from the SEC, the regulatory body extended the deadline for approving or disapproving the ARK 21Shares spot Bitcoin (BTC) ETF from July 16 for an additional 45 days, to August 30. The application, originally filed with the SEC in May and published for comment in the Federal Register on June 1, included a proposed rule change from the Chicago Board Options Exchange BZX Exchange. Ark Invest partnered with Europe-based ETF issuer 21Shares to file for a spot Bitcoin ETF listed on CBOE BZX Exchange in 2021, but the SEC rejected its application in April. Under current rules, the regulatory body is able to dela...
Not giving up: VanEck refiles with SEC for spot Bitcoin ETF
VanEck, one of the first firms in the world to ever file for a Bitcoin (BTC) exchange-traded fund (ETF), is not giving up on its plans to launch a spot Bitcoin ETF in the United States. The firm has refiled an application for a physically-backed Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC). Filed on June 24, VanEck’s latest Bitcoin ETF application comes months after the SEC rejected its previous spot Bitcoin ETF request on November 12, 2021. The securities regulator based its decision on the ETF on its alleged inability to meet standards to protect investors and the public interest as well as to “prevent fraudulent and manipulative acts and practices.” In the latest filing, VanEck provided a wide number of reasons for the SEC to approve a Bitcoin ETF this time. T...
Grayscale reports 99% of SEC comment letters support spot Bitcoin ETF
Digital asset manager Grayscale reported overwhelming support in public comments for its application to launch a spot Bitcoin exchange-traded fund. In a Monday letter to investors, Grayscale said that of the more than 11,400 letters the United States Securities and Exchange Commission, or SEC, had received in regards to its proposed Bitcoin (BTC) investment vehicle, “99.96 percent of those comment letters were supportive of Grayscale’s case” as of June 9. According to Grayscale, roughly 33% of the letters questioned the lack of a spot BTC ETF in the U.S., given the SEC had already approved investment vehicles linked to Bitcoin futures, as was the case for ProShares and Valkyrie. “The SEC’s actions over the past eight months […] have signaled an increased recognition of and comfort wi...
Samsung Asset Management to launch blockchain ETF in Hong Kong
Hong Kong-based Samsung Asset Management (SAMHK), a local subsidiary of Samsung’s investment arm, is moving forward with a blockchain-themed exchange-traded fund (ETF). The firm expects to launch its Samsung Blockchain Technologies ETF on the Hong Kong Stock Exchange on June 23, SAMHK announced on Thursday. The ETF seeks to achieve long-term capital growth by investing in stocks of companies actively involved in the development and adoption of blockchain technologies, the fund prospectus reads. The fund will invest in blockchain-related research and development firms, data providers, industry investment firms and others. The ETF’s composition will be managed by SAMHK’s portfolio management team, responsible for filtering out firms with “small market capitalization or low trading volume.”&n...
Over 200K BTC now stored in Bitcoin ETFs and other institutional products
Bitcoin (BTC) investment vehicles are seeing “gargantuan” inflows this month, which is a fresh sign that traders’ appetite for BTC exposure is mounting. Data from monitoring firm Arcane Research published this week shows that Bitcoin exchange-traded products (ETPs) now have record high BTC under management. “Happier days” for Bitcoin ETPs as buyers pile in Despite BTC price action failing to draw in buyers at over 50% below all-time highs, not everyone is feeling risk-off. According to Arcane’s data, Bitcoin ETPs have seen a flurry of interest from institutional investors both this month and last. In total, Bitcoin ETPs, which include products such as the ProShares Bitcoin Strategy exchange-traded fund (ETF), now have 205,000 BTC under their control — a new record. “While the M...
One River’s spot Bitcoin ETF application rejected by SEC
The United States Securities and Exchange Commission (SEC) maintained its perfect record for rejecting Bitcoin (BTC) spot exchange-traded fund (ETF) applications Friday when it disapproved a rule change to allow cryptocurrency-focused hedge fund One River Digital to offer the One River Carbon Neutral Bitcoin Trust on the New York Stock Exchange Arca. The decision comes somewhat ahead of schedule, as the agency had extended the original deadline to June 2 to allow more time for consideration. The commission wrote that, when considering One River’s proposed rule change, it applied “the same standard used in its orders considering previous proposals to list bitcoin-based commodity trusts.” Specifically, the proposed rule change did not meet the SEC’s rules around fraud...
Cathie Wood’s Ark and 21Shares refile for spot Bitcoin ETF
ARK Investment Management, an investment firm founded by veteran investor Cathie Wood, is taking another try to launch a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States. ARK Invest submitted on May 13 yet another application for its physical Bitcoin ETF, the ARK 21Shares Bitcoin ETF, according to a filing with the U.S. Securities and Exchange Commission. The application includes a proposed rule change from the Chicago Board Options Exchange (CBOE) BZX Exchange. According to Bloomberg ETF analyst Henry Jim, the latest deadline for approval or disapproval of the ARK 21Shares Bitcoin ETF is January 24, 2023. Ark 21Shares decides to try again for a “Spot” Bitcoin ETF and files 19b-4 with SEC. Deadline for approval / disapproval: Jan 24, 2023 (latest). Deadlines:2...
Crypto funds under management drop to a low not seen since July 2021
Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. According to the latest edition of CoinShare’s weekly Digital Asset Fund Flows report, Bitcoin (BTC) was the primary focus of outflows after experiencing a decline of $154 million for the week. The removal of funds coincided with a choppy week of trading that saw the price of BTC oscillate between $28,600 and $31,430. BTC/USDT 1-day chart. Source: TradingView Despite the sizable outflow, the month-to-date BTC flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million. On a more positive note, the multi-asset cat...
Grayscale to expand crypto fund offering into Europe
Digital asset manager Grayscale Investments is planning to expand its product offerings into Europe to tap into growing institutional demand for cryptocurrencies in the region, CEO Michael Sonnenshein confirmed Tuesday. In an interview with Bloomberg, Sonnenshein said the company was holding meetings with local partners to discuss how Grayscale’s suite of products would be rolled out in the region. The company hasn’t made any definitive plans regarding which exchanges and countries would be supported initially, though Grayscale plans to launch pilot tests in several markets across the European Union. Sonnenshein explained that Grayscale would be looking at investor behaviors and local regulations in determining its product rollout. “Although the EU is unified, we don’t view the entir...
21Shares launches hybrid Bitcoin and gold ETP to enable inflation hedge
21Shares, a major issuer of cryptocurrency exchange-traded products (ETP), is launching a new ETP tracking a mix of Bitcoin (BTC) and gold. The Switzerland-based firm on Wednesday announced the launch of the 21Shares ByteTree BOLD ETP (BOLD), a new product aiming to provide inflation protection by tracking an index providing risk-adjusted exposure to both BTC and gold. Listed on the SIX Swiss Exchange, the new hybrid ETP is subject to monthly rebalances according to the inverse historic volatility of each asset. At launch, BOLD comprises 18.5% of BTC and 81.5% of gold. The new ETP was developed in collaboration with the United Kingdom-based alternative investment provider, ByteTree Asset Management. The product is positioned as the world’s first combined BTC and gold ETP. “Gold has hi...
Purpose Bitcoin ETF adds 1.1K BTC as data hints investors want to ‘buy the dip’
The world’s first Bitcoin (BTC) spot price exchange-traded fund (ETF) is buying BTC again after a month of selling. Data from on-chain monitoring resource Coinglass confirms that on April 27, Canada’s Purpose Bitcoin ETF added 1,132 BTC to its holdings. Data: Buy the dip interest “skyrocketing” Despite fears that Bitcoin is not yet done with its sell-off, an about turn at Purpose hints at increasing institutional demand. Beginning March 28, when BTC/USD traded above $48,000, Purpose began reducing its exposure, which at the time totaled 36,321 BTC. Wednesday’s increase is thus the first since March 25. At the time of writing, Purpose held 31,162.7 BTC, while BTC/USD traded at $39,000. Purpose Bitcoin ETF BTC holdings chart. Source: Coinglass The move coincides with figures from...
