investments
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 day...
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 ...
Orange-pilled by Michael Saylor, NorthmanTrader CEO now a Bitcoin supporter
There is still room for humility and humor amidst a gloomy January for Bitcoin (BTC). A former outspoken Bitcoin critic has flipped bullish on Bitcoin after conversations with Michael Saylor, CEO of Microstrategy. What’s more, Sven Henrich, the CEO of market analysis firm NorthManTrader, made light of his change of heart retweeting a jibe from Twitter account Documenting Bitcoin. Excellent https://t.co/tAIwLWJfKv — Sven Henrich (@NorthmanTrader) January 24, 2022 Despite his previous comments that Bitcoin “fixes nothing”, Henrich has followed the crypto markets for three years. He tweeted regularly about Bitcoin price action, offering market analysis as reported by Cointelegraph. However, he had no intentions of buying. In 2022, he is now a “supporter of Bitcoin.” That means an “expos...
Green shoots? Institutional crypto funds see first inflows in 5 weeks
After five weeks of constant outflows, institutional investment is finally trickling back into crypto funds with BTC the asset of choice and ETH falling out of favor. In its weekly Digital Asset Fund Flows report published on Jan. 24, crypto investment firm CoinShares observed inflows for some institutional products. It is the first time in five weeks that there has been a net positive inflow as $14.4 million re-entered the space with investors buying the dip. The researchers reported that these inflows came during a period of significant price weakness, adding that this suggests investors “are seeing this as a buying opportunity” at current price levels. Capital continued to flow out from CoinShares own BTC fund, however, 21Shares and ProShares registered minor gains. Most of the inflows ...
House members call for an end to lawmakers trading stocks — is crypto next?
Congresspeople currently HODLing or actively trading in crypto may have to stop doing so while in office if recent pushes to ban lawmakers from investing in stocks gain enough support. In a Monday letter addressed to Speaker Nancy Pelosi and Minority Leader Kevin McCarthy, 27 members of the U.S. House of Representatives called for action “to prohibit members of Congress from owning or trading stocks.” Among the bipartisan group of lawmakers who signed onto the letter was Illinois congressperson Bill Foster, who is also a member of the Congressional Blockchain Caucus. In addition, the letter seems to have support from politicians diametrically opposed on major issues like Progressive Democrat Rashida Tlaib and Republican Matt Gaetz, who is reportedly under investigation by the Justice Depar...
SEC rejects MicroStrategy‘s Bitcoin accounting practices: Report
Business intelligence firm MicroStrategy reportedly acted contrary to the Securities and Exchange Commission’s (SEC‘s) accounting practices for its crypto purchases. According to a Bloomberg report, a comment letter from the SEC released Thursday showed that the regulatory body objected to MicroStrategy reporting information related to its Bitcoin (BTC) purchases based on non-Generally Accepted Accounting Principles (GAAP). The business intelligence firm has been reporting that it used these methods of calculating figures for its BTC buys, excluding the “impact of share-based compensation expense and impairment losses and gains on sale from intangible assets.” Essentially, this negates some of the effects of the volatility of the crypto market. GAAP rules are seemingly not design...
NFTs and DeFi overturn a banker’s generational curse of poverty in 2 years
Brenda Gentry, a former USAA mortgage underwriter from Texas, believes that the cryptocurrency ecosystem offers a fighting chance to overcome the generational curse of poverty. Gentry, a.k.a. MsCryptoMom, left her decade-long job as a banker to pursue a full-time crypto career as her initial investments from early 2020 confirmed the “unprecedented opportunities offered by crypto.” She currently runs Gentry Media Productions, a firm that advises decentralized finance (DeFi) and nonfungible token (NFT) projects — generating up to 20 ether (ETH) each month, nearly $50,000 at the time of writing. Speaking to Cointelegraph, Gentry recollected the moment she first bought crypto: “It was early 2020 during the lockdown. I bought Bitcoin, Ethereum and Link on Coinbase. When I started, I almos...
Canadian restaurant chain reports earning 300% gains on BTC investment to weather pandemic
More than a year after a Canada-based Middle Eastern restaurant chain converted its fiat cash reserves into Bitcoin, the owner reported the move helped save the business during the pandemic. According to a Tuesday report from Canadian news outlet Toronto Star, when Tahini’s restaurant owners Aly and Omar Hamam and their cousin Ahmed decided to convert the company’s savings into Bitcoin (BTC) in August 2020 because it offered “a much better alternative to saving cash,” the price of the crypto asset was roughly $12,000. Aly Hamam reported the business had benefited from the initial crypto investment. “We made the move to the corporate balance sheet on a Bitcoin-standard back in August of 2020, and since then, we’re up more than 300 percent on our initial investment,” said Hamam. “It’s really...
Early birds: U.S. legislators invested in crypto and their digital asset politics
According to some estimates, as many as 20% of Americans were invested in cryptocurrencies as of August 2021. While the exact number can vary significantly from one poll to another, it is clear that cryptocurrencies are no longer just a niche passion project for tech enthusiasts or a tool for financial speculation. Rather, digital assets have become a widespread investment vehicle with the prospect of becoming mainstream. Optimistic as that is, this level of mass adoption still does not enjoy a commensurate political representation, with senior United States politicians largely lagging behind the curve of crypto adoption. This makes the very narrow group of congresspeople who are also hodlers particularly interesting. As a lawmaker, does owning crypto, or at least having some crypto ...
Brazilian mayor to reportedly invest 1% of city reserves in Bitcoin
Eduardo Paes, mayor of Brazilian city Rio de Janeiro, wants to allocate 1% of the city’s treasury into Bitcoin (BTC), Cointelegraph Brazil reported. Paes reportedly announced plans for “Crypto Rio,” or turning the city into a cryptocurrency hub during Rio Innovation Week on Thursday, according to a report by local news agency O Globo. The mayor spoke about Rio’s cryptocurrency-related ambitions in a panel with Miami mayor and Bitcoin bull Francis Suarez, who started accepting his paychecks in BTC in November 2021. “We are going to launch Crypto Rio and invest 1% of the treasury in cryptocurrency. The government has a role to play,” Paes reportedly said, adding that the state is also planning to introduce tax exemptions for the industry. The panel also included major Brazilian officials lik...
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 ...
2021: A year of mass adoption for cryptocurrencies in Brazil
Throughout 2021, the Brazilian cryptocurrency market managed to distance itself from the police pages and finally win acceptance with the general public, whether in the financial market or even in the greatest national passion: soccer. Last year, Bitcoin (BTC) acted as a strong alternative to the Brazilian real that ended 2021 by breaking negative records and reaching a devaluation of 6.5% by December, making it the 38th worst currency in the world. In a year of ups and downs for Bitcoin, the biggest cryptocurrency hit a bottom of 167,000 real in January and soared along with global markets to 355,000 real in May. Faced with Bitcoin’s dip, the BRL/BTC pair was stuck below 200,000 reals until August, when it began to rise to a new historic high of 367,000 real on Nov. 8. Faced with the need...
