ETF

Bitwise launches crypto ETF media campaign with ‘The Most Interesting Man in the World’

The ad spot came as the U.S. SEC is looking at multiple spot crypto exchange-traded fund applications from asset managers.

Actor Jonathan Goldsmith, who appeared as “The Most Interesting Man in the World” in an advertising campaign for Dos Equis beer, is reviving his persona to promote Bitcoin (BTC) exchange-traded funds (ETFs) for Bitwise Asset Management.

In a Dec. 18 post on X (Twitter), Bitwise released an ad spot with Goldsmith showing “The Most Interesting Man in the World” in an upscale bar, as he often did in the beer commercials. However, rather than saying his signature “Stay thirsty, my friends” over a Dos Equis bottle, the actor had a crypto-focused message for viewers:

Goldsmith appeared in multiple ad spots, portraying himself as “The Most Interesting Man in the World” from 2006 to 2018. The commercials included humorous “facts” about his character, including “he is the only man to ever ace a Rorschach test” and “he’s on the upgrade list for flights he hasn’t even checked into.”

Spot Bitcoin ETF will be ‘bloodbath’ for crypto exchanges, analyst says

Spot Bitcoin ETFs could trigger unwanted consequences for crypto exchanges like Coinbase due to lower transaction fees, according to ETF analysts.

While the crypto community eagerly awaits the possible approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some analysts are warning this could potentially trigger unwanted consequences for cryptocurrency exchanges.

Several industry observers have predicted that a spot BTC ETF could start trading in early 2024, in an event that, when paired with Bitcoin’s upcoming block reward halving expected in April, Blockstream CEO Adam Back believes could propel BTC to $100,000.

Bitcoin proponents such as Jan3 CEO Samson Mow have said that approval of a spot Bitcoin ETF in the U.S. could even drive Bitcoin as high as $1 million in the “days to weeks” following.

SEC officials meet again with spot Bitcoin ETF filers

Meetings between asset managers and the SEC intensified over the previous weeks, with Gary Gensler’s team meeting with BlackRock and Hashdex representatives.

The United States Securities and Exchange Commission has held a new round of discussions with asset managers proposing a spot Bitcoin (BTC) exchange-traded fund (ETF) in the U.S., this time with officials from Gary Gensler’s office participating in the meetings.

Based on court filings, the regulator received representatives from BlackRock on Dec. 14 to discuss the proposed rule change that would enable the crypto investment vehicle to be traded on major exchanges. According to Bloomberg ETF analyst Jayme Seyffart, this is the third meeting between BlackRock and the SEC to review the application.

Meetings between asset managers and the SEC had intensified over the previous weeks. On Dec. 8, Grayscale and Franklin Templeton also sat down with regulators to go over their applications, a day after representatives of Fidelity appeared before the SEC.

Spot Bitcoin ETF approval to propel BTC to $1M in ‘days to weeks,’ says Samson Mow

Bitcoin is likely to reach $1 million quickly due to a “torrent of money” coming from institutional investors in 2024, according to the Jan3 CEO.

Bitcoin (BTC) will likely reach $1 million in the “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), according to Jan3 CEO Samson Mow.

“You’re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money,” Mow said, referring to the inflow of institutional capital that is expected following a potential spot ETF approval.

“This is why you can go really high all at one time,” he added.

Bitcoin whales aim to reclaim $42K after BTC price dives over 3%

Bitcoin bulls face a battle for support on multiple timeframes as BTC price action stays volatile.

Bitcoin (BTC) tapped lows beneath $41,700 after the Dec. 15 Wall Street open as BTC price action fielded fresh sell-side pressure.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD diving over $1,300, or 3.2%, on the day.

The largest cryptocurrency, fresh from a recovery from snap volatility the day prior, failed to hold its ground at $43,000 as Bitcoin bulls were denied upside continuation.

First Trust files for Bitcoin ‘Buffer ETF’ with SEC

Asset manager First Trust has filed for a Bitcoin buffer ETF with the SEC, intending to help investors mitigate risk by targeting downside protection.

The financial services firm First Trust is the latest company to file for a Bitcoin (BTC) exchange-traded fund (ETF) — but not a spot ETF.

On Dec. 14, First Trust submitted a Form N1-A filing with the United States Securities and Exchange Commission (SEC) to launch a new Bitcoin-linked product called the First Trust Bitcoin Buffer ETF.

According to the prospectus, the fund is designed to participate in the positive price returns — before fees and expenses — of the Grayscale Bitcoin Trust or another exchange-traded product (ETP) that provide exposure to the performance of Bitcoin.

Gensler hints Grayscale ruling forced SEC to take ‘new look’ at Bitcoin ETFs

The SEC chair could be softening his stance on Bitcoin ETFs following the Grayscale court victory, but if so, he hasn’t admitted it outright.

United States Securities and Exchange Commission (SEC) chair Gary Gensler has hinted that the regulator has been rethinking its approach to spot Bitcoin (BTC) exchange-traded products following a recent Grayscale court decision.

Speaking to CNBC on Dec. 14, Gensler was questioned about the long list of pending spot Bitcoin exchange-traded fund (ETF) applications. He said the SEC has “between eight and a dozen filings” going through the process at the moment.

“We had in the past denied a number of these applications,” he said before adding that the courts have weighed in on that. What followed was a statement suggesting that the agency could be changing its tack on Bitcoin:

TMX buys 78% of ETF tool VettaFi for $848M, boosting stake to 100%

Toronto Stock Exchange owner TMX is finalizing the purchase of VettaFi, an ETF tool that lists blockchain and cryptocurrency-themed E3TFs, including the VanEck Digital Transformation ETF.

TMX Group, the operator of Canadian stock exchanges such as the Toronto Stock Exchange and the Montreal Exchange, is finalizing the acquisition of VettaFi, a significant player in the exchange-traded fund (ETF) industry, including in blockchain and crypto ETFs.

The firm officially announced on Dec. 13 that it has agreed to acquire the remaining 78% of the common units of VettaFi for $848 million that it didn’t already own. The new deal brings the total amount of the acquisition to $1.03 billion, which includes investments TMX Group made in VettaFi in the first half of 2023 for around 22% of the common units, the announcement notes.

“The acquisition of VettaFi will add a dynamic new component to our growing information business, with an exciting set of capabilities and a visionary, innovative team committed to client success,” TMX Group CEO John McKenzie noted. He added that TMX had previously worked with VettaFi, and their collaboration had brought a “powerful combination and a tremendous culture fit.”

Top 5 blockchain ETFs that returned over 100% in 2023: Data

Some crypto-linked ETFs, like the VanEck Digital Transformation ETF and Global X Blockchain ETF, have surged by as much as 200% in 2023.

As the cryptocurrency community has been focused on the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States, some crypto-linked ETFs have already been racking up significant gains in 2023.

One such ETF is the VanEck Digital Transformation ETF (DAPP), which has surged nearly 207% year-to-date (YTD), according to data from TradingView. Launched in April 2021, DAPP tracks the price and performance of the MVIS Global Digital Assets Equity Index, which, in turn, is based on the performance of major companies involved in the digital asset economy.

VanEck’s DAPP ETF holds Coinbase (COIN), MicroStrategy (MSTR) and Block (SQ) as its top exposure assets. Coinbase and MicroStrategy have seen massive growth this year, with the shares rising 312% and 302% YTD, respectively, according to data from TradingView.

Bitcoin ETF applicants will have to ‘bend the knee’ on cash redemption model

The SEC is pushing Bitcoin ETF issuers down the cash create route for creation and redemptions, but BlackRock has other ideas.

As spot Bitcoin (BTC) exchange-traded fund (ETF) issuers iron out details of their filings with the United States Securities and Exchange Commission (SEC), the regulator appears steadfast in demanding a “cash” redemption model instead of an alternative model proposed by other issuers such as BlackRock.

On Dec. 14, finance lawyer Scott Johnsson said that ETF applicants Invesco and Galaxy became the latest to bend the knee to using a cash creation and redemption model for their ETF.

Seyffart also noted that Bitwise has been set for cash-only creates/redeems since Dec. 4, “though for months they had in-kind or cash in their documents before this.”