stocks

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.

Coinbase co-founder Fred Ehrsam sells $13M in COIN shares as ARK continues to divest

Major Coinbase shareholders have sold over $14 million of stocks over the past 48 hours.

According to public trading data, Coinbase co-founder Fred Ehrsam and ARK Invest have sold more than $14 million of Coinbase shares over the past 48 hours.

Information shared by Insider Tracker, a service that shares trading information of high-profile company executives and politicians, shows that Ehrsam sold 97.836 COIN shares for $13.2 million on Dec. 11.

Meanwhile, ARK Invest’s daily trade information newsletter, which provides updates on its actively managed exchange-traded funds (ETFs), showed that its ARK Innovation ETF (ARKK) had offloaded some 10,933 COIN shares valued at around $1.5 million.

Cathie Wood’s ARK dumps 237K Coinbase shares at $140

The latest Coinbase sale by ARK is one of its largest daily sales in 2023, third only to two massive sales in July.

ARK Invest, one of the firms hoping to launch a spot Bitcoin exchange-traded fund (ETF) in 2024, is continuing to rake in the profits made from its large stash of Coinbase stock.

On Dec. 5, ARK dumped as many as 237,572 Coinbase shares from its three funds, according to a trade notification seen by Cointelegraph. The sale came on the day the Coinbase stock closed at $140 per share, netting at least $33 million.

The trading firm offloaded 201,711 Coinbase shares from the ARK Innovation ETF (ARKK) alone, with an additional 28,535 and 7,326 being sold by the ARK Fintech Innovation ETF (ARKF) and the ARK Next Generation Internet ETF (ARKW), respectively.

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures’ in revenue

The trading platform posted a sharp rise in monthly crypto trading volumes in November, while CEO Vlad Tenev said he hopes to eventually reel in “nine figures” in annual revenue.

Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.

In a Form 8-K filing to the United States Securities and Exchange Commission (SEC) on Dec.

The activity, however, didn’t translate to equity and options contract trading volumes, which were mostly flat compared to October.

The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.

As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million.

*Robinhood’s 8-K report showing preliminary operating data for November 2023. Source: SEC*

Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.

Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.

Robinhood crypto trading rises 75% in Nov, CEO tips ‘9 figures' in revenue

The trading platform posted a sharp rise in monthly crypto trading volumes in November, while CEO Vlad Tenev said he hopes to eventually reel in “nine figures” in annual revenue.

Crypto-friendly trading platform Robinhood has reported a 75% month-on-month increase in digital asset trading volume in November.

In an 8-K filing to the Securities and Exchange Commission on Dec.

The activity however equity trading volumes and options contracts traded were roughly flat in the same month compared to October.

The bumper month marks a reversal for Robinhood, which revealed a 55% decrease in cryptocurrency notional volumes over the year in its Q3 results filing.

As a result, its Q3 revenue came in below analyst estimates for the quarter at $467 million.

Robinhood could be eyeing a more profitable fourth quarter in light of the recent crypto market rally, which has seen total capitalization surge 40% to $1.6 trillion over the past two months.

Robinhood co-founder and CEO Vlad Tenev told investors in a November earnings call that the platform could eventually reel “nine figures” in annual revenue.

‘Fire in the cauldron’ as Coinbase, Marathon surge over 300% in 2023

The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron” for crypto, said Zerocap investment chief Jon de Wet.

Publicly traded crypto firms have notched triple-digit percentage returns in 2023 and closed in the green on Dec. 4, with Bitcoin (BTC) reaching a new year-high of over $42,000.

Crypto exchange Coinbase closed the day at just over $141, a 5.5% gain and a 320% rise from its price at the start of 2023, according to Google Finance data.

Bitcoin miners Marathon Digital and Riot Platforms closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

*A visual map of the one-day price of S&P 500 stocks shows mixed results on Dec. 4 Source: Finviz*

Crypto investment firm Galaxy Digital Holdings posted a daily gain of nearly 12% and is up 155% YTD. MicroStrategy — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the broader North American stock market seeing a mixed bag of gainers and losers on Dec.

The crypto-related stocks are well below their all-time highs, however.

IG Australia market analyst Tony Sycamore told Cointelegraph the crypto-related stock rally is “coming off the back of Bitcoin’s spectacular gains in recent months,” which is up nearly 152% YTD and is closing in on $42,000, already hitting a 19-month high.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

'Fire in the cauldron’ as Coinbase, Marathon surge over 300% in 2023

The anticipated Bitcoin halving and potential ETF approvals have lit “some serious fire in the cauldron” for crypto, said Zerocap investment chief Jon de Wet.

Publicly traded crypto firms have notched triple-digit percentage returns this year and closed up in green on Dec. 4, as Bitcoin (BTC) reached a new year-high of over $42,000.

Crypto exchange Coinbase (COIN) closed the day at just over $141 with a 5.5% gain, up 320% from its price at the start of the year, per Google Finance data.

Bitcoin miners Marathon Digital (MARA) and Riot Platforms (RIOT) closed the day with over 8% gains, recording 337% and 345% year-to-date (YTD) gains, respectively.

Crypto investment firm Galaxy Digital Holdings (GLXY) posted a daily gain of nearly 12% and is up 155% YTD and MicroStrategy (MSTR) — with the largest Bitcoin holdings of any public company valued at over $6.6 billion — saw a daily gain of over 6.5% and a YTD rise of 288%.

It comes despite the wider North American stock market seeing a mixed bag of gainers and losers on Dec.

Large-cap tech stocks, such as Microsoft, fell 1.43% on Dec.

The crypto-related stocks are well below their all-time highs, however.

Sycamore said investors see crypto stocks as a way to gain crypto exposure until the United States approves spot Bitcoin exchange-traded funds (ETFs).

Bitcoin sparks liquidations as analyst says BTC price may dip 12% more

Bitcoin loses 3% on the day, with the start of Wall Street trading failing to rescue BTC’s price from the loss of $30,000.

Bitcoin (BTC) headed lower into the April 17 Wall Street open as downside began liquidating longs.

*BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView*

Bitcoin’s price tipped for a break below $29,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD wicking to $29,247 on Bitstamp — its lowest in a week.

Gains for Asian stocks failed to rescue the losses on the day, these beginning immediately after the April 16 weekly close.

Traders, many of whom had predicted a retest of $30,000 support, were unsurprised, with many hoping that the event would form a “buy-the-dip” opportunity before Bitcoin moved higher.

Popular trader Crypto Ed said that BTC/USD had “swept the lows,” while others focused on the area around $28,500 as a potential bottom zone.

$BTC

Some level of support at 29.2 may gave some reaction but 28.6 will be the retest of a major level and a significant one at that. https://t.co/LASJfYoZmb pic.twitter.com/sdLrP51082

— XO (@Trader_XO) April 17, 2023

“BTC bid ladders down to $28.5k want to get filled, but it’s worth noting that the phrase, ‘There are no straight lines in trading’ applies in both directions,” monitoring resource Material Indicators summarized, noting shifts in liquidity on the Binance order book.

*BTC/USD order book data (Binance). Source: Material Indicators/Twitter*

Material Indicators co-founder Keith Alan eyed the 21-day moving average at $28,860 as short-term support.

Should this fail to hold, he said, it might spark a retest of the 200-week moving average at $25,860 — around 12% lower than the current spot price and 16.5% below the recent local high.

#Bitcoin starting the week with some downside volatility. If Technical Support at the 21-Day Moving Average doesn’t hold, I expect a long awaited retest of the 200 Week Moving Average. #NFA pic.twitter.com/jPksE4sAIh

— Keith Alan (@KAProductions) April 17, 2023

Despite the broad optimism, Bitcoin bulls were feeling the pain at the time of writing, with long liquidations for April 17 totaling nearly $29 million, according to data from Coinglass. Cross-crypto liquidations stood at nearly $67 million.

“Key level here for Bitcoin,” financial commentator Tedtalksmacro added.

“Reclaiming $29.7k is key for new highs… you wanted dip, this is the dip!”

*Bitcoin liquidations chart. Source: Coinglass*

U.S. dollar seeks “telegraphed” double bottom

United States equities saw a muted reaction at the open, with the S&P 500 and Nasdaq Composite Index both up by around 0.1%.

The U.S. dollar made more solid gains, with the U.S. Dollar Index (DXY) above 102 after bouncing from its lowest levels in a year.

*U.S. Dollar Index (DXY) 1-day candle chart. Source: TradingView*

“Watch $DXY today,” analyst Justin Bennett told Twitter followers.

“If this plays out, it’ll be the most telegraphed bottom that most failed to see bc they were promised a new bull market.”

*U.S. Dollar Index (DXY) annotated chart. Source: Justin Bennett/Twitter*

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The views, thoughts and opinions expressed here are the authors’ alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Blockchain platform for trading securities OTC moves forward with SEC approval

Upon approval, both the SEC and the FINRA will become Certificate Holders in the private blockchain, allowing regulators to view transactions and access the network governance.

A Delaware company is seeking registration with the United States Securities and Exchange Commission (SEC) to carry out over-the-counter (OTC) stock trading on-chain.

BlackStar Enterprise Group has been developing the platform since 2018 and spent almost two years in communication with the regulator, answering dozens of questions and comments from examiners. Recently, the company has taken the next step in providing a detailed plan to the SEC Trading and Market division about how its platforms will be operated.

BlackStar CEO Joseph Kurczodyna told Cointelegraph that he sought the SEC’s permission to build the platform’s demo in 2018. “We have proved that U.S. registered securities can be traded digitally on a blockchain, that the process is compliant with broker dealers’ back-office and SEC rules,” commented the senior executive.

The platform will allow trading OTC securities within the existing regulated brokerage ecosystem from the Financial Industry Regulatory Authority (FINRA) and SEC, the company said in its filings. As stated in the document:

“For example, customers will continue to use brokerage accounts and broker-dealers and the transfer agent will continue to maintain the shareholder records. […] All custodial duties are intended to remain the same because the platform will pass encrypted customer information to buy or sell orders to the appropriate parties.”

According to Investopedia, OTC refers to the process of trading securities via a broker-dealer network, rather than through a centralized exchange such as the New York Stock Exchange (NYSE).

BlackStar’s platform is built on a private blockchain and powered by Amazon Quantum Ledger Database. Kurczodyna said it would remain in the testing phase until licensed to a broker-dealer, clearing firm or Alternative Trading System (ATS).

Upon approval, both the SEC and FINRA will become Certificate Holders in the blockchain, with full access to transactions. Tokens, crypto assets and short selling transactions will not be supported on the platform.

“From a timing standpoint, we feel this is an exciting time for BlackStar. Our proposed digital trading platform […] could potentially help resolve multiple existing trading issues, including concerns related to fraud in the U.S. financial markets,” claims Kurczodyna, who believes the platform will increase transparency and mitigate risks of investing in OTC stocks.

A similar development is taking place in Germany, where the government wants to use blockchain technology to power stock trading. A recently introduced legislation targets the capital markets’ digitalization through the issuance of electronic securities on a blockchain, aiming to make the stock markets more accessible to startups and small businesses.

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