On Monday, the New York Stock Exchange (NYSE) encountered a series of unexpected trading halts affecting stocks such as Chipotle and Berkshire Hathaway. Berkshire shares plummeted 99.7%, while Chipotle’s stock fell 66%. In response to the event, renowned whistleblower Edward Snowden took to social media, asserting that “bitcoin fixes this.” NYSE Disruptions Trigger Stock Falls; […]
Bitcoin News
NYSE Partners With Coindesk for Bitcoin-Tracking Financial Products
The New York Stock Exchange (NYSE) has teamed up with Coindesk Indices to develop cash-settled options contracts that track bitcoin prices. These contracts, based on the Coindesk Bitcoin Price Index (XBX), are currently in the planning stage and awaiting regulatory approval. NYSE and Coindesk Indices Forge New Path With Bitcoin Options Contracts The proposed New […]
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Crypto Wallet Firm Exodus Faces Unexpected Setback in NYSE Uplisting Plan
Exodus Movement, a crypto wallet company, announced that its planned listing on NYSE American will not proceed as scheduled due to the U.S. Securities and Exchange Commission (SEC) still reviewing its registration statement, despite the statement being declared effective at the end of April. The company, which intended to uplist from OTC trading to expand […]
Bitcoin News
NYSE Considers 24-Hour Trading Model in Response to Crypto Market Trends
Cryptocurrency markets operate continuously, trading every day of the week, around the clock. In a similar vein, reports indicate that the New York Stock Exchange (NYSE) is exploring the possibility of shifting to 24/7 operations. The data team at NYSE has conducted a survey among its investors, revealing a strong interest in the availability of […]
Bitcoin News
Former NYSE President: Money Will Flood Into Crypto Industry With Spot Bitcoin ETFs
Former NYSE President Tom Farley expects money to “flood” into the crypto industry when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It’s just easier to buy. People believe in bitcoin,” he emphasized, adding that the cryptocurrency “is a great invention.”
‘Money Will Flood Into the Industry’
Former New York Stock Exchange (NYSE) President Tom Farley discussed the implications of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the next crypto bull run in an interview with CNBC last week. He held the position of NYSE Group President from 2014 to 2018 and currently serves as the CEO of the cryptocurrency exchange Bullish.
Farley explained that he is optimistic about bitcoin because all U.S. regulators, including the SEC, have stated that BTC is not a security. Even SEC Chair Gary Gensler has said multiple times that in his view all crypto tokens, except bitcoin, are securities.
“So possibly the bitcoin ETF does go ahead quickly, which could be great for the indsutry,” the ex-NYSE chief emphasized, predicting:
Money will flood into the industry with a bitcoin ETF. It’s just easier to buy. People believe in bitcoin. Bitcoin is a great invention.
Commenting on the state of the crypto market, Farley believes that the bull market is already here, stating: “In my view, the bull run has already started.” He further explained that in this wave of the bull market:
The winning exchanges are going to be trusted, compliant, and support and bolster the digital asset industry.
His crypto exchange, Bullish, was launched in 2021. It is backed by a number of prominent investors, including Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura. The exchange recently acquired crypto media outlet Coindesk in an all-cash deal.
Do you agree with former NYSE President Tom Farley that money will flood into the crypto industry with a spot bitcoin ETF? Let us know in the comments section below.
Grayscale Files New S-3 With SEC, Pushing to Convert Bitcoin Trust Into NYSE Spot ETF After Court Win
Grayscale Investments, the leading digital asset manager by assets under management (AUM), unveiled on Thursday its latest submission to the U.S. Securities and Exchange Commission (SEC). This move seeks to list the Grayscale Bitcoin Trust (GBTC) as a spot exchange-traded fund (ETF) on NYSE Arca. Grayscale’s latest S-3 submission comes on the heels of Grayscale’s victory in court last August. At the time, the U.S. Court of Appeals for the D.C. Circuit overturned the SEC’s previous denial of Grayscale’s registration bid.
Grayscale Eyes NYSE Spot ETF Listing for Bitcoin Trust Post SEC Legal Victory
Undeterred by previous roadblocks, Grayscale is pressing forward with its ETF registration endeavor, with the ambition to morph GBTC into a publicly traded fund on NYSE Arca. This comes on the back of a D.C. Circuit judge’s ruling in August, pointing out the SEC’s failure to justify the “different treatment of similar products” such as bitcoin futures ETFs.
Post-ruling, Grayscale communicated to the securities regulator that the process should be fast-tracked, allowing GBTC to transition into a spot Bitcoin ETF. Adding to this, the SEC failed to adhere to the 45-day deadline to appeal the D.C. court’s verdict. In a bid to expedite the process, Grayscale has chosen to file another S-3 application, which essentially serves as a synopsis of a conventional S-1 prospectus.
“Grayscale Investments, the world’s largest crypto asset manager, today announced it filed with the U.S. Securities and Exchange Commission a registration statement on Form S-3 to register shares of Grayscale Bitcoin Trust under the Securities Act of 1933, as amended,” the firm declared on Thursday.
The S-3 announcement dovetails with GBTC’s recent ascension. To illustrate, in January 2023, GBTC’s discount to its net asset value (NAV) exceeded 48%. Just last week, the figure had dwindled to 16.59%, and by October 18, 2023, the discount had shrunk further to 12.54%.
The latest GBTC statistics indicate that investors are already viewing GBTC through a new lens, even prior to its approval. Grayscale operates under the umbrella of the Digital Currency Group (DCG), serving as one of its five major subsidiaries.
What do you think about Grayscale’s latest S-3 filing with the SEC? Share your thoughts and opinions about this subject in the comments section below.
Grayscale Files With SEC for Ethereum Futures ETF on NYSE Arca
The largest digital asset manager, Grayscale Investments, filed paperwork with the U.S. Securities and Exchange Commission (SEC) on September 19 for a new exchange-traded fund dedicated to ethereum (ETH) futures. The Grayscale Ethereum Futures Trust will hold ethereum futures contracts for the fund.
Grayscale Investments Submits Ethereum Futures ETF Proposal to SEC
Grayscale has approached the SEC with a new Form 19b-4 filing seeking permission to list an ethereum futures ETF on the New York Stock Exchange (NYSE) Arca. The digital asset manager wants to use ethereum futures contracts for its ETF.
There are two types of ethereum futures contracts available on the CME trading platform. One represents 50 ETH (called “ETH contracts”) and the other represents 0.10 ether (called “MET contracts”). These contracts let investors bet on ethereum’s future prices without actually owning the cryptocurrency.
They work like other traditional futures contracts, letting investors either protect their investments or speculate on ethereum’s price changes. Grayscale’s ETF aims to reflect the daily price changes of the two closest expiring ETH contracts. The Form 19b-4 filing adds:
The trust will deposit an initial margin amount to initiate an open position in futures contracts. A margin deposit is like a cash performance bond. It helps assure the trader’s performance of the futures contracts that he or she purchases or sells.
Grayscale recently won a verdict from the D.C. Circuit Court that chastised the securities regulator for denying the Grayscale spot bitcoin ETF application. Following the verdict, Grayscale’s lawyers pushed the SEC to approve Grayscale’s spot bitcoin ETF “expeditiously.”
In the latest filing with the SEC, Grayscale highlights that CME stands as a regulated futures exchange, bolstered by oversight, checks, and regulatory vigilance. The filing insists that such measures ensure the fair and transparent trading of its offerings, notably including the ETH contracts and MET contracts.
What do you think about Grayscale’s latest filing with the SEC for an ethereum futures ETF? Share your thoughts and opinions about this subject in the comments section below.
Bitcoin Mining Company Griid Set To List On NYSE Via $3.3 Billion Merger Deal
Griid, an Ohio-based Bitcoin self-mining company, is the latest Bitcoin miner to list on the New York Stock Exchange (NYSE). It would go public by merging with Adit EdTech Acquisition Corp at a .3 billion enterprise valuation.
Adit EdTech, a Special Purpose Acquisition Company (SPAC), announced the merger in a filing with the United States Securities and Exchange Commission (SEC) Tuesday. The sole purpose of a SPAC is to acquire a private company and make it go public. It is also called a blank check company.
Related Reading | Bitcoin Mining Firm Argo Blockchain To Raise .5M Via Senior Notes Offering
Griid will list on the New York Stock Exchange under the ticker symbol “GRDI” after both parties close the merger, expected by the first quarter of next year. That is, subject to conditions including regulatory approvals and approval of Adit EdTech’s stockholders. Subsequently, the bitcoin mining company will receive about 6 million in cash from Adit EdTech.
Another Bitcoin Mining Company Goes Public
The SPAC deal comes just after Griid secured a 5 million credit facility from Blockchain.com.
According to an investor presentation that Adit EdTech published recently, Griid expects to mine 637 BTC this year. By 2024, the company forecasts up to 24,348 BTC per year.
Speaking on the merger, Trey Kelly, founder and CEO of Griid, said, “We are building an American infrastructure company with the largest pipeline of committed, carbon-free power among public bitcoin miners at the lowest cost of scaled production. Our team has demonstrated a track record of successful execution over the past three years since starting the company, and we look forward to delivering expansion of capacity through this transaction.”
CEO of Adit EdTech David Shrier also emphasized the importance of Carbon-free Bitcoin mining. “GRIID’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASICs, and market-leading execution position them to generate attractive profitability and growth.”
BTC trading at .9K | Source: BTCUSD on TradingView.com
There has been a high rate of both individual and institutional Bitcoin adoption this year. Consequently, mining companies all over the world are going public via SPACs or traditional initial public offerings (IPOs). Last month, Australian Bitcoin miner Iris Energy filed to raise 0 million via a direct listing in the U.S.
Earlier this month, a Singapore-based cryptocurrency miner Bitdeer Technologies announced its plan to list in the U.S. via a billion deal with SPAC Blue Safari Group Acquisition Corp.
Mining In The U.S.
The U.S. has become the number one destination for bitcoin miners, thanks to China’s ongoing crackdown.
About a year ago, China was the market leader in terms of hash rate. However, the crypto crackdown changed that story almost overnight.
Majority of the miners that fled China relocated to America in what was dubbed “the great mining migration.”
Related Reading | Bitcoin Mining In The U.S.: 4 States Attract The Most Miners
This migration resulted in the U.S. becoming a global mining hub. And with the mining machine preorders and hash rate projections for 2022, this will not change anytime soon.
Featured image by Reuters, Chart from TradingView.com
NewsBTC
Strong NYSE Composite, Dow Jones May Give Bitcoin a Boost Into 2020
As Bitcoin (BTC) has floundered over the past few months, falling by 50% from ,000 to ,300, American equities have been performing rather well. Earlier this week, the S&P 500 set an all-time high at 3,150, and the index has gained some 25% in the past year alone — likely one of the strongest years on record for the stock market. These gains have been reflected across the American stock market, meaning for the Dow Jones and the NYSE Composite indices as well, but not for Bitcoin and cryptocurrencies.
Related Reading: Gold Plunges After Dow Records New High; Why Bitcoin May Rise
But it may be about to get better. SentimenTrader, a popular stock market analysis firm mentioned by Bloomberg and the Financial Times, recently noted that the monthly Moving Average Convergence Divergence (MACD) indicators for the Dow Jones and the NYSE have turned positive for the first time in over a year. This, they claim, is “bullish “for stocks on a longer term basis,” as historical precedent shows that positive MACD flips led to rises “100% of the time 6-12 months later.”
Monthly MACD's are now turning positive for the Dow and NYSE Composite for the first time in >1 year. This is bullish for stocks on a longer term basis.
When this happened in the past to the NYSE Composite, stocks went up 100% of the time 6-12 months later. pic.twitter.com/AwcZ7YrOXU
— SentimenTrader (@sentimentrader) November 30, 2019
Some say that this impending strengths for American equities could provide a boon to the price of Bitcoin.
Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Futures Surge, UpBit Hacked for Million in Ethereum, US Arrests Blockchain Researcher
Bitcoin Could Outperform With Surging Dow, S&P 500
Importantly, it isn’t only rhetoric that Bitcoin performs well when American equities do, as there is evidence that this correlation exists. Per previous reports from NewsBTC, Thomas Lee of Fundstrat Global Advisors recently observed that Bitcoin performs well whenever the S&P 500 is trending higher. To illustrate this, he posted the below chart, which shows that there is somewhat of a correlation forming on a long-term basis.
Lee touched on this statistic and the whole narrative in a recent interview with CNBC’s Market Lunch segment, during which he quipped that he expects there to be a recovery in the cryptocurrency market heading into 2020.
He specifically said that the surge in the price of American equities, which are now at all-time highs mostly across the board, sets the stage for risk-tolerant investors to add capital to Bitcoin and other markets that may be deemed “risky” from a classical standpoint.
Related Reading: Despite 15% Bounce, Bitcoin Price Still Bearish on Weekly: Analyst
Featured Image from Shutterstock
The post Strong NYSE Composite, Dow Jones May Give Bitcoin a Boost Into 2020 appeared first on NewsBTC.
Pro-Crypto Silvergate Bank Goes Public in Listing on NYSE
n Pro-crypto bank Silvergate Capital opens at .75 in first day on the NYSE in first day of public tradingn
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