Altcoin News by Thebittimes.Com

The state of Michigan has added Spot Bitcoin ETF s to its pension fund, while disclosing a $6.6 million purchase in the crypto investment vehicle. A recent filing with the US Securities and Exchange Commission (SEC) has revealed the BTC exposure in what could be a growing trend. This is not the first state to integrate Bitcoin into its pension plans. Yesterday, Jersey City, New Jersey, announced that a portion of its pension fund would be allocated to the purchase of Bitcoin ETF s. The recent Michigan decision could be the first of many states that are set to follow suit. Another state pension fund has added Bitcoin to its portfolio. In an SEC filing this morning, the State of Michigan Retirement System reported owning $6.6 million of the ARK Bitcoin ETF (110,000 shares) as of June 30. This follows Wisconsin's disclosure last quarter. Filing:… — MacroScope (@MacroScope17) July 26, 2024 Also Read: Bitcoin ETF s Get $500M Inflows as BTC Approaches $60,000 Michigan is the Latest Sta...

Patient Capital Management shifts from Grayscale to Bitcoin ETPs diversify investment portfolio. An updated SEC filing shows that the firm has replaced Grayscale Bitcoin Trust with Bitcoin ETPs. The firm plans to allocate $200 million to Bitcoin ETPs. Patient Capital Management, a prominent asset management firm with $1.4 billion in assets under management, has updated its investment strategy pivoting from the Grayscale Bitcoin Trust to Bitcoin Exchange Traded Products (ETPs). The move reflects a significant shift in its approach to digital asset exposure. Patient Capital Management filling with the SEC Patient Capital Management made a filing with the U.S. Securities and Exchange Commission (SEC) on March 11 expanding its investment horizon by replacing its exclusive reliance on the Grayscale Bitcoin Trust. The firm now aims to allocate up to 15% of its net assets to Bitcoin ETPs, broadening its exposure within the rapidly evolving cryptocurrency market....

Multiple Bitcoin (BTC) ETF issuers are competing to attract investors into America’s first basket of exchange-traded funds using Google ads. On Jan. 29, Google ended its five-year ban on cryptocurrency promotion via search results following the approval of spot BTC ETFs by the U.S. Securities and Exchange Commission (SEC). BlackRock and VanEck were the first firms to leverage this amended ad policy as crypto.news reported, but more issuers have joined the fray.  Promoting initial coin offerings (ICOs) on Google remains prohibited, but a pivot from the search engine’s ad policy has allowed firms to advertise crypto-backed funds. The Financial Times noted spot Bitcoin ETF ad campaigns launched by Bitwise, Fidelity, Grayscale, and Invesco amid a tussle to marshall retail capital into respective cryptocurrency funds. You might also like: LPL Financial to evaluate spot Bitcoin ETFs ‘three months’ before joining the market Google did not divulge how much these firms spend to p...

Bitcoin (BTC) is expected to drop to as low as $40,000 despite hitting $49,000 post-SEC approval. Crypto Fear and Greed Index drops to neutral after hitting October 2023 lows. Investors seek clarity as Google searches spike 1,100%, questioning BTC’s fall. In a rollercoaster week for the cryptocurrency market, the approval of spot Bitcoin ETF s in the US sent shockwaves through the industry. Bitcoin’s initial surge to $49,000 quickly turned into a decline, leaving market sentiment in a state of uncertainty. As investors grapple with the aftermath, key indicators and market analyses offer insights into potential price movements and the impact of ETF approval on Bitcoin’s trajectory. Bitcoin’s whirlwind Bitcoin, the world’s largest cryptocurrency, experienced a momentous turn of events following the approval of spot Bitcoin ETF s by the SEC. The announcement triggered a rapid price surge, with BTC’s price reaching $49,000 wi...

Following the landmark approvals, Bloomberg has predicted an astronomical $4 billion for Spot Bitcoin ETF’s first day of trading. Moreover, they forecasted that $2 billion of those inflows alone could be set to come from BlackRock’s Bitcoin ETF. The US Securities and Exchange Commission (SEC) officially approved 11 Spot Bitcoin ETF s on the same day. Moreover, the preparation of the issuers has meant that trading is set to begin Thursday morning. Subsequently, the market is set to receive massive inflows from the investment product. JUST IN: Bloomberg predicts $4 billion in spot # Bitcoin ETF inflows on the first day of trading, with the possibility of $2 billion directly from BlackRock. — Watcher.Guru (@WatcherGuru) January 10, 2024 Also Read: SEC Approves All Spot Bitcoin ETFs Bloomberg Expects $4 Billion From Spot Bitcoin ETFs First Trading Day; $2 Billion From BlackRock Alone For the past few months, the digital asset sector has been anxiously awai...

Analysts at Matrixport say one of their trading signals has turned bearish for Bitcoin for the first time since August 2023. In a blog post on Jan. 8, the Singapore-based crypto management firm warned traders that a decline in Bitcoin’s (BTC) price should be expected within the “next two weeks” given that the breakout attempt could fall short. Bitcoin trading signal warning about price drops | Source: Matrixport As the crypto market has reached a consensus that the U.S. Securities and Exchange Commission (SEC) will approve spot Bitcoin exchange-traded funds (ETFs) by Jan. 10, smart money might use the approval for profit taking, analysts at Matrixport warn. You might also like: Better Markets CEO urges SEC not to approve spot Bitcoin ETFs, analysts clap back Although leverage has been “flushed out of the market” recently and the downside is expected to be limited, the range of $36,000 – $38,000 could be retested. In January, Bitcoin...

The asset manager submitted an amended S-1 Form with the SEC on deadline day, switching to cash-only subscriptions like most issuers seeking spot Bitcoin ETF approval.   VanEck’s update did not name the authorized participants for its VanEck Bitcoin Trust, an exchange-traded fund aiming to invest in the largest cryptocurrency by market cap at its spot price. JUST IN: VanEck filed it's sixth amendment to it's spot #Bitcoin ETF with the SEC. And here they come pic.twitter.com/v0kAJJ16Rl — Bitcoin Magazine (@BitcoinMagazine) December 29, 2023 Several other issuers like BlackRock have filed amended prospectus briefs to the cash-only edict stressed by the U.S. Securities and Exchange Commission (SEC). However, these update s have not disclosed APs who are effectively underwriters for these spot Bitcoin ETFs.  Underwriters guarantee payment and redemptions in the case of financial losses. These APs are typically banks, insurance companies, or investment houses. Should ...

SEC’s Hester Peirce supports spot Bitcoin ETF and hopes for less litigation in establishing crypto regulation. In the latest interview with Bloomberg, Commissioner of the U.S. Securities and Exchange Commission (SEC), Hester Peirce, hinted at support and approval for a spot Bitcoin ETF. Peirce said the SEC has no reason to stand in the way of a Bitcoin ETF, with the commissioner adding that her stance on this matter has been the same for years.  You might also like: Bloomberg: BlackRock and Grayscale meeting with SEC about Bitcoin ETF issuance Peirce confirmed that every application is being judged on its own specific set of facts and circumstances, but said she sees no reason for the SEC to deny a Bitcoin ETF on the stock market. The commissioner also mentioned that the SEC might slow down on pursuing legal proceedings as the only way to establish crypto regulations, and she’s actively advocating the agency to use other means for pursuing regulatory actions. BlackR...

An analyst at Coinbase says there are at least three reasons why tracking cash flow into spot Bitcoin ETFs at launch will give no valuable insights for the long term. While spot Bitcoin (BTC) exchange-traded funds (ETFs) have the opportunity to allow adoption to “grow at scale,” the crypto community should not expect a headlong rush of money into these products in the short term. According to David Duong, CFA, Head of Institutional Research at Coinbase, the impact of spot bitcoin ETF approvals can hardly be measured in the first weeks after the launch as several challenges bar millions of investors from putting money into these products. You might also like: SEC yet to indicate approval timeline, says Grayscale CEO on spot Bitcoin ETFs The first issue is that Bitcoin is a “new asset class,” making it harder to gauge potential flows , Duong says. The second problem lies in the dependency of flows on the trading regime. Given that capital is now more ...

The gap between Bitcoin’s price and GBTC shares has narrow ed after the SEC rejected Grayscale’s application to convert its trust into an exchange-traded fund (ETF). In the last year, many investors reportedly profited from the anticipation that the U.S. Securities and Exchange Commission (SEC) would greenlight a product directly pegged to the value of Bitcoin (BTC). However, after a U.S. Court of Appeals mandated the SEC to reassess its refusal to greenlight Grayscale Bitcoin Trust’s (GBTC) application to transform into an ETF, the discount on GBTC shares to the value of the underlying Bitcoin slimmed down to approximately 17%, according to the Wall Street Journal. GBTC, which manages $16.1 billion in assets, provides investors with exposure to Bitcoin as a security. Each share represents ownership of a fraction of Bitcoin, equal to 0.00090040 of a complete coin, which was priced at $24.49 at the market’s inception. According to analysts, Bitcoin’s mini-surge this year and the ...

Bitcoin (BTC) ETF will launch on Euronext Amsterdam under the ticker BCOIN following a delay of over two years. Jacobi Asset Management recently introduced the Jacobi FT Wilshire Bitcoin ETF, a digital asset fund emphasizing environmental sustainability. The ETF aligns with the European Union’s sustainable finance guidelines. The company initially filed for it in 2021 and planned a July 2022 release on Euronext Amsterdam. However, its launch was postponed due to market upheavals caused by the Terra ecosystem collapse and FTX crypto exchange issues. You might also like: What happened to Terra Luna: one year after collapse Originally slated for a July 2022 launch on Euronext Amsterdam, but was delayed due to the turbulent market conditions caused by the collapse of fugitive Do Kwon’s Terra ecosystem and the disgraced Sam Bankman-Fried’s crypto exchange FTX.  The ETF, trading under the ticker BCOIN, will be overseen by the Guernsey Financial Services Commission (GF...