Bitwise Asset Management has withdrawn its application for a Bitcoin (BTC) futures-based exchange-traded fund (ETF) amid a number of such products launching in the United States. While dropping its futures-linked ETF, the firm is still bullish on a spot Bitcoin ETF, which is designed to track Bitcoin directly, Bitwise chief investment officer Matt Hougan announced on Nov. 10. Hougan said that Bitwise’s spot filing remains intact and the firm will continue its efforts to launch such a product in the United States: “Ultimately, what many investors want is a spot Bitcoin ETF. We think that's possible. So Bitwise will continue …

Since its launch on Oct. 19 Proshares’ Bitcoin futures exchange-traded fund (ETF) has been a popular choice with traders, rising to the top 2% of all ETFs in terms of total trading volume. Bloomberg’s Senior ETF analyst Eric Balchunas noted on Nov. 11 that the ProShares Bitcoin Strategy ETF (BITO) had $400 million worth of shares traded yesterday, with its average volume consistently putting it in the top 2% of all ETFs. $BITO and $BTF both had their biggest volume days in about two weeks. $BITO with a $400m traded, which is not only a ton but = 25% turnover …

Two carbon neutral cryptocurrency-backed exchange-traded funds are poised to launch in Canada offering a greener alternative for institutional investors. Canada-based asset manager Purpose Investments is readying to launch two new crypto-based ETFs on the Toronto Stock Exchange on Nov. 9, both of which offer investors a carbon offset. Purpose will launch their Bitcoin and Ethereum ETFs under the BTCC.J and ETHH.J tickers. Unlike the funds recently launched in the U.S. which are futures contract backed, these funds will be backed and settled using BTC as the underlying asset. Tomorrow @PurposeInvest is launching new share classes for their #Bitcoin and #Ethereum …

Cryptocurrency lending firm BlockFi has filed paperwork with the United States Securities and Exchange Commission, or SEC, to launch a physically-backed Bitcoin exchange-traded fund, kicking off what's expected to be a big week for the crypto markets The Form S-1 filing for BlockFi NB Bitcoin ETF was submitted to the SEC on Nov. 8, according to official documents. The filing states that BlockFi will serve as custodian and that the ETF’s investment objective is to reflect the underlying performance of Bitcoin as opposed to any futures or derivatives benchmark. The filing further states that the “Trust will not purchase or …

Even though crypto has long attained relevance as an independent political issue, at times it gets entangled with the broader dynamics of the political process. The notorious infrastructure bill — a major pillar of the Biden administration’s economic agenda — suddenly passed in the U.S. House last Friday despite congressional Democrats’ original agreement to vote on the party’s other legislative priorities first. Having passed 228 to 206, the bill is moving to President Biden’s desk. Along with authorization of massive spending on roads, bridges and broadband internet access, it carries a handful of consequential crypto-related provisions that remained unchanged since …

Australian fund management company BetaShares’ new crypto company ETF smashed Australian Securities Exchange (ASX) records within the first 15 minutes of listing. The Capital Appreciation Portfolio Diversification (CRYP) fund enables investors to gain exposure to 50 pure-play listed crypto companies from around the world such as exchanges, mining companies and equipment firms. Some of the top companies on CRYP include Galaxy Digital (12.0%), Marathon Digital (11.3%), Coinbase Global (10.7%), Silvergate Capital (10.2%) and Microstrategy (9.4%). Investors blasted through the existing ETF record of $5.8M (A$8M) within minutes and soared to a total of almost $31.3M (A$42.5M) by the end of …

Bitcoin's (BTC) 90% year-to-date gain was largely fueled by the SEC’s recent exchange-traded fund (ETF) approval and in the first 48-hours of listing, ProShares’ Bitcoin Strategy ETF ($BITO) was able to amass $1.1 billion in assets under management. On Nov. 1 the U.S. Treasury released its stablecoins report, which basically urged Congress to regulate the industry. In short, the working group expects government agencies to require stablecoin issuers to meet the same standards as insured depository institutions. Although the consequences of a potential stablecoin regulation for cryptocurrency markets remain unknown, stablecoins are vital for exchanges, market makers and retail investors …

Congressmen Todd Emmer and Darren Soto sent a bipartisan letter to Securities & Exchange Commission Chair Gary Gensler on Wednesday, strongly questioning why the agency has denied approval for the creation of a Bitcoin spot ETF while allowing Bitcoin Futures ETFs to begin trading. In a spot ETF, the fund holds the actual commodity (in this case bitcoin) whereas in a futures ETF fund holds contracts to buy and sell the commodity at a future date at a specified price. In a press release announcing the letter, Minnesota Republican Emmer said: “The SEC’s approach to cryptocurrency regulation has been unacceptable. …

The Securities and Futures Commission, or SFC, in Hong Kong is reviewing regulations surrounding virtual currency transactions, including whether individuals can invest in exchange-traded funds, or ETFs. According to a report by South China Morning News on Nov.3, the 2018 regulations limited transactions of cryptocurrencies via funds or trading platforms to professional investors with at least HK$8 million to invest. SFC's deputy chief executive Julia Leung Fung-yee stated that the re-evaluation will be made "to see if it is still fit for purpose and whether modifications are required." Fung-yee, speaking at the 2021 Hong Kong Financial Technology Week conference, said …

NYSE Arca, a subsidiary of the New York Stock Exchange (NYSE) Group, wants to list and operate a trust based on Bitcoin (BTC) exchange-traded products (ETP). In a rule change proposal with the United States Securities and Exchange Commission (SEC), NYSE Arca proposed to list shares of the Bitwise Bitcoin ETP Trust. The proposal clarifies that each share of the trust will be represented by fixed “units of undivided beneficial ownership,” allowing the shares on the stock exchange to reciprocate their value in accordance with Bitcoin's market price. Moreover, the trust will be operated by two third-party associates serving as …

Institutional inflows into Bitcoin (BTC) products picked up sharply in October, underscoring renewed bullish sentiment surrounding the flagship cryptocurrency. Crypto investment products saw inflows totaling $288 million for the week ending Oct. 31, with Bitcoin accounting for $269 million, according to CoinShares’ weekly flows report. Institutional demand for BTC has been picking up gradually over the past few months amid expectations that the United States Securities and Exchange Commission, or SEC, would approve its first Bitcoin exchange-traded fund. Those expectations came to fruition last month with two Bitcoin-linked products hitting the market. The ProShares Bitcoin Strategy ETF, which officially launched …

We have some great news coming out of the United States on the cryptocurrency industry this month with potentially more good news coming later this fall. On Oct. 6, Gary Gensler, head of the U. S. Securities and Exchange Commission (SEC), confirmed during a House Committee on Financial Services hearing that the regulator will not ban cryptocurrency, potentially blazing the path for the world’s largest economy to become the global leader in the development of decentralized finance (DeFi) and blockchain technologies. Gensler, who taught a class on cryptocurrency at MIT, also said that prohibiting cryptocurrency doesn’t fall under the SEC’s …