Digital asset manager Grayscale has filed its opening brief against the U.S. Securities Exchange Commission (SEC) to challenge its decision denying Grayscale’s application to convert the Grayscale Bitcoin Trust (GBTC) to a spot Bitcoin ETF. The world’s largest digital asset management firm filed its opening legal brief on Oct. 11 in the U.S. Court of Appeals in the District of Columbia Circuit, in which it claimed the SEC’s knockback to be “arbitrary, capricious and discriminatory.” Grayscale argued that the SEC treats spot Bitcoin Exchange-Traded Products (ETPs) with “special harshness” and is doing so “in excess of its statutory authority.” Attorneys …

The United States Securities and Exchange Commission, or SEC, has disapproved of a rule change which would allow exchange-traded fund provider WisdomTree to list and trade shares of a Bitcoin ETF. According to an Oct. 11 filing, the SEC rejected a proposed rule change which would have allowed WisdomTree to list and trade shares of its Bitcoin BTC Trust on the Cboe BZX Exchange after several delays due to extensions and comment periods. WisdomTree first filed the spot Bitcoin ETF application on Jan. 25 with publication in the federal register on Feb. 14. The SEC said any rule change in …

For all the doom and gloom surrounding crypto markets these days, there’s plenty to be excited about. Institutional investors are still actively buying Bitcoin (BTC), venture capital is still investing heavily into blockchain startups and forthcoming regulatory clarity is likely to pave the way for wider adoption, perhaps as early as next year. This week’s Crypto Biz newsletter features some exciting stories about adoption, not to mention Elon Musk’s deal to buy Twitter (finally). Sidebar: I had the opportunity to attend Circle Internet Financial’s Converge22 conference in San Francisco last week. In a media session on the sidelines of the …

MakerDAO, the governing body of the Maker Protocol, has taken the first step of its plan to reallocate $500 million of its stablecoin Dai (DAI) collateral reserves into short-term United States Treasuries and corporate bonds. The decentralized autonomous organization (DAO) voted on Oct. 6 to approve a pilot transaction of $1 million following an executive vote from Maker (MKR) token holders, with the rest of the funds soon to be reallocated following confirmation from the community. A majority, 80% of the $500 million, will be invested in short-term U.S. Treasuries, with $160 million allocated to the 0-1y US Treasury iShares …

Connecticut-based advisory firm Tuttle Capital Management has submitted a preliminary prospectus filing with the U.S. Securities and Exchange Commission (SEC) for two new exchange traded funds (ETFs) centered around betting against the investment tips from Jim Cramer. Cramer is the host of CNBC’s Mad Money, and has become a popular meme in the crypto and stock community, who believe he has an uncanny knack of giving investment tips that end up being way off the mark. In relation to crypto, one of Cramer’s most notable tips was to buy Coinbase stock COIN when it was “cheap” at $248 in August …

Bitwise Asset Management announced on Oct. 3 a new exchange-traded fund (ETF) to both institutional and retail investors, giving them access to companies "positioned to benefit" from Web3 growth. Bitwise in a statement said it marks "the next wave of the internet's development characterized by greater decentralization and individual ownership of data." We have exciting news! Today we launched the Bitwise Web3 ETF (BWEB), a fund designed to provide focused exposure to one of the fastest-emerging themes in technology. For more information about the fund, go to: https://t.co/8rjQbwFJrM pic.twitter.com/RumkXViGl8 — Bitwise (@BitwiseInvest) October 4, 2022 Traded under the ticker BWEB, …

According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust has terminated two agreements with cryptocurrency broker Genesis. First, Genesis will no longer assist Grayscale in distributing and marketing of the latter's shares. Second, from October 3 onwards, Genesis will no longer be an authorized participant of the trust but will continue to serve as a liquidity provider for Grayscale. The two agreements previously came into effect in 2019. The aforementioned responsibilities have since transferred to Grayscale Securities LLC, a wholly-owned subsidiary of Grayscale Investments LLC and an affiliate of Grayscale Bitcoin Trust. In …

Minor inflows for digital asset investment products over the last few weeks suggest a “continued hesitancy” towards crypto amongst institutional investors amid a slowdown of the U.S. economy. In the latest edition of CoinShares’ weekly “Digital Asset Fund Flows” report, Coinshares head of research James Butterfill highlighted stand-offish institutional sentiment towards crypto investment products, which saw "minor inflows" for the third week in a row. “The flows remain low implying continued hesitancy amongst investors, this is highlighted in investment product trading volumes which were US$886m for the week, the lowest since October 2020.” Between Sept. 26 and Sept. 30, investment …

Cathie Wood's investment firm, ARK Investment, is making its two actively managed crypto strategies available to registered investment advisors. The strategies will be available as separately managed accounts (SMA) through a collaboration with the digital asset platform Eaglebrook, the companies announced on October 3. The ARK Cryptocurrency Strategy aims to capitalize on the monetary revolution, said the companies in the statement, claiming that it "could serve as a strategic allocation in well-diversified portfolios." Cathie Wood, ARK's founder and CEO, said: "The strategies will be separately managed accounts (SMAs) designed to meet the needs of financial advisors, wealth managers, and their …

BlackRock, the world’s largest asset manager, has just launched a new exchange-traded fund (ETF) providing European customers with exposure to the blockchain industry, while reports indicate a Metaverse-focused ETF may be on the way. The newly launched blockchain ETF on Sept. 27 is called the iShares Blockchain Technology UCITS ETF (BLKC). BlackRock said 75% of its holdings consist of blockchain companies such as miners and exchanges, while the other 25% are companies that support the blockchain ecosystem. The fund includes 35 global companies out of a total of 50 holdings, which also includes fiat cash and derivatives, but does not …

Will Peck, the head of digital assets at exchange-traded fund provider WisdomTree said regulators in the United States will “ultimately get there” on approving a Bitcoin spot investment vehicle, but dealing with claims of market manipulation could be a challenge. Speaking to Cointelegraph at the Converge22 conference in San Francisco on Sept. 29, Peck said WisdomTree would not follow Grayscale by taking legal action against the U.S. Securities and Exchange Commission for denying its Bitcoin (BTC) ETF application. According to Peck, the company planned to “engage more productively” with the SEC without a lawsuit, but tackling some of the regulator’s …

Grayscale Bitcoin Trust (GBTC), a cryptocurrency fund that currently holds 3.12% of the total Bitcoin (BTC) supply, or over 640,000 BTC, is trading at a record discount compared to the value of its underlying assets. Institutional interest in Grayscale dries up On Sep. 23, the $12.55 billion closed-end trust was trading at a 35.18% discount, according to the latest data. To investors, GBTC has long served as a great alternative to gain exposure in the Bitcoin market despite its 2% annual management fee. This is primarily because GBTC is easier to hold for institutional investors because it can be managed …