JPMorgan Chase has designed a new debt instrument that provides investors direct exposure to a basket of crypto-focused companies, according to a new filing with the United States Securities and Exchange Commission, or SEC. JPMorgan’s Cryptocurrency Exposure Basket (Mar 2021) is described as an “unequally weighted basket consisting of 11 Reference Stocks of U.S.-listed companies" that operate businesses directly and indirectly related to cryptocurrencies. The instrument allocates 20% to MicroStrategy, the data analytics firm with 91,064 BTC on its balance sheet. It also provides direct exposure to Square (18%) and Riot Blockchain (15%), two companies with significant exposure to Bitcoin. …

Bitcoin (BTC) exchange-traded funds (ETFs) continue to multiply as a new entrant hits the Canadian market on March 9. In a press release on Monday, Galaxy Digital Capital Management, a subsidiary of financial services and investment management company Galaxy Digital, confirmed that the CI Galaxy Bitcoin ETF would likely start trading this week. Purpose ETF gets a major competitor The launch will see Galaxy join the TSX Purpose Bitcoin ETF as one of the pioneering ETF products in North America, with United States regulators yet to approve a single application. As Cointelegraph reported, Purpose has seen huge interest and associated …

The United States Securities and Exchange Commission’s floor is littered with failed crypto fund filings, but this year, following Canada’s lead, the U.S. might actually have an exchange-traded fund that tracks digital assets. After all, the price of Bitcoin (BTC) is booming, the SEC has a new crypto-savvy chairman, and Canada, which is sometimes viewed as a beta test site by U.S. regulators, debuted a Bitcoin ETF in late February that by most accounts has been stunningly popular. But does a crypto ETF really matter anymore? Clearly, a lot has changed in the past year — what with a global …

Being your own bank isn’t for everyone — and that includes companies and fund managers looking to issue cryptocurrency investment vehicles. Cryptocurrency exchange and custodial services provider Gemini announced today the launch of a new service tailored specifically towards funds and ETFs: Gemini Fund Solutions. The new service will offer “custody, clearing, trade execution, and other capital markets” facilities, as well as “provide education around the crypto marketplace” and act “as a centralized hub for crypto liquidity providers,” according to the announcement. The company currently provides custodial services for fund issuers Purpose Investments, whose Bitcoin ETF cracked $100 million in …

Less than two months after launching trading for shares of its Bitcoin trust, Canada-based investment manager Ninepoint Partners is planning to change its offering to an exchange-traded fund. In an announcement on March 3, Ninepoint said it would be holding a vote for unitholders to decide on whether to convert its existing Bitcoin (BTC) trust to an exchange-traded fund, or ETF, on the Toronto Stock Exchange. The firm said the move is intended to provide a better trading price and increased trading liquidity. Investors will be able to vote on the matter on April 19. "Ninepoint's Bitcoin Trust IPO was …

Less than a month after becoming the second firm to secure approval from Canadian regulators to list a Bitcoin (BTC) exchange-traded fund, Evolve is looking to debut an Ether (ETH) ETF product in Canada. According to a Tuesday press release, the company has filed a preliminary prospectus with Canadian regulators for approval to begin trading an Ether ETF product. According to the communique, if the Ether ETF is approved, it will trade under the ticker “ETHR” and will track the Ether-Dollar Reference Rate (ETHUSD_RR) provided by CF Benchmarks. The CME ETH futures contract also utilizes the same benchmark price. The …

The globally leading exchange holding company Chicago Board Options Exchange, or CBOE, has filed to list the Bitcoin (BTC) exchange-traded fund proposed by asset manager VanEck. CBOE filed a Form 19b-4 requesting permission to list the ETF from the United States Securities and Exchange Commission on Jan. 3. On the form, CBOE emphasizes the benefits an ETF would offer to retail investors over the spot Bitcoin markets, including custody: “Exposure to bitcoin through an ETP also presents certain advantages for retail investors compared to buying spot bitcoin directly. The most notable advantage is the use of the Custodian to custody …

Grayscale Bitcoin Trust ($GBTC) is currently the largest listed cryptocurrency asset with $30.17 billion in assets under management. The firm currently holds more than 655,730 BTC and the security is tradable in the United States through over-the-counter markets. How is GBTC different from a Bitcoin ETF? The fund was launched in 2013 and the Grayscale Bitcoin Trust became the preferred institutional vehicle in the U.S. for BTC due to the lack of a Bitcoin exchange-traded fund (ETF). Investment trust funds are regulated by the U.S. Office of the Comptroller of the Currency (OCC) and they are designed exclusively for accredited …

Less than a week after its debut, the Purpose Bitcoin exchange-traded fund continues to attract large inflows of investor capital, offering further reassurance that institutional interest in digital assets is on the rise. Crypto data provider Glassnode reported Tuesday that the Purpose ETF has reached $564 million in assets under management, an impressive feat considering the fund only launched five days ago. As Cointelegraph reported, the fund generated $80 million in volume during its first hour of trading and reached nearly $100 million on its first day. Glassnode data reveals that as of Tuesday, the Purpose ETF had 8,288 BTC, …

A second-generation exchange-traded fund is building a bridge between the crypto sector and the stock market — with a platform that makes it possible for everyone to have equal access to the world’s top investment products. Tenset says it plans to deliver the next frontier of DeFi liquidity incentives — eliminating past issues such as market manipulation, high fees, inflation, complexity and exclusivity. The project’s goal is to bring traditional equity investors to the digital assets space. All of this comes at a time when there is heightened interest in crypto from institutions, with the likes of Tesla and MicroStrategy …

The Purpose Bitcoin (BTC) exchange-traded fund debuted on the Toronto Stock Exchange on Feb. 18 and has quickly ramped up trading volumes of about $400 million worth of shares in two days. This is quite impressive, considering that the equity market in Canada is only a fraction of the size of the U.S. markets. This shows strong demand for Bitcoin and investor's preference to take the ETF route to establish fresh positions. Last week, Bitcoin reached another important milestone when it hit the critical $1 trillion market capitalization on Feb. 19, making it the sixth asset on the list of …

With only two full days of trading under its belt, the first Bitcoin (BTC) exchange-traded fund in North America reached more than $400 million in volume and is expected to go even higher. According to a tweet from Bloomberg analyst Eric Balchunas, the Bitcoin exchange-traded fund, or ETF, recently debuted by Canadian firm Purpose Investments is likely to hit $1 billion in assets under management by Feb. 26. His prediction came prior to Purpose reporting its Bitcoin ETF traded $421.8 million between the time when it was first listed on the Toronto Stock Exchange, or TSX, on Feb. 18 and …