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SEC seeks additional comments on WisdomTree’s Bitcoin ETF proposal

The Securities and Exchange Commission has asked for additional comments on issuer WisdomTree’s proposal to list a spot bitcoin exchange-traded fund (ETF). WisdomTree refiled for a spot-bitcoin product in February of this year after receiving a rejection in December 2021. At the time, the SEC cited a lack of surveillance sharing agreements and the subsequent inability to curb fraudulent or manipulative practices in the spot market. The December rejection was the second in a wave of denials from the US …

ARK’s Wood and Galaxy’s Novogratz talk Twitter and Bitcoin ETFs in the Bahamas

Galaxy Digital’s Mike Novogratz and ARK Invest’s Cathie Wood see the tides changing for a spot bitcoin exchange-traded fund (ETF) and for Twitter under Elon Musk. During a Tuesday panel at FTX and SALT’s Crypto Bahamas conference, Novogratz and Wood addressed how the recent Twitter deal could be good for crypto and how coming shifts in the political sphere could lead to the approval of a spot bitcoin ETF.  Twitter Novogratz and Wood butted heads over the recent deal between …

ProShares files to create an inverse Bitcoin futures ETF

ProShares, which launched the first bitcoin futures ETF last fall, is seeking approval for a new product that will allow investors to bet against the price of bitcoin. The ProShares Short Bitcoin Strategy ETF traces the opposing performance of a bitcoin futures index. Bloomberg first reported the news Wednesday morning. In a Tuesday regulatory filing, ProShares said that the proposed fund “seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Index. The Fund …

Crypto asset manager Hashdex goes live with web3 ETF

Crypto asset manager Hashdex launched a Web3 exchange-traded fund (ETF) Thursday on Brazil’s B3 stock exchange, highlighting its growing portfolio of crypto-related products. The ETF, known as WEB311, currently has 29.42 million Brazilian reais ($6.1 million) in net assets. The fund has attracted 1,270 investors to date, a Hashdex spokesperson told The Block.  Hashdex developed WEB311 with crypto index provider CF Benchmarks, and said it “replicates” the so-called “CF Web 3.0 Smart Contract Platforms Index.” At launch, it includes exposure …

SEC shoots down spot bitcoin ETF proposals from NYDIG, Global X

The Securities and Exchange Commission has shot down two spot bitcoin exchange-traded fund proposals, continuing a trend of rejections from the US securities market regulator.  The rejections were for proposals submitted by NYDIG and Global X.  As has been the case with rejections for other spot bitcoin ETF proposals, the regulatory filings cited a lack of surveillance-sharing agreements and the perceived inability to curb fraud or manipulative practices in the market. “This order disapproves the proposed rule change,” the SEC …

DeFi ETFs take flight in Brazil with two launches this month

Two companies have gone head-to-head in recent weeks to launch the world’s first DeFi exchange-traded funds in Brazil. The first firm to announce a DeFi ETF launch on Brazil’s B3 stock exchange was Hashdex, a crypto asset manager with offices in Menlo Park, California, and Rio de Janeiro. It launched DEFI11 today after notifying the market about the listing on January 19. This ETF “mirrors” the CF DeFi Composite Index, which as of January tracked 12 digital assets spanning across …

SEC rejects Fidelity’s proposed spot Bitcoin ETF

Another spot bitcoin ETF proposal — this time from investment giant Fidelity — has been sidelined by the Securities and Exchange Commission. The SEC handed down its disapproval Thursday morning, according to a newly released filing. As has been the case in recent months, the SEC raised concerns about fraud, manipulation and investor protection. Such concerns have been floated by the SEC for years, dating back to its rejection of a bitcoin ETF proposal put forward by Cameron and Tyler …

Valkyrie files for bitcoin mining ETF

Valkyrie has filed for an exchange-traded fund (ETF) that will invest the majority of its net assets in companies focused on bitcoin mining. The issuer filed a post-effective amendment for the Valkyrie Bitcoin Miners ETF today. The fund plans to invest 80% of its assets in securities related to companies that derive at least 50% of their revenue from activities related to bitcoin mining, like providing specialized chips, hardware or software. The fund won’t hold any bitcoin, directly or indirectly, …

BlackRock files for ETF to track performance of blockchain and crypto company-focused index

BlackRock’s iShares filed Friday to create a new “blockchain and tech ETF” that will track the performance of an index that follows companies working in this area. According to the filing, the ETF will track the NYSE FactSet Global Blockchain Technologies Index. At press time, concrete information about the components of that index could not be identified, but according to the iShares filing, component companies will include “(a) cryptocurrency mining, (b) cryptocurrency trading and exchanges, or (c) crypto-mining systems.” Presumably, …