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Tag: ARK

  • Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

    Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies

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    Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.

    Asset Manager Files For Spot Ethereum ETF

    Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product. 

    The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.

    James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.

    According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy. 

    Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.

    It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”

    Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.

    The Price Of ETH Rallies Amidst The Update

    Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.

    Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000

    Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%. 

    Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.

    ETH trading at $2,679 on the 1D chart | Source: ETHUSDT on Tradingview.com

    Featured image from iStock, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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    Godspower Owie

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  • ARK Investment shifts $16m from ProShares to own Bitcoin ETF

    ARK Investment shifts $16m from ProShares to own Bitcoin ETF

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    ARK Investment Management, led by Cathie Wood, divested from the ProShares Bitcoin ETF, reallocating approximately $16 million towards its own Bitcoin ETF. 

    This move involved the sale of ProShares Bitcoin ETF (BITO) shares, a pioneering ETF in the Bitcoin futures market in the U.S., and the acquisition of 365,427 shares of ARK 21 Shares Bitcoin ETF (ARKB). 

    This adjustment resulted in ARKB accounting for 1% of the ARK Next Generation Internet ETF (ARKW). The value of ARKB shares declined to $43.51 on Tuesday, a significant drop from the initial listing price of $49 on Jan. 11.

    Previously, ARK Investment Management had shifted its investments from the Grayscale Bitcoin Trust (GBTC) to BITO in December in anticipation of the U.S. approving direct Bitcoin ETFs.

    Cathie Wood had expressed confidence in investing in an already approved fund over one pending approval. This latest portfolio reshuffling aligns with ARK’s ongoing strategy to optimize its position in the evolving landscape of cryptocurrency investments.

    ARK’s 21Shares Bitcoin ETF currently offers one of the lowest fees at 0.21%. Leading crypto exchange Coinbase acts as the custodian of ARK’s ETF. 


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    Mohammad Shahidullah

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  • Ark's Cathie Wood condemns SEC Chair, says Gensler 'denigrated' crypto

    Ark's Cathie Wood condemns SEC Chair, says Gensler 'denigrated' crypto

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    Ark Investment Management CEO Cathie Wood says Gary Gensler ‘denigrated the whole crypto space’ with his latest statement.

    Speaking in an interview with Bloomberg on Jan. 11, Ark Investment Management founder and CEO Cathie Wood criticized the head of the U.S. Securities and Exchange Commission (SEC), saying the latest statement about cryptocurrencies “denigrated” the whole industry.

    “He just denigrated the whole crypto space. I couldn’t believe it. This is par for the course in disruptive innovation.”

    Cathie Wood

    Wood’s comments were prompted by Gensler’s continued skepticism towards cryptocurrencies, even after granting approval for spot Bitcoin exchange-traded funds (ETFs). Gensler, who has been consistently critical of cryptocurrencies since taking charge at the helm of the U.S. financial regulator, reiterated in his latest statement that the SEC “did not approve or endorse Bitcoin.”

    “While we approved the listing and trading of certain spot Bitcoin ETP shares today, we did not approve or endorse Bitcoin. Investors should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”

    Gary Gensler

    Despite Gensler’s negative stance, Cathie Wood believes that the approval of spot Bitcoin ETFs marks a significant development for the largest cryptocurrency by market capitalization. She emphasizes that institutions will now need to navigate and adapt to the new regulatory framework with increased diligence.

    As previously reported by crypto.news, the SEC gave the green light to multiple spot Bitcoin ETFs on Jan. 10, including the one jointly filed by Ark and 21Shares. The approval paves the way for ETFs to commence trading on the CBOE from 9 am on Jan. 11, coinciding with the opening of the U.S. stock market.


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    Denis Omelchenko

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  • Valkyrie and ARK 21Shares file Bitcoin ETF registration of securities with SEC

    Valkyrie and ARK 21Shares file Bitcoin ETF registration of securities with SEC

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    Valkyrie and ARK 21Shares have recently submitted filings for spot Bitcoin ETFs, adding to the growing list of contenders seeking approval from the U.S. Securities and Exchange Commission.

    Valkyrie and ARK 21Shares have filed for 8-A registration of securities for a spot Bitcoin ETF with the SEC on Jan. 4, following the footsteps of Grayscale and VanEck earlier today and Fidelity, who filed yesterday.

    Valkyrie and ARK 21Shares’s official filings today suggest a solid chance of approvals being pushed through imminently as the two companies compete with others for the first spot Bitcoin ETF in the United States.

    The filing comes while the market is buzzing about the potential approval of a U.S. spot Bitcoin ETF. Despite chatter about possible rejections, Valkyrie and ARK 21Shares filings, among others, point to a different story.

    The cryptocurrency industry is hoping for approvals to roll out between Jan. 8 – 10. Big players like Goldman Sachs are already angling for key roles in Grayscale and BlackRock ETFs.

    While nothing is set as of today, the week has shown bullish sentiment around the immediate possibility of a spot Bitcoin ETF approval. SEC meetings with exchanges such as Nasdaq, NYSE, and CBOE add to the optimism, hinting at potential approvals as early as Monday.


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    Bralon Hill

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  • ARK Invest continues Coinbase sell-off, surpassing $200m in December sales

    ARK Invest continues Coinbase sell-off, surpassing $200m in December sales

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    ARK Invest, headed by Cathie Wood, offloaded an additional 80,118 shares of Coinbase, valued at $13.5 million, from two of its investment funds, coinciding with the stock’s ongoing surge in December.

    On Dec. 21, ARK Invest sold 68,769 Coinbase shares valued at $11.6 million from its Innovation ETF and 11,349 shares worth $1.9 million from its Next Generation Internet ETF.

    With the recent sale of $30 million in Coinbase shares earlier this week, combined with the $108 million and $59 million worth of shares sold in the first and second weeks of December, Ark Invest’s total divestment from Coinbase this month has now reached approximately $210.5 million.

    This strategy aligns with ARK’s policy of maintaining a cap on individual company exposure, aiming to keep it around 10% of its holdings.

    Coinbase’s stock has been on a significant rise, hitting new yearly highs with a trading price of $168.03. This marks a 3.8% increase for the day, a 53.8% rise over the past month, and an impressive 400% growth year-to-date. However, it is still 50% below its all-time high from November 2021.

    Grayscale BTC trust shares reduced

    In addition to its Coinbase transactions, Ark Invest has also been reducing its holdings in the Grayscale Bitcoin Trust (GBTC). On Dec. 18, the firm sold over 809,441 GBTC shares from its Next Generation Internet ETF, totaling approximately $27.6 million, the largest sale in over a year.

    Ark’s recent sales coincide with a narrowing of GBTC’s discount to net asset value, falling from over 40% in June to around 7.6%.

    Increased investment in Block

    While reducing its exposure to Coinbase and GBTC, Ark Invest has been accumulating shares in Block. On Dec. 18, the firm purchased 347,692 Block shares for its ARKW fund, totaling around $25.7 million. Additionally, it acquired 158,334 shares worth $12.1 million for its Next Generation Internet ETF.

    Block, co-founded by Twitter’s (now X) Jack Dorsey, now represents 6.83% of ARKW’s total assets, with a market value of $116.9 billion.


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    Rony Roy

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