News Headline Highlights
- Bitcoin ETF update
- Bitcoin has overtaken silver to become the second biggest commodity ETF market.
- #1 Gold - ($96b)
- #2 Bitcoin ($27.5b)
- #3 Silver - ($11.5b)
- After six trading days, the nine approved spot Bitcoin ETFs hold ~95,000 bitcoin, bringing the value of their assets under management to nearly $4 billion dollars. These inflows outpace the outflows from the Grayscale Bitcoin Trust (GBTC), which has experienced ~$2.8 billion in outflows over the period. In total, spot BTC ETFs now hold over $27B.
- BlackRock and Fidelity’s spot Bitcoin ETFs (IBIT and FBTC) both received over $1 billion worth of inflows after five days of trading.
- ProShares filed for five leveraged and inverse bitcoin exchange-traded funds (ETFs) with the US Securities and Exchange Commission (SEC). The names of the funds are ProShares Plus Bitcoin ETF, ProShares Ultra Bitcoin ETF, ProShares UltraShort Bitcoin ETF, Proshares Short Bitcoin ETF and ProShares ShortPlus Bitcoin ETF.
- The US Securities and Exchange Commission (SEC) has requested public comments about a proposal from Nasdaq that would allow for options trading on BlackRock's spot bitcoin ETF. The comment period will last for 21 days.
- Industry insiders are urging Hong Kong regulators to follow the United States’ lead in authorising spot cryptocurrency exchange-traded funds (ETFs). The city, which touts ambition to become a major virtual-asset hub in Asia, has fallen behind the US despite the Hong Kong Securities and Futures Commission (SFC) said it was prepared to authorise spot virtual asset ETFs in December.
- China has formed a working group to push for standardization for the metaverse sector. The Ministry of Industry and Information Technology (MIIT) announced the formation of a working group with representatives from the government, academia and corporations. Members of the working group include those from Chinese tech giants, such as Huawei, Ant Group, Tencent, Baidu, NetEase and Sense Time.
- A U.S. bankruptcy judge, Christopher Lopez, approved Core Scientific's Chapter 11 restructuring, allowing the bitcoin mining company to cut $400m in debt and emerge from bankruptcy by the end of January. Lopez commented that the bankruptcy plan "provides a tremendous recovery for both unsecured creditors and also equity holders," who usually fare poorly in bankruptcy.
- Terraform Labs filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware on Jan. 21. The company’s liabilities are estimated to be $100-$500m, and the amount of assets lies in the same range. Co-founder and former CEO Do Kwon is currently awaiting extradition from Montenegro, while his U.S. trial is set for late March.
- The US Securities and Exchange Commission (SEC) delayed the deadline to decide on Fidelity's application for a spot Ethereum Exchange-Traded Fund (ETF). The next decision date (approve, deny or delay further) is now March 5, 2024. Magnet quick take: This was expected, per the spot BTC ETF, the SEC only approved or denied once they could not delay any further.
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