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BlackRock (BLK), VanEck, Invesco and Galaxy, ARK 21Shares, Grayscale and other prospective issuers among 13 hoping to launch bitcoin (BTC) exchange-traded funds (ETFs) in the U.S., have filed updated documents on Tuesday.

The filings indicate that the entities were among the prospective issuers that the U.S. Securities and Exchange Commission (SEC) sent comments in the past 24 hours. CoinDesk reported earlier that the SEC sent comments to a set of prospective issuers of the spot-bitcoin ETFs just hours after the companies filed documents detailing fees for their proposed products on Monday.

Among the changes in the latest updated filing on Tuesday is wording that seeks to mitigate damage to shareholders in the event of insolvency and avoid a conflict of interest between the ETF’s authorized participants.

Invesco and Galaxy's updated filing saw them reduce the fee they plan to charge to 0.39% from the earlier 0.59%.

The latest filings show an almost unprecedented engagement between the SEC and prospective issuers, with filings following SEC responses and then updated filings within a short span of 24 hours.

The SEC is widely expected to approve all the applications this week as it faces a Jan. 10, 2024 deadline – i.e. this Wednesday – for one of the applications by Ark and 21 Shares and may want to approve all together in the spirit of fairness.


Crypto is going to explode tomorrow when the SEC approves the ETFs.
 
Get the moneychangers into the crypto world.

Short-term, a gain.

Long-term, it's just going to turn it into the same swamp of deceit that central-bank fiat is in, now.
 
SEC twitter today:

Wi not trei a holiday in Sweeden this yer ?
See the loveli lakes
The wonderful telephone system
And mani interesting furry animals
Including the majestic moose
A moose once bit my sister...
 
Seems there's a lot of pressure to move fast.

...maybe because arbitragers bought bitcoin, with the idea of selling into a new mania?

Like I said earlier...the financialization of bitcoin.
 
Seems there's a lot of pressure to move fast. ...

SEC is waiting until the very last minute of the deadline for ARK's application to issue their ruling. This has been percolating for months (a year?) now. It only seems like it's moving fast because today is the final deadline.
 
SEC shitshow continues. They posted ETF approval docs on their website for a few minutes and then removed them. Of course, it was all captured by folks waiting for the announcement. SEC website reportedly straining to handle traffic right now.
 

SEC approves 11 bitcoin spot ETFs​

CNBC's Kate Rooney joins 'Closing Bell Overtime' to talk the SEC officially approving bitcoin spot ETFs today.


1:46

 
up $425 dollars the last 30 days

looking for an uptick since the ok on etf’s

i don’t think this is the Moonshot

but it is not will BC hit $100,000 , it is when
 
ETFs were approved by CBOE and will apparently start trading tomorrow. All ETFs have some seed funding so there is some cushion before ETF trading results in buying pressure for BTC. But it is coming. Maybe a day or two of trading. I think the choo choo starts really rolling next week or so.
 
Grayscale, the manager of GBTC, is claiming bragging rights for being the first of the newly approved crop of spot bitcoin (BTC) exchange-traded funds (ETFs) to begin trading, a representative for the firm said on Thursday.

“I am happy to confirm that GBTC started pre-market trading at 4 am EST this morning,” Grayscale’s head of comms Jennifer Rosenthal said via email.
...


~~~

Now that the spot BTC ETFs have been approved, anticipation is building that the spot ETH ETFs will be approved. Ethereum (ETH) is up over 10% over the last 24 hours.
 
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Begun, the spot BTC ETF wars have:
PTF3RPUIIVACNFO5MUACH26MRA.jpeg


The laser eyes on Ben Franklin suggest quite the battle is ahead as issuers of the newly approved bitcoin ETFs try to scoop up investors' money.

Hours after U.S. regulators approved the groundbreaking products on Wednesday, Franklin Templeton, a 76-year-old asset manager with $1.5 trillion assets under management and its own bitcoin ETF to sell to customers, tweaked its X avatar. It put laser eyes on its logo that features Ben Franklin, the famous 18th century American.

That's a nod to crypto culture, where red, glowing eyes are commonly featured in bio pics.
...

more:

 
Following a landmark approval by the United States Securities and Exchange Commission on Jan. 10, shares of several spot Bitcoin (BTC) exchange-traded funds (ETFs) have started debuting on exchanges.

As of 2:45 pm UTC on Jan. 11, data from the Cboe BZX Exchange showed that shares of the Bitcoin ETF from ARK 21Shares were trading at $50.18 under the ticker ARKB, those from Invesco Galaxy at $49.59 under BTCO, WisdomTree at $52.13 under BTCW, Fidelity at $44.40 under FBTC, and Franklin Temple at $28.48 under EZBC. The spot BTC ETF offered by VanEck, under the ticker symbol HODL, did not appear to be live at the time of publication but was set for an opening price of $54.92.

On the Nasdaq Stock Market, shares of the Valkyrie Bitcoin Fund under the ticker BRRR started trading in the pre-market for roughly $20 before dropping to $14.10 at the time of publication. Shares of the iShares Bitcoin Trust — offered by the world’s largest asset manager, BlackRock — under IBIT also surged roughly 22% in some pre-market activity, trading at $28.64 at the time of publication.

The spot Bitcoin ETF offered by Grayscale Investments — one of the offerings that likely contributed to the SEC approval of the investment vehicles — opened at $42.25 under GBTC on the New York Stock Exchange Arca, rising to $42.97 at the time of publication. Shares of the Bitwise Bitcoin Trust started trading at $26.80 under BITB, and the Hashdex Bitcoin Futures ETF, which also holds spot BTC following SEC approval, opened at $60.00 under the ticker DEFI.
...

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Just watched this on bitcoin - a wealth of information

NEW: Leave The World Behind and Build a New One with Whitney Webb​

In this latest episode with independent investigative journalist Whitney Webb, we discuss:
-The need to build and protect tools of financial freedom
-Bitcoin and Wall Street/government adoption
-Artificial Intelligence and open-source vs. closed-source technology
-Cyber attacks and simulations
-Her latest investigation into the crypto and CDBC world
61m
 
Nothing is at it seems

Bitcoin ETF Here’s The Truth They Won’t Tell You​

15m
 
Seems there's a lot of pressure to move fast. ...

... This has been percolating for months (a year?) now. ...

I was off by a tiny bit...

It’s been over ten and a half years since the Winklevoss twins first filed for a bitcoin (BTC) exchange-traded fund (ETF) in July 2013.

This filing, covered by CoinDesk in its first year of operation, was ultimately unsuccessful – despite multiple re-submissions – but serves as an interesting time capsule to look at how the industry has changed and matured since then.
...

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What you bet...

Bitcoin ETF just came out today as a commodity. All the bitheads are champing at the 'bit' that this is going to be a great thing because of all the institutional money coming into BTC.

Blackrock (the Death Star) controls the ETF and they'll do to BTC what they've done to gold. They'll sell 'paper' bitcoin contracts on the open market and depress the price just as they do with gold.
 
...
Blackrock (the Death Star) controls the ETF ...

They control one ETF. There are 10 others managed by other companies. They are all now competing for those institutional dollars.

While it's possible that the ETFs may in the very long term lead to the type of market manipulations you are speculating, in the near term, it's likely to be just like when spot gold ETFs were approved - very bullish.
 
If I recall, they've all bought each others stocks... one big happy family....
 
I don't think anyone took either bitcoin or the move to financialize it, seriously.

For one thing, it's not a typical investment. You invest in CRETs, at base, you own land and structures. You buy securities, you own a share of both the tangibles and intellectual properties, and you own part of the dynamic of a functioning business.

What do you own with these tokens? This has been done to death, and I'm not interested in re-hashing THAT. There are only two reasons I can see to get into these:

--Move money across national borders;

--an alternative protection against deliberate government currency debasement/destruction.

To buy into it, just because it's expected that OTHERS are gonna buy HIGHER, LATER...is foolishness the essence of which was Tulip Mania.

You disagree, and there's no need to get into a food-fight. I just think that both the mindset and the expectation of what might actually happen, shifted quickly in a short time.
 
Care to give us an executive summary of any interesting points?
well, I watched it last night.

Whitney Webb has an encyclopedic memory for so many things I couldn't even do it justice. I barely understand bitcoin.

Best to run it in the background while surfing and listen... or

Transcript​

Follow along using the transcript.
Show transcript

or
Drop the needle:

00:00 Confronting the disconnect
3:24 Centralization and corruption
11:25 Bitcoin 2024 promo
11:57 Coinkite ColdCard Wallet promo
12:25 CrowdHealth promo
13:05 Tech problem is bigger than regulations
17:36 Is OpenAI actually open?
19:55 Government using AI; Tesla robot attack
26:58 FTX, Binance, CBDC
34:35 Orange Pill App promo
35:11 iTrustCapital promo
35:30 Bitcoin Evangelism book promo
36:20 Government using Bitcoin
42:53 Can government co-opt Bitcoin?
47:19 Election simulations
55:22 Leave the World Behind
57:56 Eliminating online anonymity
 
... I just think that both the mindset and the expectation of what might actually happen, shifted quickly in a short time.

I'm not sure how closely you've been following crypto, but technology (and industry expectations) moves very fast in this space. That said, the pacing for the ETF approval has been held up for years by bad faith on the part of Gensler, Dem Commissioners in the SEC, E. Warren, et al. It took Grayscale fighting the SEC in courts for years and finally winning a knockout judgement for the SEC to stop it's malfeasance.
 


Backlash (ie. people closing/moving their accounts) against Vanguard has been brewing all morning. I guess Merrill is going to join them in cutting off their nose.
 
They don't think it's the kind of investment they'd want to back.

It's probably the only responsible move they've made in years. Seriously.

It simply IS NOT an investments. You buy Ford stock, the business generates cash...money for product. You buy bonds, government or corporate, you are paid for the use of the money the bond represents.

What can you say about the "investment" of bitcoin? Would you want to see a precious-metal ETF in such a place...speculating over the price of PMs, and maybe rehypothecating the actual bullion?
 

EP 3255A - THE ENTIRE WORLD IS ABOUT TO CHANGE FOR THE GOOD, CONTROL OF CURRENCY SHIFT​

As the cold weather rushes in the EU nations are finding themselves in a tough position, energy costs are up and some nations are turning back to coal. The EV market is dying a slow death, rental cars services are replacing EVs with gas power cars. The world is about to change, Bitcoin ETFs have been approved.
16m
 


Backlash (ie. people closing/moving their accounts) against Vanguard has been brewing all morning. I guess Merrill is going to join them in cutting off their nose.

Whaaaaat? Problems already!?
 
Whaaaaat? Problems already!?
Vanguard is not managing an ETF. They are preventing their customers from buying any of the ETFs that were approved. Their customers are reportedly closing accounts and moving to Fidelity or another broker.
 
Vanguard is not managing an ETF. They are preventing their customers from buying any of the ETFs that were approved. Their customers are reportedly closing accounts and moving to Fidelity or another broker.
Every brokerage house has its products - it chooses what it thinks fits well for its desired customers. Either using beneficient parameters, or through untoward formulae; but they select what they will sell.

That's their choice.
 
Vanguard’s decision to not offer its users access to bitcoin ETFs has sparked a backlash among some customers, who have decided to close their brokerage accounts and move their money to other platforms.
...
Julian Fahrer, co-founder and chief executive at Apollo, a review platform for bitcoin-related products, said on X, formerly Twitter, that he requested to transfer his 401(k) account from Vanguard to Fidelity.

“It took about 15 minutes,” Fahrer tweeted.
...
Oher crypto enthusiasts expressed similar feelings on X.
...
As investor interest in bitcoin ETFs appear to be high, financial institutions that don’t offer access to the trading of such products may suffer from user outflows, said Frank Corva, senior analyst for digital assets at comparison website Finder.com.

“Financial institutions that ignore bitcoin and hinder their clients from getting access to the asset will likely be punished in the form of their clients moving their money to institutions that accommodate their desire to get exposure to bitcoin,” Corva wrote in emailed comments.

 
...
While several things happened in the weeks leading up to their debut, some related to implied volatility and the options market are worth noting as speculators look at ether (ETH) as the next likely candidate for a spot ETF approval.

Implied volatility represents investors' expectations of price turbulence and positively impacts the prices of call and put options. A call allows buyers to profit from or hedge against price rallies, while a put offers protection against price slides.

When facing a binary event such as the earning’s date in a stock or the SEC’s decision on spot ETF applications, traders tend to buy options to build a “long vega” position that benefits from increases in implied volatility. The strategy, however, exposes traders to a potential post-event crash in volatility and the resulting slide in options prices.

That’s precisely what happened in the bitcoin market, a lesson for ether traders that holding a long volatility exposure on the day of the ETF announcement may be risky, according to crypto quant researcher Samneet Chepal.
...
Several firms have filed applications for spot ether ETFs, including BlackRock, in November 2023. The earliest deadline for approvals is in May for VanEck’s ETF, followed by BlackRock’s in August.

More:

 
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Here’s Some Bitcoin: Oh, and You’ve Been Served!​

A California man who lost $100,000 in a 2021 SIM-swapping attack is suing the unknown holder of a cryptocurrency wallet that harbors his stolen funds. The case is thought to be the first in which a federal court has recognized the use of information included in a bitcoin transaction — such as a link to a civil claim filed in federal court — as reasonably likely to provide notice of the lawsuit to the defendant. Experts say the development could make it easier for victims of crypto heists to recover stolen funds through the courts without having to wait years for law enforcement to take notice or help.

Ryan Dellone, a healthcare worker in Fresno, Calif., asserts that thieves stole his bitcoin on Dec. 14, 2021, by executing an unauthorized SIM-swap that involved an employee at his mobile phone provider who switched Dellone’s phone number over to a new device the attackers controlled.

More:

 
Of course it will be approved. It WILL be used to manipulate and control Bitcoin... Just like all the other commodity ETF's.

So you shouldn't be a fan if you actually are bullish Bitcoin.

The two "authorized" participants... JPM and Virtu Financial The two biggest cons on the planet.

If you really got fooled by this for like the 50th time then shame on you.


1705109932912.png

The ETF starting to manipulate prices and it marks the high, again.
 
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