ARK sells remainder of GBTC holdings, invests $100M in Bitcoin ETF

Cathie Wood-led institutional asset management firm ARK Invest liquidated its entire remaining Grayscale Bitcoin Trust (GBTC) holdings worth $200 million on Dec. 28, revealed Bloomberg ETF analyst Eric Balchunas.

The investment firm used half of the money, about $100 million, from the sale of GBTC to invest in Bitcoin Futures ETF Bito. However, ETF analysts believe it’s a temporary parking spot for the investment firm as it looks for a more liquidity-rich portfolio. Bloomberg ETF analyst Eric Balchunas said this latest investment shift by Ark has made it the second-largest Bito holder.

#news #etf #btc

Grayscale refiles Bitcoin ETF application as Barry Silbert departs

Crypto asset manager Grayscale lodged an amended S-3 filing with the United States securities regulator on the same day Barry Silbert — the CEO of its parent company Digital Currency Group — announced his resignation from Grayscale’s board of directors.

Some crypto market commentators speculate that Silbert’s departure could significantly increase the odds that Grayscale will successfully convert its Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF, currently awaiting a decision from the Securities and Exchange Commission.

Lumida Wealth CEO Ramah Luwalia speculates that Silbert’s resignation was likely of his own accord to improve the odds of the ETF approval — due in large part to the SEC’s ongoing investigation into Silbert and DCG.

Adam Cochran, a partner at crypto venture capital firm Cinneamhain Ventures, speculates Silbert’s decision to step down was “for sure an agreement” made between Grayscale and the SEC ahead of the conversion request being approved.

#news #btc #sec #etf #Grayscale

Bitcoin hash rate hits new peak, but profitability tumbles

Bitcoin network computing power — or mining hash rate — reached a new all-time high on Christmas day, but has put putting more pressure on miners amid a slump in profitability.

On Dec. 25, Bitcoin’s hash rate reached an all-time high of 544 exahashes per second (EH/s), according to Blockchain.com. The data was confirmed by Bitinfocharts, which reported an average hash rate peak over the weekend.

It comes as network hash rates have more than doubled this year, climbing 130% since January.

Over the same period that BTC hash rates have increased, the asset’s price has virtually mirrored the chart, climbing more than 150% since Jan. 1, 2023.

#news #btc #mining

The New Year vacation will last from December 29, 2023 to January 2, 2024 inclusive.

There is not much time left until the New Year. This year has been a very busy and challenging one for our team.

Today we would like to inform our clients about the upcoming New Year vacation in our company. The New Year vacation will last from December 29, 2023 to January 2, 2024 inclusive. During this period, investment plans will be frozen and profit accrual will be temporarily suspended.

You can still fund your account and activate your investment plan with us during the holidays. If you activate your investment plan during this period, profit accrual will start from January 3, 2024.

Please also note that withdrawals will be temporarily suspended. All withdrawal requests submitted during the New Year holidays will be processed from January 3, 2024.

After the New Year vacations are over, our company will once again delight millions of customers around the world with stable and safe profits. Thank you for choosing Galionex in 2023 and we look forward to continued cooperation in 2024. Best wishes, Galionex team.

Japan scraps corporate tax on unrealized crypto profits: Report

Japanese firms will reportedly no longer be required to pay tax on “unrealized gains" from cryptocurrency holdings as of April next year after the Cabinet reportedly approved a revision to the national tax regime for digital assets.

According to local reports, Japan’s government unveiled the new tax reform on Dec. 22 following a cabinet meeting, with the new changes set for April 1, 2024 — the start of Japan’s financial year.

Previously, cryptocurrencies held by corporations received from third parties needed to be reported — based on the difference between market value and book value, regardless of whether the firm sold the cryptocurrency.

But now corporations will only be taxed on profits from the sale of cryptocurrencies, similar to what retail investors must comply with under Japanese tax laws.

#news #SBI #Japan #crypto

Elon Musk says X will launch payment services by mid-2024

Elon Musk’s ‘everything app’ X is expected to launch in-app payment services on its social media platform around mid-2024, though crypto integration now seems only a remote possibility.

Speaking to ARK Invest’s Cathie Wood in a Dec. 21 X space, Musk said he expects payment services to be fully launched sometime by the “middle of next year,” pending the approval of several money transmitter license applications.

Musk said he’d hoped to have launched payments on the social media platform sooner but had been weighed down by bureaucratic processes.

Musk said that he wasn’t aware of any potential “showstoppers” that might see their money transmitter license applications rejected, adding that X had been “a bit late” in submitting all the necessary documents.

#news #x #twitter