Bitcoin ETF issuers push 3 crypto ads in 48 hours

Bitcoin ETF issuers push 3 crypto ads in 48 hours

Spot Bitcoin exchange-traded fund (ETF) issuers have fired two new salvos in a brewing crypto marketing war, rolling out a total of three crypto ads in just two days.

Bitwise rolled the first Bitcoin ETF advertisement on Dec. 18 featuring actor Jonathan Goldsmith, known for his "Most Interesting Man in the World" character from an advertising campaign with Dos Equis beer.

Days later on Dec. 20, Hashdex published its crypto advertisement featuring a dumper truck with the captions “Stocks aren’t crypto, fixed income isn’t crypto, precious metals? nope, not crypto either,” before promoting the firm.

Notably, the branding push from the two asset managers shows an outsized deal of confidence in a financial product that has yet to receive regulatory approval.

#news #btc #etf

Spot Bitcoin ETF ‘nailed on’ for 2024: K33 report

The approval of a spot Bitcoin exchange-traded fund (ETF) by Jan. 10, 2024, appears to be set in stone, with a new spate of ETF updates only adding further to the likelihood of an approval, say K33 research analysts.

In a Dec. 19 report, K33 head of research Anders Helseth and senior analyst Vetle Lunde said the recent round of ETF updates — with filers including BlackRock and ARK Invest now agreeing to a cash-creation setup for their funds — means that an approval is “nailed on” for January.

Additionally, the report highlighted the strength of Bitcoin price action over the past week, with analysts noting that spot trading volumes of BTC had been substantially higher than in previous months.

#news #btc #etf #sec

SEC delays several Ethereum ETFs, pushing final decision to May

The United States Securities and Exchange Commission is pushing back its decision on several Ether exchange-traded funds (ETFs) to May 2024.

In several Dec. 18 regulatory filings, the agency delayed its decision on the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF.

The Hashdex Ether ETF aims to hold both spot Ether and futures contracts, while Grayscale’s Ethereum Futures ETF is seen as a “trojan horse” that would corner the SEC into allowing Grayscale to convert its Ethereum Trust to a spot Ethereum ETF.

In the filings, the agency said it was instituting proceedings that involve gathering further public input around whether or not the ETFs should be listed.

#news #eth #sec #etf

Ledger vulnerability put entire DApp ecosystem at risk: Finance Redefined

The past week in DeFi saw an unprecedented chain of events unfold on Dec. 14 when a malicious actor exploited a vulnerability in the Ledger hardware wallet’s connector library. The exploit put the entire decentralized application (DApp) ecosystem at risk. On-chain analysts and DApps like SushiSwap and MetaMask advised users not to interact with their wallets at all.

Ledger released a patch within hours to contain the vulnerability, but the exploiter drained over $650,000 in assets from multiple victims. However, considering the number of wallets and DApps at risk, the drained amount was considerably lower than it could have been.

#news #blockchain #ladger #DeFi

Gensler hints Grayscale ruling forced SEC to take ‘new look’ at Bitcoin ETFs

U.S. Securities and Exchange Commission chair Gary Gensler has hinted that the regulator has been rethinking its approach to spot Bitcoin exchange-traded products following a recent Grayscale court decision.

Speaking to CNBC on Dec. 14, Gary Gensler was questioned about the long list of pending spot Bitcoin ETF applications. He said the SEC has “between eight and a dozen filings” going through the process at the moment.

“We had in the past denied a number of these applications,” he said before adding that the courts have weighed in on that. What followed was a statement suggesting that the agency could be changing its tack on Bitcoin:
“So we’re taking a new look at this based upon those court rulings.”

News anchor Sara Eisen asked whether he was referring to Grayscale. However, Gensler evaded the question, stating that everything at the SEC is done “within the laws Congress has passed and how the courts interpret them.”

In August, a federal judge overturned the SEC’s decision to deny an ETF offering from Grayscale Investments through its Bitcoin Trust.

Several large asset managers, including BlackRock, Fidelity, Grayscale, Invesco, VanEck, and Valkyrie, are now in the race to launch a spot Bitcoin ETF. All applications have been delayed, but analysts are confident that a batch approval will occur in early January.

In a separate interview with Bloomberg’s Kailey Leinz on Dec. 14, Gensler also sidestepped questions regarding the number of filings for spot Bitcoin products. Instead, he spoke about recent changes to the U.S. treasury market as the focus of the agency’s priorities.

In response to this interview on X, U.S. Congressman Bryan Steil commented:
“Chair Gary Gensler obfuscates on crypto with the press like he does at committee hearings. He does not want to explain his agency’s aggressive regulatory approach which is pushing crypto offshore.”

“Gensler very rarely gives clear answers! He’s a master at hedging his words,” opined Bloomberg ETF analyst James Seyffart.

#news #sec #etf #btc

More firms set to add Bitcoin to balance sheets after major rule change

The new Financial Accounting Standards Board (FASB) rules released on Dec. 13 that come into effect on December 2024 see the estimated market value of crypto held by companies represented accurately on companies’ accounting books by allowing them to record when they’re holding assets at a gain.

Previously, crypto held by companies was subject to impairment only with the value of crypto decreased on the books which could not be increased until sold, even if its value increased while being held.

Klippsten added that companies could now use Bitcoin as a “strategic financial asset” as they would be able to report on their value gains and losses, a feature that could help drive adoption.

Matrixport research head and Crypto Titans author Markus Thielen told Cointelegraph that the rule change “underscores the palpable corporate demand” for incorporating crypto into a firm’s accounting.

#news #btc #adoption #us