All articles tagged with #sec approval
Solana's SOL token rose 7% amid optimism about upcoming U.S. ETF approvals, with filings from major issuers suggesting a potential decision by mid-October. Despite a recent 24% drop and cautious trading signals, accumulation signs and market expectations point to a possible rally if ETFs are approved, though traders remain cautious in the short to mid-term.
The U.S. SEC may approve Solana ETFs as early as next month, with Bloomberg analysts giving a 90% chance of approval in 2025, leading to bullish market sentiment and potential investment opportunities in SOL due to its undervalued on-chain metrics and upcoming ETF approvals.
The US Securities and Exchange Commission has approved the first 24-hour stock exchange, 24 Exchange, backed by Point72 Ventures. Initially, it will operate during regular hours before expanding to overnight sessions. This move aims to accommodate retail investors who prefer trading outside traditional hours, similar to cryptocurrency markets. The approval marks a shift towards a "lit" market, where trades and prices are officially recorded, contrasting with "dark pools." The decision follows a previous application rejection and coincides with the New York Stock Exchange's plans to extend its trading hours.
BlackRock's iShares Bitcoin Trust (IBIT) has reached $10bn in assets in less than two months, making it the fastest US ETF to do so, fueled by a rally that has propelled bitcoin to record highs. The 10 spot bitcoin ETFs approved by the SEC in January have collectively garnered about $7bn in net inflows, with investors moving from the pricier Grayscale Bitcoin Trust ETF to lower-cost alternatives. High-frequency traders and retail investors have shown significant interest in these ETFs, with recent launches from other firms also reaching the $10bn threshold in about two years. The SEC's approval has increased confidence in bitcoin's security, leading to a surge in demand for these ETFs.
Bitcoin is nearing its all-time high, reaching $67,310 and attracting increased demand due to the approval of spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). These ETFs allow investors to gain direct exposure to bitcoin without holding it, and have seen significant inflows of cash, with approximately $7.35 billion deposited into 11 different funds. The surge in bitcoin's price began in 2023 and is attributed to factors such as anticipation of SEC approval, Fed rate cuts, and the upcoming halving event. Despite the surge, bitcoin remains volatile, but its resurgence is positive news for crypto investors following the collapse of FTX and other exchanges in 2022.
Standard Chartered analyst Jeff Kendrick is optimistic about the potential boom in 401k retirement investments in Bitcoin and Ethereum following the SEC's approval of spot Bitcoin exchange-traded funds (ETF). He anticipates increased interest from pensioner funds and suggests that Ethereum may follow a similar pathway to Bitcoin in the approval process for its own ETF. Kendrick's positive outlook is supported by the strong performance of Bitcoin and Ethereum, as well as the potential for an influx of pensioner funds into the crypto market.
Digital World Acquisition Corp. (DWAC) has received regulatory approval from the Securities and Exchange Commission for its merger with Trump Media & Technology Group, potentially providing former President Donald Trump with a stake worth nearly $4 billion. The merger, which has been in the works since October 2021, aims to provide Trump's media business with capital to expand its operations, including the conservative-leaning Truth Social platform. If completed, Trump could own nearly 79 million shares in the new business, representing as much as 69% of the combined company.
Former President Donald Trump's media venture, Truth Social, has received SEC approval for a planned merger with Digital World Acquisition Corp., paving the way for a potential Wall Street listing that could inject $300 million into the company. Despite regulatory issues and market volatility, the deal is expected to proceed pending final approval from investors, with shares in the combined company possibly trading as soon as next month. The venture's success is tied to Trump's popularity, and while it faces risks in the public markets, investor interest in Trump's persona continues to drive excitement around the deal.
The Securities and Exchange Commission has approved the merger of Donald Trump's media start-up with a special purpose acquisition company, allowing the owner of Truth Social to become a publicly traded company and unlock $300 million in investor funds. Trump stands to hold over 78 million shares in the post-merger company, potentially worth nearly $4 billion, with a lockup period preventing share sales for six months. The merger faces scrutiny from public markets and potential resistance from co-founders, while also raising conflict-of-interest concerns for Trump due to potential indirect financial ties with companies and foreign governments.
Bitcoin has surged past $47,000 for the first time since the approval of 11 spot ETFs by the US Securities Exchange Commission last month. The rally is being driven by increased investor interest following the ETF approvals, with Bitcoin approaching the $50,000 mark. Flows in spot Bitcoin ETFs have also seen significant movement, with the Grayscale Bitcoin Trust losing over $6 billion in flows while competitors like iBIT and Fidelity have gained substantial inflows.
The Securities and Exchange Commission approved 11 spot bitcoin ETF applications, leading to a surge in the cryptocurrency industry. Grayscale Bitcoin Trust and Hashdex Bitcoin ETF experienced early gains before paring them, while BlackRock and Fidelity led trading volume among the newly-listed spot bitcoin ETFs. Bitcoin turned volatile, reaching as high as $49,000 before reversing its advance. Various issuers listed their bitcoin ETFs on different exchanges, with over $3.5 billion worth of shares traded. Despite a short-term decline in crypto-related stocks, experts anticipate significant price movement as institutional assets allocate to ETFs.
ARK Invest CEO Cathie Wood predicts that bitcoin could reach $1.5 million by 2030, up from her previous estimate of $1 million, following the SEC's approval of spot bitcoin ETFs. Wood also outlined a bear case of $258,500 and a base case of $682,800. ARK Invest is among the asset managers approved to roll out bitcoin ETFs, which started trading on Thursday. The price of BTC briefly topped $49,000 but is now trading near $46,322. Standard Chartered Bank also predicts a significant rise in bitcoin prices, comparing the bitcoin ETF to the first U.S.-based gold exchange-traded product.
BlackRock, Fidelity, and other potential Bitcoin ETF providers in the U.S. have revealed their fees, with BlackRock starting at 20 basis points for the first 12 months and settling at 30 bps, lower than expected. Fidelity's fee aligns with predictions. Invesco and Galaxy are waiving their fee for the first six months, while ARK, 21Shares, VanEck, and Valkyrie have set fees at 0.25%, and 0.8% respectively. As many as 13 ETFs may list soon, with providers using fees to differentiate themselves. Bitcoin's price rose around 1.8% to $44,865 on the news.
Cathie Wood, CEO and founder of ARK Invest, believes that her firm's amended Bitcoin ETF application, filed after previous rejections by the SEC, could position them to launch the first spot Bitcoin ETF in the U.S. Wood dismisses the notion that BlackRock has an edge in SEC approval and highlights the potential for a positive outcome in the Grayscale trial. She also expresses concern about the SEC potentially stifling innovation in the U.S. and emphasizes the global nature of the crypto movement. Wood does not believe that the SEC would favor BlackRock over ARK Invest in approving a spot Bitcoin ETF. Additionally, she discusses the growing institutional interest in crypto and the need for institutions to become more sophisticated in this new asset class.