CoinShares Survey: Bitcoin Has Strong Growth Outlook, but Ether Still Dominates Institutional Portfolios
According to a CoinShares poll of prominent asset managers, Bitcoin has the most compelling growth outlook among cryptocurrencies, but Ether still holds the largest position in their portfolios. However, the U.S. Securities and Exchange Commission's aggressive stance against the sector is weighing heavily on family offices, institutions, and wealth managers, with growing concerns that tighter regulation or an outright ban could pose risks to crypto in the future.
Clock Starts for SEC Review of Spot-Bitcoin ETF Applications After All Eight Applicants Listed on Federal Register
The countdown for SEC approval of spot-bitcoin ETF applications has officially begun as all eight applicants have been listed on the Federal Register. The clock starts ticking on the review process once filings are published in the register, which occurred on Tuesday.
SEC Begins Review of Five Bitcoin ETF Applications, Including VanEck and Invesco Galaxy
The SEC has begun reviewing the latest bitcoin ETF applications, but the official review process won't start until the filings are published in the federal register. The regulator has requested public comments on all five of Cboe's ETF applications, including Wise Origin, WisdomTree, VanEck, Invesco Galaxy, and ARK 21Shares.
BlackRock and Bitwise Compete to Launch First Bitcoin ETF in the US
BlackRock and Bitwise are competing to introduce the first Bitcoin ETF in the US, with both firms seeking SEC approval. BlackRock's revised application for the iShares Bitcoin Trust includes a "surveillance sharing" clause, partnering with Coinbase crypto exchange to monitor and report potential illicit activities. Bitwise has also received acknowledgment for its spot Bitcoin ETF application, adding to the growing list of contenders.
SEC Acknowledges BlackRock's Application for Bitcoin ETF
The United States Securities and Exchange Commission (SEC) has accepted BlackRock's application for a Bitcoin Exchange-Traded Fund (ETF), following a similar acknowledgement of Bitwise's application. This marks the beginning of the regulatory review process for BlackRock's proposal. BlackRock's entry into the Bitcoin ETF race is significant due to its influence in the financial industry, and its decision to pursue a Bitcoin ETF highlights the growing acceptance of cryptocurrencies in traditional finance. BlackRock's CEO, Larry Fink, has expressed belief in Bitcoin as a store of value and a global asset, and the company's registration for a spot Bitcoin ETF is seen as a way to democratize crypto.
BlackRock CEO Larry Fink Sees Increasing Demand for Crypto Among Gold Investors
BlackRock CEO Larry Fink has noted an increase in demand for cryptocurrency among gold investors. In an interview with CNBC, Fink stated that more and more gold investors have been asking about the role of crypto over the past five years, and that exchange-traded funds (ETFs) could democratize access to cryptocurrency in the same way they have with gold.
BlackRock Posts 25% Rise in Q2 Profit As Investors Pour Money Into Market Funds
BlackRock, the world's largest asset manager, reported a 25% increase in its adjusted profit for the second quarter of the year, thanks to investors putting money into its market funds. The company earned $1.4 billion on an adjusted basis, compared to $1.1 billion the previous year. BlackRock's assets under management rose to $9.4 trillion, up from $8.5 trillion in 2018. Despite the Federal Reserve's rate hikes and banking crisis, markets have performed well this year.
Grayscale CEO Welcomes BlackRock and Fidelity’s Entry Into Crypto Space
Grayscale Investments CEO Michael Sonnenshein expressed his approval of BlackRock and Fidelity's efforts to enter the cryptocurrency space. He described BlackRock's filing to launch a spot bitcoin ETF in June as a "moment of validation" and believes that it adds credibility to the asset class.
BlackRock ETF Pushing Bitcoin to 'Inflection Point' as US Entities Accumulate BTC: Glassnode
Analytics firm Glassnode reports that BlackRock's Bitcoin spot ETF application has led to an increase in the share of Bitcoin supply held and traded by US entities. This surge in US-based Bitcoin ownership is a potential inflection point in supply dominance if the trend continues. Meanwhile, Asian-based market participants appear to be distributing their Bitcoin stacks.
Wall Street's Biggest Players Are Changing Their Minds About Crypto
Major players on Wall Street, including BlackRock, are starting to embrace the crypto industry. BlackRock's founder and CEO, Larry Fink, who once called Bitcoin "an index of money laundering," has now submitted an application for a Bitcoin spot ETF and praised the cryptocurrency's potential to revolutionize finance. Other financial giants, such as Citadel Securities and Fidelity Investments, are also entering the crypto space.
