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☆ The state of Wisconsin purchased $163 million in bitcoin ETFs in the first quarter
▼ + stars: | 2024-05-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +2 min

The state of Wisconsin has purchased about $163 million worth of bitcoin, according to 13F filings. The state of Wisconsin Investment Board purchased bitcoin ETFs from BlackRock and Grayscale in the first quarter. The Wisconsin Investment Board manages state's pension which is worth more than $150 billion. AdvertisementThe state of Wisconsin purchased $163 million worth of bitcoin in the first quarter, according to a 13F filing made with the Securities and Exchange Commission. Advertisement"Wow, a state pension bought $IBIT in the first quarter.

Persons: —, Eric Balchunas, Balchunas, Bitcoin Organizations: Wisconsin Investment, Service, Securities and Exchange Commission, The Wisconsin Investment Board, Bloomberg Intelligence Locations: Wisconsin, BlackRock, Virginia, Fairfax County

☆ Investors are focused 'overwhelmingly' on bitcoin over other cryptocurrencies, BlackRock says
▼ + stars: | 2024-03-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

BlackRock's push into crypto has been expeditious, but it may be hitting the brakes after bitcoin and ether. But Robert Mitchnick, BlackRock's head of digital assets, shut that possibility down at the Bitcoin Investor Day conference last week. He pointed out that bitcoin and ether make up the majority of the crypto market cap – bitcoin at 52% and ether at 16%, according to CoinMarketCap. In addition to bitcoin and ether ETFs, BlackRock is also exploring digital assets through tokenization efforts. "And we have clients who are comfortable and fluent on blockchain infrastructure, interacting with digital assets.

Persons: That's, Robert Mitchnick, Mitchnick, that's, we're, … IBIT, bitcoin, Wall, Larry Fink, CNBC's, it's Organizations: BlackRock, U.S, – Locations: BlackRock

☆ BlackRock says bitcoin returns likely to come down now that it has been embraced by Wall Street
▼ + stars: | 2024-03-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

If you're looking for your bitcoin to go to the moon, the window of opportunity may be slowly closing, according to BlackRock. "Certainly, returns going forward will come down," he said at the Bitcoin Investor Day conference in New York City Friday. That demand was "massive and clear" in 2023, when BlackRock filed to launch its iShares Bitcoin Trust. "I don't think we've seen the end of cycles in bitcoin," Mitchnick said. "[With] bitcoin, when the price goes up, the probabilities of success and adoption in some senses, as digital gold, are also changing," he said.

Persons: Robert Mitchnick, It's, –, Mitchnick, CNBC's Ganesh Rao Organizations: BlackRock Locations: BlackRock, New York, @GC

☆ Blackrock says bitcoin will be a good portfolio diversifier despite its recent rally with stocks
▼ + stars: | 2024-03-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Bitcoin is more like digital gold than a so-called "risk-on" asset, according to Robert Mitchnick, BlackRock's digital assets lead. For years, bitcoin's ability to behave in different ways at different times has stumped investors . "Historically bitcoin's long-term average correlation [to stocks] has been close to zero – slightly positive, but close to zero," he said. While the recent rally was spurred by the launch of U.S. bitcoin ETFs, some on Wall Street have suggested that it may have recently fused into the more macroeconomic-fueled gold rally . Risk and portfolio construction That, understandably, adds confusion for newcomers to bitcoin investing, who are drawn to its digital gold-like qualities.

Persons: Robert Mitchnick, BlackRock's, bitcoin, It's, Bitcoin, bitcoin rocketed, Mitchnick Organizations: New York City, Fed, BlackRock Locations: New York

☆ Bitcoin to rally to $150,000 this year and could touch $250,000 in 2025, Standard Chartered says
▼ + stars: | 2024-03-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The excitement around the arrival of bitcoin ETFs and the subsequent surge to new highs for the cryptocurrency is making even bitcoin bulls raise their expectations. "We raise our long-held price estimate to the USD 150,000 level from USD 100,000 given the more rapid pass-through from ETF inflows to the BTC price to date," the note said. The new bitcoin ETFs have pulled in billions of dollars from investors since their January launch, even with the Grayscale Bitcoin Trust seeing heavy outflows. The iShares Bitcoin Trust (IBIT) has raked in more than $12 billion on its own, according to FactSet. The quick growth of the bitcoin ETFs has boosted confidence that there are more investors interested in crypto who have been reluctant to buy it through crypto exchanges.

Persons: Geoff Kendrick, Kendrick Organizations: BTC, Metrics, bitcoin Locations: Bitcoin

(This is CNBC Pro's live coverage of Tuesday's analyst calls and Wall Street chatter. An online car seller and a crypto trading platform were in focus on Tuesday's analyst chatter. Carvana shares are up more than 47% this year, soaring after the company topped fourth-quarter profit estimates. Until ETP flows taper and/or reverse, we suspect the stock's current momentum may persist," analyst Patrick O'Shaughnessy wrote. COIN YTD mountain COIN year to date Coinbase shares received a boost from the ETF excitement, rising more than 40% year to date, as bitcoin climbs to record highs .

Persons: Coinbase, Raymond James ., Jason Bazinet, Bazinet, — Pia Singh, Jefferies, Carvana, John Colantuoni, Carvana hasn't, Raymond James, Patrick O'Shaughnessy, ETP, O'Shaughnessy, — Fred Imbert Organizations: CNBC, underperform, Jefferies, Citi, New York Times, Citi Research, Bazinet , New York Times Locations: Bazinet ,, underperform, Monday's

☆ Bitcoin's Wild Price Booms and Busts Are Going to Continue Forever
▼ + stars: | 2024-03-06 | by ( Emily Stewart | ) www.businessinsider.com time to read: +8 min

The main explanation for the recent gain in bitcoin's price is the Securities and Exchange Commission's begrudged blessing of spot bitcoin exchange-traded funds, investment vehicles that track bitcoin's price. As bitcoin ETF providers have to invest in the underlying assets — bitcoins — demand for those assets increases. "The speed of the come-up is much faster than I thought," he said, adding that he was specifically surprised at retail-trader activity in the bitcoin ETFs. (Also, not everyone agrees it will be good for bitcoin's price.) Or maybe, just maybe, the latest run will cement bitcoin's future as a more stable part of people's investment portfolios.

Persons: Bitcoin's, bitcoin, David Yermack, University's, who've, BlackRock's, Eric Balchunas, James Butterfill, it's, Butterfill, shiba inu, Nic Carter, Carter, Bitcoin, Yermack, Emily Stewart Organizations: bitcoin, University's Stern School of Business, Securities, Exchange, SEC, Wall, Fidelity, University's Stern School of, Bloomberg Intelligence, Federal Reserve, New York Community Bancorp, Castle, Ventures, Business Locations: New, bitcoin, BlackRock, David Yermack , New

☆ These other crypto trades are having big years as bitcoin hits a record high
▼ + stars: | 2024-03-05 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +5 min

Start with the arrival of bitcoin exchange traded funds, which is often pointed to as one of the sparks of the crypto rebound. IBIT 1M mountain Bitcoin ETFs, like iShares' IBIT, have surged over the past month as the cryptocurrency has raced to a new record high. MSTR 1M mountain Shares of Microstrategy are outperforming bitcoin over the past month. Stock Chart Icon Stock chart icon Bitcoin ETFs, like iShares' IBIT, have surged over the past month as the cryptocurrency has raced to a new record high. Stock Chart Icon Stock chart icon Shares of Microstrategy are outperforming bitcoin over the past month.

Persons: Kenneth Worthington, It's, cryptocurrencies Organizations: Fidelity, Bitcoin, JPMorgan, Marathon, Getty

☆ Bitcoin rockets to an all-time high above $69,000, surpassing 2021 record
▼ + stars: | 2024-03-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

"Bitcoin reclaiming its all-time high yet again shows it is never going away," said Alex Thorn, head of research at Galaxy Digital. Catalysts driving the surge in the cryptocurrency include the U.S. spot bitcoin ETFs that started trading earlier this year, along with the tightening bitcoin supply ahead of the late April "halving." "The odds have always been against bitcoin," Thorn said, citing naysayers who have referred to it as "a bubble" and compared it to the "tulip mania" in Holland during the 1600s. "Retail interest is oftentimes momentum driven, and all-time high levels are a pivotal momentum driver for even more investment," he told CNBC. Nevertheless, U.S. spot bitcoin ETFs have brought legitimacy to it and been hugely popular, with BlackRock's iShares Bitcoin Trust (IBIT) passing $10 billion in assets under management last week.

Persons: Jaap Arriens, FTX, crypto's Lehman, Alex Thorn, bitcoin, Clara Medalie, Thorn, naysayers, Needham, John Todaro, Crypto, BlackRock's Organizations: NurPhoto, Getty, Metrics, Galaxy, CNBC, Securities and Exchange Commission Locations: U.S, Holland

☆ Bitcoin's back on top, but it's not a boon for everyone in the space
▼ + stars: | 2024-03-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at bitcoin's latest rally and what's driving it so high this time around . The milestone comes amid a massive rally for bitcoin over the past month, where its price has surged almost 60%. Business Insider's Phil Rosen has a full rundown on what's pushing bitcoin's price so high this time . SOPA Images / GettyA boon for bitcoin doesn't mean everyone in the space wins. The insider I spoke to said there's no single, agreed-upon narrative for what's driving crypto toward a new peak.

Persons: —, you've, Phil Rosen, BlackRock's, Jamie Dimon, there's, Tom Williams, Doom, Roubini, BofA, Li Qiang, headwinds, Mark Zuckerberg's, Andrew Bosworth, Sam Altman's, Altman, Hugo Herrera, Lachlan Murdoch, Nordstrom, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Bitcoin, JPMorgan, Bank of America, Beijing, Apple, Getty, European Commission, Employees, BI, Boomers, Fox, Target Locations: bitcoin, China, Chengdu, Southwest China's Sichuan, New York, London

☆ Bitcoin ETFs see record-high trading volumes as retail investors jump on crypto rally
▼ + stars: | 2024-02-28 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Retail traders appear to be using a new tool during this huge rally for bitcoin — exchange-traded funds. The funds, which launched last month, have seen their trading volume surge this week as bitcoin continues to climb. That is well above its previous record high of roughly 43 million shares, which came on Tuesday. The highly active market around these funds is likely a sign that retail traders are using the ETFs to participate in the bitcoin rally. The trading volume is even more impressive when considering the price.

Persons: bitcoin Organizations: Fidelity, Bitcoin

☆ Bitcoin breaks below $39,000 as post-ETF tumble continues
▼ + stars: | 2024-01-23 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin extended its recent declines on Tuesday, falling further below $40,000 to its lowest level since the beginning of December. Some have pointed to short-term selling pressure from exits from the Grayscale Bitcoin Trust (GBTC), which has seen about $2 billion in outflows since Jan. 19 while BlackRock's iShares Bitcoin Trust and Fidelity's Wise Origin Bitcoin Fund have each seen more than $1 billion in inflow. Expectations around the event emerged last summer intensified in August, pushing the bitcoin price steadily higher. The move in bitcoin continued to pull the rest of the crypto market lower. Microstrategy , which has long traded as a proxy for the bitcoin price, lost 3%, while the biggest miners, Marathon Digital and Riot Platforms , fell 3% and 4%, respectively.

Persons: Bitcoin, BlackRock's, Fidelity's, Yuya Hasegawa, Ripple's XRP, dogecoin, Coinbase Organizations: Solana, Marathon, JPMorgan Locations: outflows, GBTC, bitcoin

☆ The early winner in the bitcoin ETF race has raked in $1 billion
▼ + stars: | 2024-01-18 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

As Bernstein analyst Gautam Chhugani highlighted in a note to clients Thursday, BlackRock's iShares Bitcoin Trust (IBIT) has been an early winner among the spot bitcoin ETFs that were approved last week. However, the fund has seen about $1 billion in net outflows over the past week, according to FactSet. Even with the GBTC outflows, the spot bitcoin funds have still seen hundreds of millions of net inflows, according to FactSet. "GBTC at 150 bps fee vs. ~20bps fee for rest, would mean cheaper ETFs will continue to absorb GBTC outflows. In that context, $900m of net inflows remains impressive," Bernstein's Chhugani said in a note.

Persons: Bernstein, Gautam Chhugani, BlackRock's, Jay Jacobs, GBTC, Bernstein's Chhugani Organizations: IBIT, Fidelity Wise Locations: U.S, BlackRock

☆ Larry Fink just kicked off the last chapter of his BlackRock reign
▼ + stars: | 2024-01-12 | by ( Michelle Abrego | Rebecca Ungarino | ) www.businessinsider.com time to read: +6 min

This all comes as Larry Fink, 71, is entering what is likely the last chapter of a successful career as cofounder and chief executive of $10 trillion BlackRock. Here's everything you need to know:BlackRock is set to buy Global Infrastructure Partners in its biggest deal in 15 yearsThroughout 2023, Fink signaled that a "transformational deal" was on the cards. He found his target in private equity firm and infrastructure investor Global Infrastructure Partners, the firm announced on Friday. Jessica Tan, head of BlackRocks' sustainability and transitions strategy, will head the global product solutions team in the Americas. Charles Hatami, global head of the financial and strategic investor group that focuses on relationships with large investors like insurers and sovereign wealth funds, will join BlackRock's global executive committee.

Persons: Larry Fink, Fink, Rob Kapito, BlackRock iShares, GIP, Kapito, Goldman Sachs, Goldman, David Solomon's, Ogunlesi, Wells, Mike Mayo, Larry, Stephen Cohen, Salim Ramji, Jessica Tan, Jane Sloan, GIP's, Edwin Conway, Conway, Rachel Lord, Lord, Charles Hatami Organizations: Business, BlackRock, Global Infrastructure Partners, GIP, London Gatwick, Wall Street, Asia Pacific, Securities, Exchange Commission Locations: Sydney, Bayo, Ogunlesi, BlackRock, Americas, Europe, East, India, Asia, Pacific

☆ What will it cost you to buy a bitcoin ETF? Here are the cheapest and most expensive funds
▼ + stars: | 2024-01-11 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

The Bitwise Bitcoin ETF (BITB) has the lowest expense ratio of all the new bitcoin funds, at 0.20%. Several other funds are close behind, including the Ark 21Shares Bitcoin ETF (ARKB) at 0.21% and the iShares Bitcoin Trust (IBIT) at 0.25%. Other proposed funds have similar waivers, meaning early adopters of the bitcoin ETFs will have little or zero management cost for a brief time. Bitcoin ETF fee comparison Fund Ticker Fee Bitwise Bitcoin ETF BITB 0.20%* Ark 21Shares Bitcoin ETF ARKB 0.21%* Fidelity Wise Origin Bitcoin Fund FBTC 0.25%* iShares Bitcoin Trust IBIT 0.25%* Valkyrie Bitcoin Fund BRRR 0.25%* VanEck Bitcoin Trust HODL 0.25% Franklin Bitcoin ETF EZBC 0.29% WisdomTree Bitcoin Fund BTCW 0.30%* Invesco Galaxy Bitcoin ETF BTCO 0.39%* Hashdex Bitcoin ETF DEFI 0.94% Grayscale Bitcoin Trust GBTC 1.5%Source: SEC filings; * indicates temporary waiver for part or all of the management feeThe fees for bitcoin funds are higher than many broad stock index funds, with the SPDR S&P 500 ETF Trust (SPY) charging less than 0.10%. For example, Ark-21Shares, Valkyrie, Invesco-Galaxy and others had shown higher fees initially but lowered them in subsequent filings.

Persons: Jonathan Raa, Bitwise, Bryan Armour Organizations: Nurphoto, Franklin, SEC, Trust, United States Oil Fund, Fund, North America, Morningstar

☆ The spot bitcoin ETF: Here's what happens when it starts trading
▼ + stars: | 2024-01-10 | by ( Bob Pisani | ) www.cnbc.com time to read: +2 min

Spot bitcoin ETF feesBitwise (BITB) 0.0% (after first six months: 0.2%)ARK Invest/21Shares (ARKB): 0.0% (after first six months: 0.21%)Invesco Galaxy Bitcoin ETF (BTCO) 0.0% (after first six months: 0.39%)iShares Bitcoin Trust (IBIT) 0.12% (after first 12 months: 0.25%)VanEck Bitcoin Trust (HODL) 0.25%Franklin Bitcoin ETF (EZBC) 0.29%Fidelity Wise Origin Bitcoin Trust (FBTC) 0% (after July 31, 2024, 0.25%)WisdomTree Bitcoin Trust (BTCW) 0.0% (after first six months 0.3%)Valkyrie Bitcoin Fund (BRRR) 0.0% (after three months 0.49%)Grayscale Bitcoin Trust (GBTC) 1.5%Hashdex Bitcoin (DEFI) 0.9%Invesco's Galaxy Bitcoin ETF has set its expense ratio at 0.0% for the initial six months and the first $5 billion in assets, and goes to 0.39% after. Source: Bloomberg/SEC.govHow will a spot bitcoin trade relative to bitcoin and bitcoin futures? One of the main questions is how well a spot bitcoin ETF will track bitcoin and bitcoin futures. Simeon Hyman, ProShares' global investment strategist who manages the largest bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) that launched in October 2021, noted that bitcoin futures ETFs have tracked bitcoin "fairly well." Some are concerned that the creation and redemption process that was agreed upon to create spot bitcoin ETFs could result in a bitcoin ETF trading at a premium to its NAV.

Persons: 21Shares, iShares, VanEck, WisdomTree, Bitcoin, Simeon Hyman, ProShares Organizations: Securities and Exchange Commission, Bitcoin, Franklin Bitcoin, Galaxy, Bloomberg Locations: bitcoin

☆ Ether tops $2,000 for the first time since April, bitcoin climbs to an 18-month high
▼ + stars: | 2023-11-09 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

A similar notice for the iShares Bitcoin Trust came on June 8, one week before BlackRock's filing for a bitcoin ETF. The price of ether jumped Thursday, topping the key $2,000 level for the first time since April, after BlackRock took initial steps toward filing for a spot ether ETF. Other crypto assets as well as crypto equities rode the bitcoin price wave Thursday. Meanwhile, shares of bitcoin miners rode the bitcoin wave too. Don't miss these stories from CNBC PRO:Correction: The price of bitcoin topped $37,000 for the first time since May 2022.

Persons: Clara Medalie, Ether, bitcoin, Solana, Darius Tabatabai, Gary Gensler, Microstrategy, CleanSpark, —, Jesse Pound Organizations: Delaware's Division, Corporations, BlackRock, Metrics, Cardano, SEC, CNBC, Marathon, Iris Energy Locations: Coinbase

☆ BlackRock appears to take first steps toward an ether ETF
▼ + stars: | 2023-11-09 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

Asset management giant BlackRock appeared to take the first steps toward an ether ETF on Thursday, sparking a rally in the cryptocurrency. A similar notice for the iShares Bitcoin Trust came one week before BlackRock's filing for a bitcoin ETF in June. The Securities and Exchange Commission has still not approved a bitcoin ETF. The regulator has long opposed such a fund and blocked Grayscale's attempt to convert its bitcoin trust product into an ETF, though a court overruled that decision in August. If the SEC does allow bitcoin ETFs, then ether funds would likely be next in line.

Persons: bitcoin Organizations: Delaware's Division, Corporations, Securities, Exchange Commission, SEC, CNBC PRO Locations: BlackRock, New York City

When 2023 began, a single bitcoin could be had for less than $17,000 after losing more than 75% of its value. Now, bitcoin is getting another boost on the prospects of creating a much larger pool of investors. IShares Bitcoin Trust appeared to be temporarily removed Tuesday, but was back online as of Wednesday. Still, the most recent surge bitcoin goes beyond single developments or participants, Kaiko research analyst Riyad Carey notes — crediting “more of a broad market rally" around spot bitcoin ETF prospects. Despite the recent excitement around bitcoin, crypto is still a risky bet.

Persons: Bitcoin, hasn't, Edward Moya, IShares Bitcoin, iShares, Moya, Riyad Carey, “, —, “ We’re, it’s, ”, it's, ” Moya, bitcoin Organizations: Federal Reserve, Industry, Columbia, Securities and Exchange Commission, Grayscale's, SEC, Depository Trust, Clearing Corporation, Associated Press Locations: Silicon, bitcoin, cryptocurrencies

☆ BlackRock bitcoin ETF added to eligibility file, says clearing house DTCC
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +2 min

The BlackRock logo is pictured outside their headquarters in the Manhattan borough of New York City, New York, U.S., May 25, 2021. REUTERS/Carlo Allegri/File Photo Acquire Licensing RightsSummaryCompanies Potential ETFs added to DTCC file as 'standard practice'-DTCCBlackRock iShares Bitcoin Trust ETF added in August-DTCCMove is not indicative of regulatory approval-DTCCBitcoin holds gains made on ETF approval speculationSINGAPORE, Oct 25 (Reuters) - BlackRock's (BLK.N) proposed bitcoin exchange-traded fund (ETF) was added to a clearing-house eligibility file in August, but the move is not indicative of any regulatory approval, clearing house DTCC said. Speculation that BlackRock or a number of other pending bitcoin ETF applicants would succeed has sent bitcoin on its biggest two-day rally for seven months. The clearing house said the list was its eligibility file, which includes active and potential ETFs and that Blackrock's iShares Bitcoin Trust ETF was added in August as "standard practice...in preparation for the launch of a new ETF". Bitcoin touched an 18-month high of $35,198 on Tuesday and was last at $33,802 in Asia trade on Wednesday.

Persons: Carlo Allegri, Bitcoin, DTCC, Rae Wee, Tom Westbrook, Muralikumar Anantharaman, Jamie Freed Organizations: REUTERS, BlackRock, Traders, U.S . Securities, Exchange Commission, SEC, Thomson Locations: BlackRock, Manhattan, New York City , New York, U.S, SINGAPORE, Asia, Singapore

☆ Cryptocurrencies rise, sending bitcoin over $30,000 at one point, on optimism for a new ETF
▼ + stars: | 2023-10-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

At one point Monday morning, bitcoin surged above $30,000 in a sudden spike on an unconfirmed report that the iShares spot bitcoin ETF had been formally approved by the Securities and Exchange Commission. Cryptocurrencies briefly soared to start the week as hopeful investors weighed the likelihood that the U.S. will finally see a bitcoin ETF in the coming months. Last week, bitcoin had jumped on Friday on news that the SEC would not appeal a ruling in Grayscale's lawsuit against regulators. In June of 2022, Grayscale sued the SEC over its denial of the company's application to convert the popular Grayscale Bitcoin Trust (GBTC) to an ETF. To be sure, bitcoin is coming off its worst week since Aug. 18 and first negative week in six.

Persons: bitcoin, Cryptocurrencies, rehearing, Paul Tudor Jones, Bernstein, Ripple's, —, Jesse Pound, Nick Wells, John Melloy Organizations: Securities and Exchange Commission, BlackRock, CNBC, SEC, Metrics, Appeals, Smart Locations: U.S

But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report. loadingBlackRock later confirmed to Reuters that "the iShares Bitcoin ETP application is still under review by the SEC." "Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro. Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has denied all spot bitcoin ETF applications on the grounds applicants have not shown they can protect investors from market manipulation.

Persons: Dado Ruvic, bitcoin, Ben Laidler, Joseph Edwards, Lucas Kiely, Tom Wilson, Elizabeth Howcroft, Hannah Lang, Suzanne McGee, Tommy Reggiori Wilkes, Sharon Singleton, Josie Kao Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Fox Business, Reuters, SEC, Securities, Columbia, Thomson Locations: WASHINGTON, London, Washington

☆ After an 80% rally for bitcoin, market experts predict where it's going next in 2023
▼ + stars: | 2023-07-18 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Bitcoin made a stunning jump in the first half of 2023, hitting $30,000 again for the first time in months. Five market experts responded to CNBC questions via email, and three said they expect bitcoin to reach the $50,000 level by the end of 2023. That is a net annual reduction in selling of BTC 250,000 — a large number relative to bitcoin market turnover." "We previously predicted that this driver would add USD 10,000 to the bitcoin price," he added. Mobius said he expects bitcoin to climb to $40,000 by the end of 2023, citing investor "belief" in the digital coin.

Persons: Bitcoin, Carol Alexander, Geoff Kendrick, Kendrick, Antoni Trenchev, wouldn't, Mark Mobius, Tim Draper, Mobius, bitcoin, Draper didn't, —, Kevin Schmidt Organizations: BlackRock, CNBC Pro, CNBC, Sussex University, SEC, British, Chartered, Standard Chartered, BTC, Federal Reserve, Mobius Capital Partners, Draper Associates, Trust, Fidelity, U.S . Securities, Exchange Commission Locations: Terra, Binance

☆ BlackRock has a 'responsibility to democratize investing,' including in crypto, Larry Fink says
▼ + stars: | 2023-07-14 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Andrew Ross Sorkin speaks with BlackRock CEO Larry Fink during the New York Times DealBook Summit in the Appel Room at the Jazz At Lincoln Center on November 30, 2022 in New York City. BlackRock 's move into crypto fits into the asset management giant's broader mission of creating products that are easy to use and cheap for investors, CEO Larry Fink said Friday. Fink had previously been critical of crypto, saying in 2017 that the popularity of digital currencies was do in large part to money laundering. However, interest from clients and the high cost of transactions motivated BlackRock to take a closer look at entering the space, Fink said. BlackRock reported its second-quarter results on Friday, earning $9.28 in adjusted earnings per share on $4.46 billion in revenue.

Persons: Andrew Ross Sorkin, Larry Fink, We've, Fink, BlackRock Organizations: BlackRock, New York Times DealBook, Jazz At Lincoln Center, Securities, Exchange Commission, SEC Locations: New York City, cryptocurrencies

☆ Refile and wait? Pulse check on the quest for a spot bitcoin ETF
▼ + stars: | 2023-07-07 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

But the regulator still found the filings to lack clarity and comprehension, prompting BlackRock to refile last week. BlackRock first filed its application to launch the iShares Bitcoin Trust last month, with Fidelity following suit two weeks later. "However, if [the SEC] is trying to manufacture a way to approve a bitcoin ETF, this would be the way to do it. The filings come amid an ongoing legal battle between Grayscale and the SEC about converting its Grayscale Bitcoin Trust (GBTC) into an ETF. "But certainly, things look more positive than they did maybe three weeks ago, six weeks ago."

Persons: Dave Nadig, Bob Pisani, BlackRock, Nadig, Coinbase, they've Organizations: Fidelity, BlackRock, U.S . Securities, Exchange Commission, Coinbase, SEC Locations: CNBC's, refile

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