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Search resuls for: "Grayscale’s"


9 mentions found


☆ Grayscale CFO Outlines Next Steps Toward Offering a Bitcoin ETF After Court Victory
  + stars: | 2023-10-20 | by ( Mark Maurer | ) www.wsj.com   time to read: 1 min
In August, a federal appeals court ruled that the SEC needed to reconsider Grayscale’s application to launch its first bitcoin ETF. Photo: Pavlo Gonchar/Zuma PressGrayscale Investments is preparing to roll out its first bitcoin exchange-traded fund pending Securities and Exchange Commission approval after a legal victory overturning the regulator’s rejection of its application. In August, the Stamford, Conn.-based cryptocurrency asset manager made headlines when a court ruled that the SEC shouldn’t have rejected its application to convert its bitcoin trust into a spot bitcoin ETF. A panel of judges said the company showed that its proposed bitcoin ETF is materially similar to futures-based bitcoin ETFs that have been previously approved. The ruling marked a pivotal setback for the SEC, which has been focused on regulating the crypto industry.
Persons: Pavlo Gonchar, SEC shouldn’t Organizations: SEC, Zuma, Securities, Exchange Locations: Stamford, Conn
☆ 'Altcoins' central to Hong Kong crypto firm Hashkey’s first liquid fund
  + stars: | 2023-08-31 | by ( Summer Zhen | ) www.reuters.com   time to read: +2 min
The fund, run by the investment arm of Hong Kong crypto giant Hashkey Group, launches on Friday. Less than 50% of its investments will be in Bitcoin and Ethereum , the two biggest crypto currencies. The asset manager will leverage its crypto venture investment experience to diversify allocations to smaller rivals collectively known as "altcoins", Zheng said. Hashkey Capital, which manages over $1 billion in assets, earlier said it aimed to raise $100 million for the fund over 12 months. Zheng said Hashkey Capital is also developing distribution channels with some offshore Chinese financial institutions, adding that weakness in the Hong Kong stock market has also pushed investors to look for diversified strategies.
Persons: Dado Ruvic, HONG KONG, Bitcoin, Jupiter Zheng, Zheng, Summer Zhen, John Stonestreet Organizations: REUTERS, Hashkey Capital, Reuters, Hashkey, Hong, Thomson Locations: HONG, Hong Kong, Bitcoin
☆ Analysis-Grayscale victory big boost for decade-long spot bitcoin ETF push
  + stars: | 2023-08-30 | by ( Hannah Lang | Chris Prentice | ) www.reuters.com   time to read: +5 min
FILE PHOTO: Representations of cryptocurrency Bitcoin are placed on a PC motherboard, in this illustration taken June 16, 2023. A spot bitcoin ETF would give investors exposure to the world’s largest cryptocurrency by market capitalization without having to own it. The SEC has denied all spot bitcoin ETF applications, saying applicants have not shown they can protect investors from market manipulation. Grayscale argued the same setup should be satisfactory for its spot ETF, since both products rely on bitcoin’s underlying price. Other firms have spot bitcoin ETF applications with the SEC, including asset management giant BlackRock, Fidelity and WisdomTree.
Persons: Dado Ruvic, Grayscale’s, It’s, ”, Christopher LaVigne, Withers, “, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, ” Coinbase, Withers ’ LaVigne Organizations: WASHINGTON, REUTERS, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, BlackRock, Supreme Locations: Washington, New York, WilmerHale, BlackRock
☆ What Grayscale’s bitcoin ETF victory over the SEC means for the cryptocurrency and an exhausted market
  + stars: | 2023-08-30 | by ( Tanaya Macheel | ) www.cnbc.com   time to read: +3 min
Bitcoin jumped 7% on investor hopes that the ruling will pave the way for approval of one or more spot bitcoin ETFs from BlackRock, Fidelity, Invesco and others. Yet the SEC's commitment to regulation by enforcement under Gensler, rather than laying out clear rules, has left companies struggling and hindered new bitcoin investors. If Tuesday's ruling does open the door to the first spot bitcoin ETF in the U.S., that could eventually push crypto prices higher. Owen Lau, an analyst at Oppenheimer, cautioned that Grayscale's court victory "doesn't necessarily mean the SEC will approve Grayscale's conversion, or that there will be a floodgate of spot bitcoin ETF approvals in the near term." Regardless, Tuesday's court decision "is not enough" to bust the market out of its summer stupor, Lau added.
Persons: Bitcoin, it's, Ric Edelman, Gary Gensler, Edelman, Owen Lau, Oppenheimer, Lau Organizations: SEC, ., Appeals, Securities and Exchange Commission, Fidelity, Digital Assets, Financial Professionals Locations: BlackRock, U.S
☆ Grayscale’s Court Win Over SEC Lifts Hopes for Bitcoin ETF Approval
  + stars: | 2023-08-29 | by ( Paul Kiernan | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/regulation/grayscale-wins-lawsuit-against-sec-over-bitcoin-etf-1b305cfa
Persons: Dow Jones
☆ US court questions SEC's rejection of Grayscale's bitcoin fund proposal
  + stars: | 2023-03-07 | by ( Hannah Lang | Industry Insight | Law Firm Leaders Express The Benefit Of Strategy | ) www.reuters.com   time to read: +4 min
Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would give investors exposure to bitcoin without directly buying it. He told Reuters in January that Grayscale would appeal the case if the court backed the SEC's decision to reject its bitcoin ETF proposal. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.
☆ Court set to hear arguments in Grayscale's lawsuit against SEC over bitcoin fund
  + stars: | 2023-03-07 | by ( Hannah Lang | Industry Insight | Law Firm Leaders Express The Benefit Of Strategy | ) www.reuters.com   time to read: +4 min
Bitcoin futures ETFs track bitcoin futures contracts, or agreements to purchase or sell bitcoin at a certain price on a specified date. A spot bitcoin ETF would track bitcoin's underlying market price. Proponents say a spot bitcoin ETF would enable investors to gain exposure to bitcoin without directly buying it. The agency has denied more than a dozen spot bitcoin ETF applications, all of which it said lacked surveillance-sharing agreements to detect potential manipulation. Grayscale Bitcoin Trust, launched in 2013, has $14 billion in assets under management, according to Grayscale’s website.
☆ Grayscale would appeal lawsuit against SEC if court rejects case, CEO says
  + stars: | 2023-01-25 | by ( Hannah Lang | ) www.reuters.com   time to read: +3 min
As the company awaits a court ruling on a June lawsuit against the SEC, CEO Michael Sonnenshein said he was prepared to appeal if the court backed the SEC's decision to reject the bitcoin ETF proposal. If either party were to appeal the ruling, the case would either go to the U.S. Supreme Court or an en banc panel review. Oral arguments in the case are scheduled to occur March 7 and Grayscale expects a final ruling on the case in the fall, said Sonnenshein. Grayscale Bitcoin Trust has $14.5 billion assets under management, according to Grayscale’s website. Genesis’ crypto lending unit filed for bankruptcy on Jan. 19.
☆ If Grayscale’s Bitcoin ETF Dreams Fail, Firm May Try a Tender Offer, CEO Says
  + stars: | 2022-12-19 | by ( Vicky Ge Huang | ) www.wsj.com   time to read: 1 min
Grayscale CEO Michael Sonnenshein said the firm doesn’t have a specific timeline for when it would explore options beyond the ETF conversion. Grayscale Investments said the firm would explore new options to return a portion of the Grayscale Bitcoin Trust ‘s capital to shareholders if it fails to transform the world’s largest bitcoin fund into an exchange-traded fund. These options could include a tender offer for up to 20% of the outstanding shares of the $10.7 billion trust, Grayscale Chief Executive Michael Sonnenshein said in a letter to investors viewed by The Wall Street Journal. A tender offer would make a direct appeal to shareholders to sell—or tender—their shares at a specific price during a certain time.
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