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☆ S&P 500 to move 2% on election, with some markets set to be even more volatile, options indicate
▼ + stars: | 2024-10-30 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Options traders are buckling down for outsized volatility around next week's election, according to Goldman Sachs. Two of the funds with the highest implied volatility are linked to China: the KraneShares CSI China Internet ETF (KWEB) and the iShares China Large-Cap ETF (FXI) . Crypto is already a volatile area, but Trump's embrace of the industry during his campaign could spark a significant reaction. The options market implies a move of more than 7% for ProShares Bitcoin ETF (BITO) , according to Goldman. BITO, which holds bitcoin futures, did not exist in 2020, so there are no prior election comparisons for the fund.

Persons: Goldman Sachs, John Marshall, Donald Trump's, Crypto, Goldman, BITO Organizations: CSI China Internet, Regional Banking, Republicans, ProShares, U.S . Securities, Exchange Commission Locations: China, U.S

☆ This fund looks like a surprise winner of the bitcoin ETF approval
▼ + stars: | 2024-02-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

And it still remains the case that bitcoin futures are regulated, and spot bitcoin is not," Simeon Hyman, head of the investment strategy group at ProShares, told CNBC. One theory for why the futures ETF has continued to have success is that there are listed options for bitcoin futures products, but not for the spot products, said Aniket Ullal, head of ETF data and analytics at CFRA. The ProShares futures ETF may also be getting helped by increased action in the futures market itself. To be sure, not all bitcoin futures products are going strong. VanEck announced Jan. 17 that it was liquidating its bitcoin futures ETF.

Persons: FactSet, Simeon Hyman, Aniket Ullal, Ullal, Hyman, it's, Tim McCourt, VanEck, Jan, BITO Organizations: CNBC, CME Group Locations: United States, bitcoin

☆ What to know before buying the first bitcoin ETFs. FOMO ‘is a poor investment strategy,’ expert says
▼ + stars: | 2024-01-11 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

The agency signed off on 11 bitcoin ETF applications, including funds from BlackRock , Fidelity, Ark Invest, WisdomTree and Grayscale. But there are things to consider before rushing to purchase bitcoin ETFs. 'Better than anything else on the market'While bitcoin carries risk, if you want to add exposure, experts say the new bitcoin ETFs could be worth considering compared to owning bitcoin directly or bitcoin futures ETFs. "These spot bitcoin ETFs are better than anything else on the market," said Armour, referring to other bitcoin investing options. The Grayscale Bitcoin Trust (GBTC) charged 2.0% before converting to a spot bitcoin ETF, and now has fees of 1.5%.

Persons: Bryan Armour, Armour, I'm, Ivory Johnson, Gary Gensler Organizations: . Securities, Exchange Commission, Fidelity, Ark Invest, North America, Morningstar, SEC, Delancey Wealth Management, CNBC's Locations: U.S, BlackRock, bitcoin, Washington ,

☆ 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

☆ Crypto stocks set to start December on high note as bitcoin hits near 19-month high
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

Shares of bitcoin miners - whose profitability improves as bitcoin climbs - including Riot Platforms (RIOT.O), Marathon Digital (MARA.O) and TeraWulf (WULF.O) rose between 1.7% and 4%. "Higher crypto prices should lead to a boost in transaction volume and transaction revenues for Coinbase as we enter 2024," said CFRA Research analyst Michael Elliott. However, Elliott cautioned the crypto exchange faces both legal challenges and new regulations that are likely to take time to play out and will continue to result in volatility for the stock. The ETF approval bets have helped counter latest concerns after Changpeng Zhao, the founder of the world's largest crypto exchange, stepped down and pleaded guilty to breaking U.S. anti-money laundering laws. Among other gainers were U.S. software developer and bitcoin investor Microstrategy (MSTR.O), up nearly 3.5%, and ProShares Bitcoin Strategy ETF (BITO.P), which added 2.1%.

Persons: Dado Ruvic, Noelle Acheson, J.P.Morgan, Iris, Michael Elliott, Elliott, Changpeng Zhao, Microstrategy, Medha Singh, Sriraj Kalluvila, Krishna Chandra Organizations: REUTERS, Cipher Mining, Iris Energy, Marathon, CFRA, Thomson Locations: bitcoin, Bengaluru

☆ Cryptoverse: Winter is coming as ether funds flounder in fall
▼ + stars: | 2023-10-17 | by ( Lisa Pauline Mattackal | ) www.reuters.com time to read: +4 min

"The timing of the futures ETFs could hardly be worse," said Vetle Lunde, senior analyst at K33 Research. Trading volumes for the ether futures ETFs remained below $2 million on their first day, according to K33 Research. Trading volumes of six exchange-traded funds tracking ether made a subdued start after launching on Oct. 2BACK TO BITCOIN? The newly launched ETFs tracking solely ether futures on the Chicago Mercantile Exchange, from ProShares (EETH.P), VanEck and Bitwise (AETH.P), have all dipped over 6% since launch. ProShares and Bitwise also launched funds tracking a mixture of bitcoin and ether futures, while Valkyrie Funds converted its pure-play bitcoin ETF into one with exposure to both bitcoin and ether (BTF.O).

Persons: Bitcoin, Dado, Vetle Lunde, murkier, Lunde, Ben McMillan, McMillan, Bitwise, IDX, Lisa Pauline Mattackal, Sumanta Sen, Tom Wilson, Pravin Organizations: REUTERS, K33 Research, IDX, Federal, Chicago Mercantile Exchange, Thomson, Reuters Locations: Ukraine, ProShares, Bengaluru

☆ Investors sit out ether futures ETFs as spot bitcoin fund hangs in limbo
▼ + stars: | 2023-10-12 | by ( Anna Gleason | ) www.cnbc.com time to read: +2 min

Investor appetite for ether futures exchange-traded funds has remained muted, despite a surge in new listings. Six new ether futures funds from Bitwise Asset Management, ProShares and VanEck launched on Oct. 2. "Frankly, bitcoin was doing fabulous at the time in 2021 and a lot of folks really didn't understand exactly what that fund was, being bitcoin futures. The six ether futures funds that debuted Oct. 2 attracted just $1.92 million collectively on their first day of trading, according to LSEG. "The absence of a spot bitcoin ETF isn't stopping people from buying crypto.

Persons: VanEck, Ric Edelman, Bob Pisani, Edelman, bitcoin, — Organizations: Bitwise Asset Management, Digital Assets, Financial Professionals, The Securities, Exchange Commission, SEC Locations: CNBC's

☆ The firm behind the largest crypto ETF just launched ether futures ETFs
▼ + stars: | 2023-10-06 | by ( Natalie Zhang | ) www.cnbc.com time to read: +2 min

Ether made its ETF debut with the release of six different futures products on Monday. ProShares Advisors is behind three of the new ETFs: Ether Strategy ETF (EETH), Bitcoin & Ether Equal Weight Strategy ETF (BETE) and the Bitcoin & Ether Market Cap Weight Strategy ETF (BETH). The regulated futures market in an ETF is a great solution, he added. ProShares also manages the Bitcoin Strategy ETF (BITO ), which is the largest bitcoin futures ETF on the market. It follows bitcoin futures and is up more than 37% year to date.

Persons: BETH, Simeon Hyman, ProShares, CNBC's, Hyman, Todd Sohn, " Sohn Organizations: ProShares Advisors, U.S . Securities, Exchange Commission, SEC, Strategas Securities

☆ Ether futures ETFs hit the market as SEC mulls next steps on bitcoin fund
▼ + stars: | 2023-10-02 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +1 min

The number of ETFs tied to cryptocurrencies is expanding dramatically in the first week of October, with a wave of funds that buy ether futures launching on Monday. "I think the long-term buyers of these products are financial professionals — financial advisors, family offices," and registered investment advisors, said Bitwise CIO Matt Hougan. The fund has slightly lagged the price of spot bitcoin since inception in 2021, when bitcoin was near an all-time high. "The thing that people wanted to find out was would a bitcoin futures ETF do its job? And in fact it has done that quite well," said Simeon Hyman, head of the investment strategy group at ProShares.

Persons: Matt Hougan, BETH, bitcoin, Simeon Hyman

☆ A key question as a true bitcoin ETF gets closer to reality: How much will it cost?
▼ + stars: | 2023-09-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

Many crypto and asset management industry professionals now expect the first so-called spot bitcoin funds to launch in 2024 . The number of firms jockeying for a spot bitcoin ETF has already broken into double digits, and it's still growing. The largest bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) , has an expense ratio of 0.95%. Valkyrie has a Bitcoin Strategy ETF (BTF) that holds futures and has also applied to launch a spot product. He pointed to a Roundhill Ether Futures ETF filing with a proposed 0.19% fee as a more realistic target.

Persons: Franklin Templeton, Steven McClurg, we're, else's, McClurg, Ric Edelman, Bryan Armour, Armour Organizations: Securities, Exchange Commission, BlackRock, Valkyrie Investments, Digital Assets, Financial Professionals, North America, Morningstar, Fidelity Locations: BlackRock, Invesco

☆ Here's what's next for bitcoin ETFs after a court ruled in favor of Grayscale over the SEC
▼ + stars: | 2023-08-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +6 min

A federal appeals court struck down the SEC's order denying the conversion of the Grayscale Bitcoin Trust (GBTC) into an exchange traded fund. The decision does not guarantee that investors will be able to freely trade a bitcoin ETF anytime soon, however. Another impact could be for the bitcoin futures ETFs that are already on the market, led by the $940 million ProShares Bitcoin Strategy ETF (BITO) . Those funds could see outflows if investors choose the spot bitcoin products instead. Consider Valkyrie's attempt to change its bitcoin futures product into a broader crypto fund that also holds ether futures.

Persons: Jeremy Senderowicz, Vedder Price, Senderowicz, Terrence Yang, Swan, Yang, Cathie Wood, Islam, bitcoin Organizations: Securities, Exchange, SEC, Appeals, U.S, Supreme, CNBC, Ark Invest, Bloomberg News, BlackRock, Marathon

☆ Fidelity joins the rush for a bitcoin ETF, following BlackRock, Ark Invest and others
▼ + stars: | 2023-06-29 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Asset management giant Fidelity Investments is again trying to launch a spot bitcoin exchange-traded fund, according to a Thursday filing. The move comes two weeks after BlackRock filed for a spot bitcoin ETF, which has long been opposed by the U.S. Securities and Exchange Commission. Cathie Wood's Ark Invest filed for changes to its proposed bitcoin fund Wednesday that brought it closer in line with BlackRock's application. One of the SEC's key concerns about a spot bitcoin product is transparency in the market and the potential for manipulation. The digital currency was trading near $30,500 Thursday afternoon, up from below $26,000 prior to the BlackRock filing.

Persons: Fidelity's Organizations: Fidelity Investments, BlackRock, U.S . Securities, Exchange Commission, Invest, Bitcoin, SEC Locations: BlackRock

BlackRock filed for a prospective spot bitcoin ETF on June 15, undeterred by the Securities and Exchange Commission's (SEC) past record of rejecting every such application. Bitcoin's market value has grown to comprise nearly half of the $1.1 trillion overall crypto market, its highest share in over two years, according to data tracker CoinMarketCap.com. Since the BlackRock filing, Invesco and WisdomTree have also reapplied for spot bitcoin ETFs after they had previous applications rejected by the regulator. Bryan Armour, director of passive strategies research for North America at Morningstar, said a spot bitcoin ETF could be a more cost-effective way for investors to trade. "It doesn't appear that most crypto ETF holders are institutional – assets are pretty spread out," he added.

Persons: Satoshi, Exchange Commission's, Satoshi Nakamoto's, Mikkel Morch, hasn't, Andrew Bond, Rick Meckler, Bryan Armour, I'd, David Wells, Medha Singh, Lisa Pauline Mattackal, Pravin Organizations: BlackRock, Securities, Exchange, SEC, Rosenblatt Securities, U.S, Cherry Lane Investments, Reuters Graphics Reuters, North America, Morningstar, MorningStar, TrackInsight, Morgan Asset Management, State, Enclave Markets, Pravin Char, Thomson, Reuters Locations: United States, U.S, New Vernon , New Jersey, J.P, BlackRock, Bengaluru

☆ The first leveraged bitcoin futures ETF is hitting the market as crypto gains new momentum
▼ + stars: | 2023-06-27 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

Traders will soon have a new way to bet on bitcoin while Wall Street waits to see if the long-awaited spot bitcoin funds are approved by federal regulators. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is set to launch on Tuesday. There are already several bitcoin futures funds on the market, including the $1 billion ProShares Bitcoin Strategy ETF (BITO) , but BITX will be the first leveraged ETF in the space. The launch comes shortly after BlackRock's application for a spot bitcoin ETF has renewed interest in crypto funds. Kim said the Volatility Shares fund and the proposed spot bitcoin ETF are "completely different products" with different use cases.

Persons: Chang Kim, bitcoin, Kim Organizations: Securities, Exchange Commission, BlackRock

☆ BlackRock files for spot bitcoin ETF, with Coinbase as a crypto custodian
▼ + stars: | 2023-06-15 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +3 min

The SEC has so far resisted allowing the launch of a spot bitcoin ETF in the U.S. Several other firms have filed and later pulled applications to launch spot bitcoin funds. Coinbase is listed as the bitcoin custodian for the proposed BlackRock ETF. The companies announced last year that Aladdin, BlackRock's institutional investment platform, would be connected to Coinbase Prime for crypto trading and custody. The entrance of BlackRock into the bitcoin ETF space could be a boost to a sector that has had a rocky start over the past two years.

Persons: Bitcoin, Aisha Hunt, Kelley Hunt, Charles, BlackRock's, Coinbase, Binance, Aladdin, BITO Organizations: BlackRock, U.S . Securities, Exchange Commission, SEC, U.S, Washington , D.C, Coinbase Locations: Wall, bitcoin, BlackRock, Washington ,

☆ Legislation or lawsuits? The spot bitcoin ETF debate forges ahead
▼ + stars: | 2023-04-19 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

"However, I don't think that means that we all of a sudden get a bitcoin ETF," he added. "I suspect that even if Grayscale wins, Gensler is going to back even further away from crypto," Nadig said. "Put some constraints around the futures-based products while we wait for comprehensive crypto regulation and legislation someday." "The point is, we need legislation," Nadig said. "I think we have to have legislation that realizes digital assets are different and need different sets of rules."

☆ The push for a bitcoin ETF is going to court. Here's what you need to know
▼ + stars: | 2023-03-06 | by ( Jesse Pound | ) www.cnbc.com time to read: +6 min

The years-long push for an exchange traded fund that tracks bitcoin will finally get its day in court this week. Several different firms tried to bring a spot bitcoin ETF to market in the U.S. without success, but Grayscale Investments is taking it a step further for the future of its Grayscale Bitcoin Trust (GBTC) . The largest of those funds, the ProShares Bitcoin Strategy ETF (BITO) , now has nearly $800 million in assets under management. Over the past year, the market price of a GBTC share has fallen by roughly 60%, according to Grayscale's website. Crypto winter The excitement around a bitcoin ETF has cooled considerably along with the prices for crypto markets in general.

☆ As BlockFi becomes the latest victim in crypto contagion, experts share 4 tips to safely gain exposure to the market
▼ + stars: | 2022-11-30 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

BlockFi has become the latest victim caught up in the crypto market's contagion. Crypto platforms that are managing and holding client deposits really need to be run with the same rigor and transparency as traditional financial institutions, he noted. A traditional exchange just executes transactions and matches the buyers and sellers, he added. In some instances, crypto platforms that mimic broker activity in exchange for providing their customers yield must fully disclose their practices. Hyman says another option for investors is to gain exposure to crypto through the heavily regulated futures market.

☆ Finding bright spots in the bitcoin bear market
▼ + stars: | 2022-11-16 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +4 min

Despite a tumultuous year for cryptocurrencies and their trading platforms, there remains a bright spot in the space: bitcoin futures ETFs. The ProShares Bitcoin Strategy ETF (BITO) hit a trading record on Nov. 8, surpassing its previous record by 64%. And volume for ProShares Short Bitcoin Strategy ETF (BITI) also on Nov. 8 spiked 366% higher than any day since its launch, according to ProShares. Hyman said the lack of segregation among bitcoin exchanges underlines the need for maturation. "You hold enough cash, such that the return should be approximately spot bitcoin.

☆ Here's how bitcoin futures ETFs performed in a dramatic week for crypto
▼ + stars: | 2022-11-13 | by ( Jesse Pound | ) www.cnbc.com time to read: +3 min

The ProShares Bitcoin Strategy ETF (BITO) and Short Bitcoin Strategy ETF (BITI) both saw their largest daily trading volumes on record last week. Applications for a true spot bitcoin ETF have been consistently rebuffed by the SEC , but the agency did allow bitcoin futures ETFs to launch. Bitcoin futures do not perfectly track spot bitcoin and the ETFs can carry additional costs for investors, such as the potential for roll costs when the fund swaps out expiring futures for new ones. However, bitcoin futures are also financially settled, meaning there is no bitcoin that changes hands or is held in an account. He added that the roll costs for bitcoin futures have come down sharply since the ETFs launched.

☆ Crypto stocks slide as FTX prepares for bankruptcy proceedings
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: +2 min

Nov 11 (Reuters) - Shares of cryptocurrency and blockchain-related firms dropped on Friday after FTX, one of the biggest crypto exchanges, said it would initiate bankruptcy proceedings in the United States, triggering a potentially massive meltdown in the industry. Silvergate Capital (SI.N) declined 10%, leading the losses in the sector, while bitcoin holder MicroStrategy Inc (MSTR.O) slipped 2.6%. Bitcoin fell 3.6% to $16,919 as FTX Chief Executive Sam Bankman-Fried said he will step down from his position. The turmoil at FTX, which has rescued other players during the crypto market's recent crash, has raised concerns about the future of the crypto industry. ProShares Bitcoin Strategy ETF (BITO.P) fell 8%, while Short Bitcoin Strategy ETF (BITI.P) jumped 7.4%.

Nov 10 (Reuters) - Trading volumes in bitcoin futures and exchange traded funds (ETFs) has exploded as investors scrambled to hedge their positions after this week's slump in digital tokens triggered by turmoil at crypto exchange FTX. CME bitcoin futures November contracts traded at $17,250, with a volume of 13,292 at 11:24 a.m. EST (1624 GMT), which was a 3% discount to the spot price of $17,770. Trading volumes soared on Tuesday and Wednesday as FTX's woes worsened, touching 48,554 and 32,168 contracts respectively, significantly higher than volumes over the past two months which hovered between 4,902 and 27,309. The ProShares short bitcoin strategy ETF (BITI.P), a bearish play on CME bitcoin futures, witnessed record trading volume on Wednesday as investors hunted for "regulated, transparent futures market," ProShares Global Investment Strategist Simeon Hyman said. Meanwhile, ProShares Bitcoin Strategy ETF (BITO.P), which was halted for trading on Wednesday, has witnessed a 300% jump in trading volume in the from its previous high on October 21, 2022.

☆ What the FTX debacle means for crypto's attempt to become a legitimate asset class
▼ + stars: | 2022-11-09 | by ( Bob Pisani | ) www.cnbc.com time to read: +5 min

What happens to other crypto platforms like Coinbase? That creates an opportunity for centralized, regulated, retail-focused crypto platforms (like Coinbase). What does this mean for the crypto space? We believe the episode is likely to accelerate regulation of the crypto space in the U.S. and elsewhere. Bitcoin has already been determined to be a commodity and not a security, but other crypto tokens may be deemed to be securities.

☆ ProShares' bitcoin futures fund burned through a record $1.2 billion of investors' money over its 1st year, report says
▼ + stars: | 2022-10-26 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

ProShares' bitcoin futures fund is down $1.2 billion after a smash debut last year, the FT reported. Inflows to the Bitcoin Strategy ETF were $1.8 billion, but it has just $614 million AUM, per Morningstar. The ProShares Bitcoin Strategy ETF broke records after listing as BITO on the NYSE in October last year. But as of Wednesday, its AUM stood at just $614 million — a loss for investors or just under $1.2 billion, the research firm found. Valkyrie's Bitcoin Strategy ETF is down about 65% since it debuted in November, while Global X's listed Blockchain and Bitcoin Strategy ETF has fallen 75% in the same timeframe.

☆ Lose big on crypto? Here’s how to reduce the sting
▼ + stars: | 2022-08-17 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +4 min

You’d have a long-term capital loss of $26,000, because you held the investment for at least a year. You can fully offset the tax owed on your $10,000 capital gain with $10,000 of your capital losses on your 2022 tax return. Here’s why: For tax purposes, crypto assets are classified as property, not securities. Lawmakers have already proposed expanding the wash-sale rule to cover crypto and other assets in proposed legislation. “This rule may be changing in the future, but for 2022, crypto assets are not subject to the wash-sale rules,” Pon said.

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