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"It was for the ETF wrapper," she told CNBC on stage at the Permissionless Conference in Utah. The total market cap of all eleven spot bitcoin ETFs now tops $63 billion, with total flows of nearly $20 billion. Of the 80% of direct investors, Cohen told CNBC that 75% had never before owned an iShare, one of the best-known and largest ETF providers on the planet. "As it turns out, we have done a lot of education of crypto investors on the benefits of the ETP wrapper." Before the U.S. Securities and Exchange Commission green-lit spot bitcoin funds in January, investors had a few ways to buy and custody cryptocurrencies.
Persons: Samara Cohen, Cohen, Bitcoin, Coinbase, bitcoin ETPs Organizations: BlackRock, CNBC, Permissionless Conference, U.S . Securities, Exchange Commission Locations: U.S, Utah, Wall
CNBC's Jim Cramer on Wednesday explained what the Securities and Exchange Committee's decision to approve spot bitcoin exchange-traded products in the U.S. means for investors. Cramer said he's not necessarily against investing in Bitcoin, but warned investors to know the risks before buying. "I'm taking a page from Jamie Dimon here — this is a caveat emptor situation," he said, referring to the JPMorgan CEO and Bitcoin skeptic. ETPs include several investment vehicles, such as exchange-traded funds and exchange-traded notes. SEC Chair Gary Gensler has spoken out against crypto in the past and the agency disapproved more than 20 filings for spot Bitcoin ETPs from 2018-2023.
Persons: CNBC's Jim Cramer, Cramer, he's, Jamie Dimon, Gary Gensler, I'm, Bitcoin's, that's Organizations: Securities, Exchange, JPMorgan, SEC Locations: U.S, Bitcoin
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailJim Cramer explains bitcoin ETPs and if they are worth the hype'Mad Money' host Jim Cramer explains the difference between ETFs and ETPs and why you should be wary of the new bitcoin ETPs.
Persons: Jim Cramer, bitcoin ETPs
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe SEC does not deem bitcoin ETP investments 'safe', says Jim Cramer'Mad Money' host Jim Cramer explains the difference between ETFs and ETPs and why you should be wary of the new bitcoin ETPs.
Persons: Jim Cramer Organizations: SEC
Register now for FREE unlimited access to Reuters.com RegisterThe SEC has rejected over a dozen spot bitcoin ETF applications, and approved several bitcoin futures-based ETFs. The rejections have focused on applicants' lack of surveillance-sharing agreements with regulated markets relating to the spot funds' underlying assets. Grayscale argued in the court filing that the SEC had not applied its standards evenly to spot bitcoin ETFs and bitcoin futures-based ETFs, even though both types of funds are both fundamentally tied to the price of bitcoin. There is no spot bitcoin market that the SEC considers to be regulated, Grayscale said. Since the SEC deemed other agreements with CME sufficient to prevent fraud in bitcoin futures-based ETFs, the same should apply to bitcoin spot ETFs since both types of fund rely on the price of bitcoin, Grayscale said.
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