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☆ Here's how Coinbase would benefit from U.S. ether ETFs if approved, according to JMP
▼ + stars: | 2024-05-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Coinbase is poised to benefit from U.S. spot ether exchange-traded funds, if they are approved, according to JMP Securities. The turnaround sent ether soaring more than 20% to start the week. ETH.CM= 5D mountain Ether 5-day chart JMP's Devin Ryan said in a note Wednesday that Coinbase could see benefits to its transaction, custody and staking businesses as a result of the introduction of ether ETFs. He also said an ether ETF approval does not necessarily signal a blessing by the SEC of the broader crypto asset class, or even comfort around all ETH use cases, such as staking. JMP has an outperform rating on Coinbase and a price target of $320, implying nearly 42% upside from Tuesday's close.

Persons: Coinbase, Devin Ryan, Ryan, JMP Organizations: JMP Securities, U.S . Securities, Exchange Commission, SEC, Fidelity, Management Locations: Base, BlackRock

☆ Dollar steady; ether fuels crypto rally
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: +3 min

Cryptocurrencies rallied, led by a surge in ether on growing anticipation of an impending approval of spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). Against the yen , the dollar rose 0.07% to 156.37 in the early Asian session. However, the still-stark interest rate differentials between the U.S. and Japan maintained the appeal of the yen as a funding currency. Still, the cautious Fed rhetoric has so far done little to significantly alter the market pricing for rate cuts, with investors betting on two cuts this year beginning September. Analysts said the latest crypto rally came on the back of speculation that an approval of spot ether ETFs by the U.S. SEC could be imminent, following in the footsteps of the listing of bitcoin ETFs earlier this year.

Persons: Cryptocurrencies, Carol Kong, Bitcoin, Tony Sycamore Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Commonwealth Bank of Australia, New Zealand, Reserve Bank of Australia's, IG Locations: Japan

☆ Ethereum surges 22% on speculation ETFs could be approved as soon as this week — and a new bitcoin record might not be far behind
▼ + stars: | 2024-05-21 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Ethereum has jumped over the past 24 hours as odds of an imminent ETF approval have soared. AdvertisementAccording to Standard Chartered Head of FX Research Geoff Kendrick, ETF approvals would cement ether's chances of reaching $8,000 by this year's end. AdvertisementSecondly, big outflows are also less likely to be an issue for ether, Kendrick pointed out. Once ether funds are established, the price highs that it can achieve bode well for bitcoin, Kendrick added. "An ETH ETF approval will further legitimise the sector and therefore be BTC positive as well.

Persons: Ethereum, —, That's, Eric Balchunas, Geoff Kendrick, Kendrick, bode Organizations: SEC, Chartered, Service, bitcoin, Securities and Exchange Commission, Bloomberg, Bloomberg Intelligence, Standard Chartered, FX, BTC Locations: VanEck

☆ Ether extends its rally following 20% surge on renewed ether ETF optimism
▼ + stars: | 2024-05-21 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

Cryptocurrencies rose Tuesday amid a late surge in optimism around the U.S. Securities and Exchange Commission's decisions on spot ether exchange-traded funds applications, the first of which is due this week. Ether led the rally, rising 9% to $3,680.98, according to Coin Metrics. Investors are reconsidering the probability that the SEC greenlights spot ether ETF applications amid reports that the SEC has requested document updates from potential ETF issuers and exchanges. Final decisions on applications by VanEck and Ark Invest are due this Thursday and Friday, respectively. BlackRock, Fidelity, Invesco, Grayscale and Bitwise Asset Management also have applications awaiting decisions this year.

Persons: Cryptocurrencies, Ether, bitcoin, Robinhood, Bartosz Lipiński Organizations: U.S . Securities, Exchange, Metrics, Marathon, Energy, SEC, Cube Exchange, Fidelity, Management Locations: BlackRock

CNBC reached out to the SEC about the recent batch of Wells notices sent to crypto firms, and an agency spokesperson declined to comment. Exchanges, both centralized and decentralized, would be forced to choose between registering with the SEC, or delisting ether altogether. watch nowBoth Consensys and Uniswap suggest the SEC's broad approach to classifying securities may be outdated. "The SEC is arguing that the Uniswap protocol is an unregistered securities exchange, and that the Uniswap interface and wallet are both unregistered broker brokers," Ammori said. Uniswap argues in its response to the SEC that the majority of its trading volume is obvious nonsecurities, like ether, bitcoin and stablecoins.

Persons: Marvin Ammori, “ Ammori, Wells, Consensys, overreach, Joseph Lubin, Lubin, “, —, Christopher Gerold, Laura Brookover, Brookover, ethereum, Bill Hinman, Hinman, Patrick McHenry, Gary, Crypto, haven't, Uniswap, Ammori, there's, Alma Angotti, Guidehouse, Coinbase, We've, Christina Rea, We're, CNBC's Jordan Smith Organizations: Securities and Exchange Commission, Uniswap, SEC, Ethereum Foundation, CNBC, Security, New, New Jersey Bureau of Securities, Consensys, Securities, Exchange Commission's, of Corporation Finance, Rep, Robinhood Locations: U.S, Lubin, New Jersey, ethereum, R

☆ Exxon faces opposition from CalPERS after 'devastating' anti-ESG activist suit
▼ + stars: | 2024-05-20 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Exxon Mobil 's monthslong battle with two environmentally focused activist investors has cost the company the support of the California Public Employees' Retirement System. The two activists submitted a shareholder proposal that would have forced the company to reduce direct emissions and set a target for lowering emissions at suppliers and customers. Exxon sued the investors in Texas federal court in January, prompting them to withdraw the proposal. Even with the activists backing off, Exxon has continued its lawsuit to prevent the activists from ever again submitting such a proposal. CalPERS said in its letter that Exxon's "reckless" lawsuit threatened shareholder activism efforts on any issue.

Persons: Darren Woods, Arjuna, CalPERS, Marcie Frost, Theresa Taylor, it's, Greg Goff, Kaisa Hietala, Andy Karsner, Jeff Ubben Organizations: APEC, Summit, Moscone West, Exxon Mobil, California Public Employees, Exxon, CNBC, ExxonMobil, Securities and Exchange Commission, Inclusive Capital Locations: San Francisco , California, Texas

☆ Ivan Boesky, convict in 1980s insider trading scandal, dies at 87, NYT reports
▼ + stars: | 2024-05-20 | by ( ) www.cnbc.com time to read: 1 min

Ivan Boesky, the financier who was a central figure of the 1980s insider trading scandals, has died at the age of 87, the New York Times reported on Monday. Boesky, who partly inspired the Gordon Gekko character in the 1987 movie "Wall Street," was at his peak considered a genius at risk arbitrage, the business of speculating in takeover stocks, and his wealth was estimated at $280 million. But the U.S. Securities and Exchange Commission proved he obtained tips from investment bankers about deals in the works and used them illegally before the information was released to the public. He won leniency by cooperating in the government's investigation of insider trading rings and reportedly taped conversations with his business contacts. The death was confirmed to the New York Times by Boesky's daughter, Marianne Boesky.

Persons: Ivan Boesky, Boesky, Gordon Gekko, Boesky's, Marianne Boesky Organizations: New York Times, U.S . Securities, Exchange Commission

Grayscale Investments announced that CEO Michael Sonnenshein stepped down on Monday, ending a 10-year run as the leader of the largest crypto asset manager. Under Sonnenshein, Grayscale played a key role in pushing the U.S. Securities and Exchange Commission to allow bitcoin ETFs. "The crypto asset class is at an important inflection point and this is the right moment for a smooth transition. In 2022, Grayscale launched a lawsuit against the SEC, after regulators turned down its bid to convert the investment vehicle into an exchange-traded fund. Michael Sonnenshein at the 2022 Forbes Iconoclast Summit at New York Historical Society on Nov. 3, 2022.

Persons: Michael Sonnenshein, Peter Mintzberg, Goldman Sachs, Edward McGee, Sonnenshein, Arturo Holmes Organizations: Investments, BlackRock, U.S . Securities, Exchange Commission, SEC, Fidelity, Forbes, Summit, New York Historical Society, Getty Locations: OppenheimerFunds

☆ DJT: Trump Media reports $770,500 revenue for first quarter, net loss of $327.6 million
▼ + stars: | 2024-05-20 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

This photo illustration shows an image of former President Donald Trump reflected in a phone screen that is displaying the Truth Social app, in Washington, DC, on February 21, 2022. Trump Media & Technology Group, the parent company of Donald Trump's Truth Social platform, disclosed a net loss of $327.6 million in the first quarter of the year, with total revenue at $770,500, according to its earnings report, filed Monday with the Securities and Exchange Commission. "We are particularly excited to move forward with live TV streaming by developing our own content delivery network, which we believe will be a major enhancement of the platform," Nunes added. In April, the company announced that Truth Social would launch a TV streaming platform in three phases, the first for Android, iOS, and Web. In its Q1 report, TMTG said it has signed contracts with its first data center partner, which would host the TV platform, and a hardware vendor to provide equipment.

Persons: Donald Trump, Donald Trump's, Devin Nunes, Nunes, TMTG Organizations: Trump Media & Technology Group, Securities and Exchange Commission, Nasdaq, Android, SEC, BF Locations: Washington ,

☆ New York AG announces $2 billion settlement with crypto lender Genesis
▼ + stars: | 2024-05-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

New York Attorney General Letitia James is settling with crypto lender Genesis for $2 billion to repay defrauded investors. The lawsuit was broadened in February, alleging that DCG and Genesis defrauded additional investors out of more than $2 billion. Despite a legal challenge brought by parent company DCG, a bankruptcy court approved the lender's Chapter 11 repayment plan, which included the settlement between James' office and Genesis. The settlement bars Genesis from operating in New York. The settlement also established a fund for victims comprising at least 29,000 New York residents who collectively gave more than $1.1 billion to Genesis through its Gemini Earn product.

Persons: Letitia James, James, DCG, Genesis Organizations: New, Digital Currency Group, Gemini Trust, Securities, Exchange Commission Locations: New York

☆ No ‘cop on the beat’: Why the SEC may deny new ether ETFs this month
▼ + stars: | 2024-05-18 | by ( Emily Glass | ) www.cnbc.com time to read: +2 min

The U.S. Securities and Exchange Commission is expected to make a key decision on approving ether exchange-traded funds next week. Edelman, an investor and personal finance author, thinks there needs to be an emphasis on regulations to protect people from crypto scams. We've seen the bitcoin ETFs come to market. We've seen the great things they've done for investors — lowering costs, improving regulation, improving sort of safety, security and peace of mind.," Hougan said. The two ether ETF proposals, submitted by VanEck and ARK Investments/21Shares, are set to be approved or denied this month.

Persons: Ric Edelman, Edelman, CNBC's, Gary, Gensler, Matt Hougan, Bitwise, We've, Hougan, VanEck Organizations: U.S . Securities, Exchange, Digital Assets, Financial Professionals, SEC, ARK Investments

☆ Under Armour was a real threat to Nike. Now it’s fighting to stay relevant
▼ + stars: | 2024-05-18 | by ( Parija Bhatnagar | Parija Kavilanz | ) edition.cnn.com time to read: +10 min

It was the upstart athletic brand that was making real inroads against Nike, the dominant name in the industry. People saw it as a company that actually could break through and take market share from Nike among the hardcore athletes,” Swartz said. String of controversiesThe period from 2016 onward is when “things really started to fall apart” at Under Armour, Swartz said. A bulk of Under Armour products are sold through sporting goods retailers and department stores, including Macy’s and Kohl’s, and online. The basketball superstar Curry, arguably the best shooter in history, famously signed with Under Armour instead of Nike in 2013.

Persons: Armour, Stephen Curry, Jordan Spieth, Kevin Plank, Howard Schultz’s, Bob Iger’s, Plank, ”, David Swartz, Morningstar, ” Swartz, Justin Sullivan, Tommy Gilligan, ” Plank, Swartz, “, —, Stephanie Linnartz, ” Schwartz, Andrew Kelly, Merrell, Zak Stambor, Stambor, Plank’s, Noel Celis, Eric Smallwood, Dwayne Johnson, Johnson, ” Smallwood, Smallwood, Curry, Joel Embiid, Embiid, Skechers, Caitlin Clark Organizations: New, New York CNN, Nike, Starbucks, Disney, CNN, Sports, North, Maryland Terrapins, Southern Methodist Mustangs, Capital, Maryland, Reuters, —, Armour, Sports Authority, Sporting Goods, UCLA, US Securities and Exchange Commission, Footwear News, Adidas, NBA Golden State Warriors, UA Curry II, Getty, Apex Marketing, United Football League, NBA, WNBA Locations: New York, San Rafael , California, North America, College Park , Maryland, Manhattan , New York, Petaluma , California, Manila, AFP

☆ Stephen Mandel’s Lone Pine Capital reveals new stakes in AI-related power producers
▼ + stars: | 2024-05-17 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

Lone Pine Capital made new bets on some high-performing power producers and one big streaming company in the first quarter, a new Securities and Exchange Commission filing shows. Lone Pine, founded by Stephen Mandel in 1997, added a $446.7 million position in Vistra Corp. and a $161.9 million stake in Constellation Energy in the first quarter. Lone Pine also added new positions in drug and medical supplies distributor McKesson and mobile tech company AppLovin , worth about $368 million and $300 million, respectively. The new additions came as Lone Pine significantly cut its holdings in three big tech companies: Meta Platforms, Taiwan Semiconductor and Amazon . Microsoft is Lone Pine's third-largest position, trailing Taiwan Semiconductor, which Lone Pine reduced by 11%.

Persons: Lone Pine, Stephen Mandel, Mandel, Mark Zuckerberg, Philip Morris, Julian Robertson Organizations: Lone Pine Capital, Securities and Exchange Commission, Vistra Corp, Constellation Energy, Constellation, Taiwan Semiconductor, Microsoft, Meta, Philip Morris International, UnitedHealth Group, GE Aerospace, GE, Cubs Locations: Lone, Vistra, U.S, Greenwich , Connecticut, Meta

☆ Stanley Druckenmiller built a big bullish position in small-cap stocks last quarter
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Billionaire investor Stanley Druckenmiller revealed a big bullish position in small-cap stocks last quarter, according to a new regulatory filing. A call option gives an investor the right to buy an asset at a specified — or strike — price within a certain period. As of the end of March, Druckenmiller owned 31,579 call contracts with unknown value, strike price or expiry, according to the filing. The noted investor also took some profit in his big Nvidia bet last quarter by slashing the stake by more than 70%. Other than these changes, Druckenmiller added a sizable stake in semiconductor name Coherent , making it his eighth-biggest holding.

Persons: Stanley Druckenmiller, Russell, Druckenmiller, We've, I'm, Warren Buffett, George Soros Organizations: Duquesne Family Office, U.S . Securities, Exchange, Nvidia, CNBC, Quantum Fund, Duquesne Capital Management Locations: Duquesne

☆ Stanley Druckenmiller slashed his Nvidia stake by 72% last quarter as the stock nearly doubled
▼ + stars: | 2024-05-16 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Stanley Druckenmiller slashed his exposure to Nvidia by 72% in the first quarter, according to 13F filings. AdvertisementBillionaire investor Stanley Druckenmiller slashed his exposure to AI darling Nvidia by 72% in the first quarter, according to a 13F filing with the Securities and Exchange Commission. Druckenmiller's Duquense Family Office, which manages about $4.4 billion, sold 441,551 shares of Nvidia in the first quarter. Other big trades made by Druckenmiller include a $664 million bet on small cap stocks, via call options on the Russell 2000. Another notable trade Druckenmiller made was the near tripling of his position in copper miner Freeport McMoRan, now worth about $65 million.

Persons: Stanley Druckenmiller, Druckenmiller, —, Russell Organizations: Nvidia, Service, Securities and Exchange Commission, Microsoft, Freeport McMoRan, Investment Locations: Freeport

☆ ValueAct reveals stake in Fanduel-parent Flutter Entertainment
▼ + stars: | 2024-05-16 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +2 min

ValueAct Capital on Wednesday unveiled a stake in Flutter Entertainment , the Dublin-based parent company of sports betting firm Fanduel. It is possible that ValueAct previously had some other exposure to Flutter. The hedge fund previously had a position in The Stars Group, which was acquired by Flutter in 2020. While the ValueAct stake in Flutter is small, Gordon Haskett analyst Don Bilson pointed out in a note to clients that UBS also reported a stake in the gaming company. UBS has previously worked with ValueAct to build stakes in individual stocks for the hedge fund, Bilson said.

Persons: Mason Morfit, ValueAct, Walt Disney, Gordon Haskett, Don Bilson, Bilson Organizations: Capital, Walt, Securities and Exchange Commission, Stars, UBS, New York Stock Exchange, NYSE, Seagate Technology Holdings, Paycom Locations: Dublin, ValueAct

☆ Chubb is 'ideal fit' for Warren Buffett's investment style, says Deutsche Bank
▼ + stars: | 2024-05-16 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett's purchase of a 6.4% stake in Chubb makes perfect sense as the insurer checks all the boxes of the Oracle of Omaha's investment criteria, according to Deutsche Bank. "We believe that Chubb is an ideal fit for Warren Buffett's investment philosophy, characterized by high-quality business with strong [returns on equity], a robust economic moat, a proven track record of compounding returns, and a distinguished management team," Deutsche Bank analyst Cave Montazeri wrote in a note to clients. Buffett's Berkshire Hathaway unveiled a $6.7 billion stake in Zurich-based Chubb in a new regulatory filing, ending months of speculation over the identity of the secret stock pick. Deutsche Bank said Chubb has a disciplined approach to underwriting and capital allocation and, in the near term, should benefit from earned pricing above loss costs, strong investment income and growth in its international operations. CB ALL mountain Chubb Deutsche Bank has a buy rating on Chubb and a 12-month price target of $278, implying a 10% gain from Wednesday's close of $252.97.

Persons: Warren Buffett's, Chubb, Warren, Cave Montazeri, Berkshire Hathaway, Montazeri, — CNBC's Michael Bloom Organizations: Oracle, Deutsche Bank, Berkshire, Securities and Exchange Commission, Chubb Deutsche Bank, ISI, Alleghany Corp Locations: Zurich, U.S, Omaha, Berkshire

☆ Tesla is going all out to push Elon Musk's $55 billion pay package through — even spending money on ads
▼ + stars: | 2024-05-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Read previewTesla is going all in on its efforts to push through approval of Elon Musk's $55 billion pay package. A screenshot of some of the paid ads Tesla ran in support of Musk's pay package proposal. SECThe company aims to pass two separate proposals, one moving its state of incorporation from Delaware to Texas and another reapproving Musk's pay, which was struck down by a Delaware judge earlier this year. Musk does not receive a salary from Tesla and his pay package centered on a series of goalposts around the carmaker's financial growth. AdvertisementEarlier in May, Denholm even sat down for a video promoting the pay plan.

Persons: —, Elon, Tesla, Kathleen St, J, McCormick, Musk, Robyn Denholm, Denholm Organizations: Service, Elon Musk's, Securities and Exchange Commission, Google, Business, SEC, Street Journal, Bloomberg Locations: Tesla, Delaware, Texas

☆ Trump Media says it will delay quarterly filing due to auditor change
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +1 min

Trump Media & Technology Group filed a notice to the US Securities and Exchange Commission on Wednesday that it would delay its quarterly filing, just days after the regulator charged its former auditor with fraud. Former US President Donald Trump’s media company said it was unable to complete the review of its financial statement for the quarter ended March 31 due to the timing of its appointment of Semple, Marchal & Cooper as the new auditor. The company dismissed previous auditor BF Borgers, after the SEC charged the accounting firm with “massive fraud” earlier this month. The stock has since then cut its gain to about 5%, giving it a market value of about $7 billion. Truth Social’s revenue was $4.13 million last year, up from $1.47 million in 2022.

Persons: Donald Trump’s, Semple, Cooper, BF, Trump Organizations: Trump Media & Technology Group, US Securities and Exchange Commission, Marchal, SEC, Nasdaq

☆ These are the top 10 holdings of the Mormon church's $55 billion stock portfolio
▼ + stars: | 2024-05-15 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The investment arm of the Mormon church revealed some of its holdings in a 13F filing Wednesday. These are the top 10 holdings of the church's stock portfolio as of March 31. AdvertisementThe Church of Jesus Christ of Latter-day Saints has an investment portfolio of over $100 billion that includes $55 billion invested in publicly traded stocks. AdvertisementThe church, widely known as the Mormon church, reports its stock holdings on a quarterly basis, and a recent 13F filing revealed its top holdings as of March 31. These are the church's top 10 stock holdings at the end of the fourth quarter, as well as the changes in each position.

Persons: —, of Jesus Christ, Eli Lilly Vincent Kessler, Seth Wenig, Ethan Miller, Apple Justin Sullivan, Microsoft Satya Nadella, Sean Gallup Organizations: Service, of Jesus, Securities and Exchange Commission, Advisors, Reuters, JPMorgan AP, UnitedHealth, Mastercard Reuters, Nvidia, Microsoft, Getty

☆ Palo Alto nears a key test that could break it out of Wall Street's penalty box
▼ + stars: | 2024-05-15 | by ( Morgan Chittum | ) www.cnbc.com time to read: +8 min

Shares of Palo Alto plunged 28% on Feb. 21, a session after the company delivered a more cautious outlook for the rest of 2024. The shift in business strategy requires Palo Alto to give customers its new services and products for free to demonstrate their many benefits. PANW YTD mountain Palo Alto Networks (PANW) year-to-date performance 2. The Club is focused on how much industry spend is going to Palo Alto versus competitors, but we're not concerned about demand for the company's offerings. In this photo illustration the Palo Alto Networks logo seen displayed on a smartphone and on the background.

Persons: Morgan Stanley, Sellers, Nikesh Arora, Palo, We'd, it's, PANW, Arora, Jim Cramer, We've, nudging, Stephen Vintz, we're, Jim, Jim Cramer's, Rafael Henrique Organizations: Palo Alto Networks, Wall Street, Palo, Tech, Barclays, Palo Alto, billings, Wall, Alto Networks, UnitedHealth Group, Change, Healthcare, Club, Microsoft, Vans, Corp, Caesars Entertainment, Securities, Exchange, US Fed, CNBC, Networks, Getty Locations: Palo Alto, U.S, Palo, billings, Palo Alto's, Alto

☆ Warren Buffett finally reveals the mysterious company he’s invested billions of dollars in
▼ + stars: | 2024-05-15 | by ( Samantha Delouya | ) edition.cnn.com time to read: +2 min

CNN —The mystery is over: Warren Buffett’s Berkshire Hathaway disclosed a major stake in the insurance company Chubb, finally revealing the investment he has kept under wraps since last year. Berkshire revealed it acquired nearly 26 million shares of Chubb in a Wednesday Securities and Exchange Commission filing of the company’s first quarter investments. Buffett, Berkshire’s CEO famous for his investing prowess, has amassed a sizable following of investors who mimic his portfolio moves. The investment in Chubb underscores Berkshire Hathaway’s investment strategy over the past several months. Berkshire also sold 80 million shares of printer company HP in the fourth quarter of 2023, reducing its holdings by 78%.

Persons: Warren Buffett’s Berkshire Hathaway, Chubb, Donald Trump’s, Jean Carroll’s, Buffett, Berkshire’s, Buffett’s, Berkshire Hathaway, Nicole Goodkind Organizations: CNN, Wednesday Securities, Exchange Commission, SEC, Berkshire Hathaway’s, Insurance, Indemnity, American Express, Bank of America, Apple, HP Locations: Berkshire

☆ 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

☆ ‘Big Short’ investor Michael Burry piles into physical gold fund, making it his biggest bet
▼ + stars: | 2024-05-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

Michael Burry, known for calling the subprime mortgage crisis, piled into a physical gold trust in the first quarter, making it his biggest bet, according to a new regulatory filing. Burry, who now manages hedge fund Scion Asset Management, bought more than 440,000 units of the Sprott Physical Gold Trust (PHYS), worth more than $10 million in the first quarter. The closed-end fund holds its assets in physical gold bullion. The gold trust is trading at a discount to its net asset value. The widest discount PHYS has traded at over the past 52 weeks is 2.52%.

Persons: Michael Burry, Burry, It's, Michael Lewis Organizations: Asset Management, Nuveen, JD.com, HCA Healthcare, Citigroup, Block, Securities and Exchange

☆ Fat Brands confidentially files to IPO Twin Peaks, Smokey Bones brands days after federal indictment
▼ + stars: | 2024-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Fat Brands announced its intention to spin off Twin Peaks through an IPO last year. Since its founding in 2005, Twin Peaks has grown to nearly 115 restaurant locations in the U.S. and Mexico. Smokey Bones is a newer addition to Fat Brands' portfolio, which currently includes 18 chains. Fat Brands acquired it in September 2023, with the goal of converting more than half of its 61 corporate-owned restaurants into Twin Peaks locations. Wiederhorn has a 45% stake in Fat Brands through Fog Cutter Holdings, according to FactSet.

Persons: Brands, Smokey, Andy Wiederhorn, Smokey Bones, Darden, Wiederhorn Organizations: Fat Brands, Securities and Exchange, Brands, SEC, Hooters, Olive Garden, Fog Cutter Locations: Wiederhorn, Los Angeles, U.S, Mexico, Olive, Twin

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