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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 (BLK.N), Fidelity and WisdomTree (WT.N).

Persons: Dado Ruvic, Grayscale's, It's, Christopher LaVigne, Withers, Michael Sonnenshein, Bitcoin, Sui Chung, Joseph Toner, Seth Hertlein, Ryan Louvar, Paul Grewal, Coinbase, LaVigne, Carolina Mandl, Tom Wilson, Michelle Price, Jonathan Oatis Organizations: REUTERS, Rights, District of Columbia, Securities and Exchange Commission, SEC, CNBC, Chicago Mercantile Exchange, Fidelity, Coinbase, CME, BlackRock, Supreme, Thomson Locations: Washington, New York, WilmerHale, London

☆ Here are Wednesday's biggest analyst calls: Apple, Netflix, Nvidia, Alphabet, FedEx, Tesla & more
▼ + stars: | 2023-08-30 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

While this reads through positively for spot BTC ETF approvals, it remains unclear if this will be a net positive for Coinbase's P & L." Citi reiterates FedEx as a top pick Citi said FedEx has "parcel pricing power." Wells Fargo reiterates Spotify as buy Wells said it's standing by its overweight rating on shares of the streaming company. Citi reiterates Apple as buy Citi said it's bullish heading into Apple's iPhone event on Sept. 12. Wells Fargo reiterates Netflix as overweight Wells said it's standing by its overweight rating on the streaming giant. "We initiate coverage of Atour with an Overweight rating and a price target of US$36, implying > 80% potential upside."

Persons: Morgan Stanley downgrades Centene, Morgan Stanley, TD Cowen downgrades Ambarella, Wells, it's, Bernstein, Melius, Guggenheim, Tesla, Evercore Organizations: Wednesday, Barclays, SEC, BTC, Citi, FedEx, UPS, Transports, FLNC's Services, HSBC, Spotify, Apple, Texas, Rockwell Automation, ROK, UW, Netflix, Nvidia, Bank of America, Google, Tesla, Energy Locations: China, Europe, Ohio Utica, Oklahoma

☆ CNBC Daily Open: Nvidia’s record close juiced the Nasdaq
▼ + stars: | 2023-08-30 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Markets poppedU.S. stocks had a great Tuesday, with the S&P 500 and Nasdaq Composite advancing more than 1% each. Nvidia's record closeNvidia shares popped 4.16% Tuesday to close at a record of $487.84. Here's why Slimmon thinks stocks will rise despite struggling in August — and the three stocks to buy to ride on the wave.

Persons: Australia's, David, Susan Schwartz, Bitcoin, Morgan Stanley, Andrew Slimmon Organizations: CNBC, Nasdaq, Nvidia, Google, Costco, Securities and Exchange Commission, Fidelity, Morgan, Morgan Stanley Investment Locations: Asia, BlackRock, Coinbase, —

☆ 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

The case has been closely watched by the cryptocurrency and asset management industries, which have been trying for years to convince the SEC to approve a spot bitcoin ETF. While the agency has rejected spot bitcoin ETFs, it has approved bitcoin futures ETFs, which track agreements to buy or sell bitcoin at a pre-agreed price. Grayscale argued that the bitcoin futures ETF surveillance arrangements should also be satisfactory for Grayscale's spot ETF, since both products rely on bitcoin's underlying price. Bitcoin futures ETFs track bitcoin futures that trade on the Chicago Mercantile Exchange (CME), the chief venue for those products. The court's panel of judges said Grayscale showed that its proposed bitcoin ETF is "materially similar" to the approved bitcoin futures ETFs.

Persons: Dado Ruvic, Grayscale's, Donald Verrilli Jr, Hannah Lang, Michelle Price, Nick Zieminski Organizations: REUTERS, U.S, District of Columbia, Securities and Exchange Commission, SEC, New York Stock, Arca, Chicago Mercantile Exchange, CME, bitcoin, Supreme, Nasdaq, BlackRock, Fidelity, Thomson Locations: bitcoin, U.S, Washington

☆ Bitcoin surges after court clears the way for Grayscale to turn its crypto trust into an ETF, handing the SEC a defeat
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Bitcoin soared 6% on Tuesday after Grayscale won its crypto case against the SEC. Grayscale sued the SEC in 2022 after the agency rejected its application to turn its bitcoin trust into an ETF. The court ruling from the District of Columbia Court of Appeals could pave the way for other bitcoin ETFs. The current discount of the Grayscale Bitcoin Trust to its NAV is about 24%, according to data from YCharts. The Grayscale Bitcoin Trust soared more than 17% on Tuesday.

Persons: Bitcoin, Coinbase Organizations: SEC, District of Columbia, Service, Investments, Securities and Exchange Commission, Columbia, BlackRock, Fidelity Locations: Wall, Silicon

☆ Bitcoin rallies more than 7% as court sides with Grayscale over the SEC in crypto ETF case
▼ + stars: | 2023-08-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The price of bitcoin surged Tuesday after the U.S. Court of Appeals for the DC Circuit ruled that the Securities and Exchange Commission was wrong to deny crypto investment giant Grayscale permission to convert its popular bitcoin trust into an ETF. "Today's decision reaffirms that a bitcoin ETF in the U.S. is a matter of when, not if," said Steve Kurz, Global Head of Asset Management at Galaxy, which filed with Invesco for its bitcoin ETF. Grayscale initiated its lawsuit against the SEC in June 2022 after the agency rejected its application to turn its bitcoin trust, better known by its ticker GBTC, into an ETF. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021. The Grayscale Bitcoin Trust itself jumped 16%.

Persons: Bitcoin, bitcoin, it's, Steve Kurz, Invesco, Gary Gensler, —, Jesse Pound Organizations: Metrics, U.S ., Appeals, DC Circuit, Securities and Exchange Commission, SEC, Fidelity, Asset Management, Galaxy, SEC enforcements Locations: U.S, BlackRock

☆ Stocks making the biggest moves midday: Best Buy, Big Lots, Coinbase, Nio and more
▼ + stars: | 2023-08-29 | by ( Alex Harring | ) www.cnbc.com time to read: +6 min

Best Buy — Shares popped nearly 6% after the retailer's fiscal second-quarter earnings beat on both the top and bottom lines. Big Lots — The discount retailer surged 26.7% after its earnings report came in better than analysts expected. Big Lots lost $3.24 per share, on an adjusted basis, less than the $4.11 forecasted by analysts surveyed by FactSet. Bernstein reiterated its outperform rating and said investors should buy the stock after a recent pullback in share prices. Futu Holdings — The Asian wealth management stock popped 10% following a double-upgrade to buy from underperform by Bank of America.

Persons: Heico, Tesla, Morgan Stanley, tailwinds, General Motors, they're, — Catalent, Catalent, Elliott, Ginkgo, Wells, it's, Bernstein, Jefferies, Splunk, Raymond James, —, Sarah Min, Samantha Subin, Yun Li, Hakyung Kim, Michelle Fox, Pia Singh, Jesse Pound Organizations: Refintiv, Revenue, FactSet, Marathon, Securities and Exchange Commission, Marathon Digital, Industry, Nvidia, Holdings —, Oracle — Software, Oracle, UBS, Verizon, Citi, General Motors, Google, General, Motors, Elliott Investment Management, Rockwell Automation, Bank of America, Futu Holdings, NextEra Energy Partners Locations: San Francisco , California, underperform

On Tuesday, the court sided with Grayscale in a lawsuit against the Securities and Exchange Commission which had denied the company's application to convert the Grayscale Bitcoin Trust to an ETF. A spot bitcoin ETF would be traded through a traditional stock exchange, although the bitcoin would be held by a brokerage, and would allow investors to gain exposure to the world's biggest cryptocurrency without having to own the coin themselves. Many crypto bulls believe that approval of a spot bitcoin ETF will lead to more mainstream institutional adoption. Bitcoin , ether and other major cap crypto coins surged on the news, and Coinbase , which is listed as the custodian partner in multiple spot bitcoin ETF applications, was up more than 14% on Tuesday. The company decided to pursue the ETF, which would be backed by bitcoin rather than bitcoin derivatives, after the SEC approved ProShares' futures-based bitcoin ETF in October 2021.

Persons: bitcoin Organizations: Columbia, Appeals, Securities and Exchange Commission, Fidelity, SEC Locations: BlackRock

☆ Coinbase shares and bitcoin surge as judge paves the way for first-ever spot bitcoin ETF in the US
▼ + stars: | 2023-08-29 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase shares and bitcoin surge as judge paves the way for first-ever spot bitcoin ETF in the USHosted by Brian Sullivan, “Last Call” is a fast-paced, entertaining business show that explores the intersection of money, culture and policy. Tune in Monday through Friday at 7 p.m. ET on CNBC.

Persons: Brian Sullivan, “ Organizations: CNBC

☆ 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

☆ Downside risk in crypto market is ‘limited’ after August correction, says JPMorgan
▼ + stars: | 2023-08-25 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin remains stuck in an environment of low liquidity, thin trading volumes and few, if any, catalysts to take it higher. After the recent correction, however, most downside risk is behind us, according to JPMorgan. As a result, we see limited downside for crypto markets over the near term." Panigirtzoglou highlighted the district court decision in the SEC vs. Ripple case, PayPal's launch of a stablecoin, Coinbase's new "Base" chain launch and anticipation that the SEC will approve a spot bitcoin ETF. Bitcoin is down 10% in August but remains higher by more than 57% in 2023 as a whole.

Persons: Nikolaos Panigirtzoglou, Bitcoin, — CNBC's Michael Bloom Organizations: JPMorgan, SEC Locations: Washington, China

☆ KKR pours itself a thirst-quencher deal Down Under
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Trading information for KKR & Co is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., August 23, 2018. On Friday the U.S. asset manager said it had agreed to sell its 80% stake in Australian Venue to fellow private equity firm PAG six years after buying the pubs group. That means KKR has poured itself a tasty – and possibly frothy - internal rate of return. Assume KKR funded half the original acquisition with debt, and it increases to 32%. KKR’s local private equity boss David Lang and his team deserve a drink.

Persons: Brendan McDermid, that’s, That’s, David Lang, Antony Currie, Coinbase’s, Una Galani, Thomas Shum Organizations: KKR, New York Stock Exchange, REUTERS, Rights MELBOURNE, Reuters, X, Thomson Locations: New York, U.S, New Zealand

☆ Shein deal kills several birds with one stone
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A Shein logo is pictured at the company’s office in the central business district of Singapore, October 18, 2022. REUTERS/Chen Lin Acquire Licensing RightsTORONTO, Aug 24 (Reuters Breakingviews) - Shein isn’t wasting any time in the U.S. battle for buyers of ultra-fast fashion. In exchange, Sparc will become a minority shareholder in Shein. The clever relationship kills a few birds with one stone. Shein is highly skilled at manufacturing TikTok-friendly wares, but has come under attack for its ESG credentials.

Persons: Chen Lin, Simon Property, Simon, Brooks, Sharon Lam, Coinbase’s, Lauren Silva Laughlin, Oliver Taslic Organizations: REUTERS, Rights, Reuters, Forever, Sparc, Authentic Brands, Authentic, X, Thomson Locations: Singapore, U.S, Shein, American

☆ GAM’s end game still has a way to go
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Sarah Meyssonnier/File Photo Acquire Licensing RightsMILAN, Aug 24 (Reuters Breakingviews) - GAM’s (GAMH.S) long-running takeover saga has entered a critical phase. The ball is now with the opposing shareholders, which control nearly 10% of the asset manager. The NewGAMe crowd has proposed issuing a 25 million Swiss franc convertible bond to give GAM some breathing space. But this won’t cover expected losses, restructuring charges and pension costs amounting to at least 100 million Swiss francs, GAM has calculated. As things stand, to win the game of rescuing this embattled asset manager, investors will have to dig deep.

Persons: Xavier Niel, Sarah Meyssonnier, NewGAMe’s, Lisa Jucca, Coinbase’s, Aimee Donnellan, Streisand Neto Organizations: French, REUTERS, Reuters, Management, GAM, X, Thomson Locations: Paris, France, French, Ukraine

☆ The CEO of an investment research firm who correctly called the crashes of Coinbase and Snap warns that Nvidia trades at a 'ridiculously high' valuation and is almost 400% above fair value. Here are 3
▼ + stars: | 2023-08-24 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Nvidia has captured the hearts of investors, but at least one market veteran refuses to show the artificial intelligence pioneer any love. "Nvidia is the stock market's new Tesla, where the market blindly assigns a ridiculously high and unrealistic valuation," Trainer wrote in an email to Insider on August 24. Trainer continued: "Investors should not be chasing Nvidia stock, as it is way too expensive. "While we recognize that artificial intelligence is an exciting technology and Nvidia is a great company, investors must pay attention to a company's valuation," Trainer wrote. To live up to its current valuation, Nvidia would have to increase revenue by 20% per year for the next 25 years, the investment research firm CEO wrote.

Persons: Nvidia's, David Trainer, We're, SIMO Organizations: Nvidia, Bank of America, Rosenblatt Securities, KLA Corporation, Motion Technology Locations: Santa Clara, Nashville

☆ India’s space startups are ready to blast off too
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Amit Dave Acquire Licensing RightsBENGALURU, Aug 24 (Reuters Breakingviews) - Nearly seven million people watched India’s space program make history on Wednesday. The Indian Space Research Organisation (ISRO) became the first to land near the moon’s unexplored south pole. Peak XV Partners, formerly Sequoia India and Southeast Asia, in June led a $10 million investment in Digantara, which maps space debris. At $74 million, the bill for India’s moon mission was less than the cost of producing 2013 Hollywood space thriller "Gravity". New Delhi is finalising new foreign direct investment rules, and that will likely turbocharge India’s space startups.

Persons: Amit Dave, Elon Musk, Singapore’s GIC, Pranav Kiran, Coinbase’s, Una Galani, Streisand Neto Organizations: REUTERS, Rights, Reuters, Indian Space Research Organisation, ISRO, SpaceX, XV Partners, Sequoia, Skyroot Aerospace, Hollywood, Twitter, Thomson Locations: Gujarat Science City, Ahmedabad, India, Sequoia India, Southeast Asia, Digantara, New Delhi

The logo of non-fungible token (NFT) marketplace OpenSea is seen through a magnifying glass amid NFT items displayed on its website, in this illustration picture taken February 28, 2022. REUTERS/Florence Lo/Illustration/File Photo Acquire Licensing RightsAug 22 (Reuters) - A U.S. judge sentenced a former product manager at OpenSea, the world's largest marketplace for non-fungible tokens (NFTs), to three months in prison on Tuesday for buying NFTs he knew would soon be featured on the site's home page. Nathaniel Chastain, 33, was convicted of fraud and money laundering in federal court in Manhattan in May for what prosecutors called the first insider trading case involving digital assets. Chastain's attorneys had asked for no prison time, saying he had already lost his reputation, job and equity in OpenSea worth millions of dollars. Prosecutors unsealed charges against Chastain in June 2022, after a boom in NFT sales saw the market grow to about $40 billion in 2021.

Persons: Florence Lo, Nathaniel Chastain, Chastain, Ishan Wahi, OpenSea, Jody Godoy, Grant McCool Organizations: REUTERS, Prosecutors, Global Inc, Court, Southern District of, Thomson Locations: U.S, OpenSea, Manhattan, Southern District, Southern District of New York, New York

Their new platform is cryptocurrency exchange Coinbase Global (COIN.O), which on Aug. 16 became the first crypto-focused firm to win approval to offer cryptocurrency futures to U.S. retail customers. Yet, trading volumes in derivatives decreased by nearly 13% in July to $1.85 trillion, the lowest monthly volume since December 2022 and second lowest derivatives trading volumes since 2021, research firm CCData reported. Derivatives made up 78.2% of the total cryptocurrency trading volume on centralized exchanges in July, CCData reported. Spot cryptocurrency trading volumes also fell 10.5% to $515 billion in the same period, CCData showed. This essentially means that there is potential for growth in derivatives trading.

Persons: Dado Ruvic, Lucas Kiely, languish, disinclined, Todd Groth, CCData, Dessislava Aubert, Lisa Mattackal, Medha Singh, Sumanta Sen, Vidya Ranganathan, Mark Potter Organizations: REUTERS, Derivatives, Research, Reuters, Thomson Locations: United States, Bengaluru

☆ Coinbase just took a stake in stablecoin issuer Circle. Here’s what it could mean for the crypto exchange
▼ + stars: | 2023-08-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Late Thursday, the companies announced that Coinbase had taken a minor equity stake in Circle, which includes a 50/50 revenue share of interest income going forward. "Centre will no longer exist as a stand-alone entity and Circle will remain as the issuer of USDC, bringing any Centre governance and operations responsibilities in-house." The U.S. stablecoin market has been held back by regulatory uncertainty this year, and the market cap for USDC has dropped nearly 42% since the start of the year, according to CryptoQuant. "All else is in fact not equal as [the] USDC market cap has drifted lower through 2Q23 and interest rates are subject to change." "The Circle equity stake deepens COIN's exposure to a dwindling asset class … casting doubt about the standalone business model of stablecoins."

Persons: Coinbase, they're, Alex Markgraff, JPMorgan's Kenneth Worthington, USDC, Ramsey El, Assal, They're, Dan Dolev Organizations: Wall Street, Key, Barclays, U.S ., Mizuho, PayPal Locations: U.S, Key Banc, stablecoins

☆ Coinbase takes stake in stablecoin firm Circle, shuts down joint venture as it sees 'regulatory clarity'
▼ + stars: | 2023-08-22 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

In this photo illustration, the Coinbase cryptocurrency exchange website is seen on the screen of a computer on October 05, 2018 in Paris, France. Cryptocurrency exchange Coinbase is taking a stake in Circle, the issuer of the USDC stablecoin, signifying a closer relationship between the two crypto heavyweights. "Reflecting Coinbase's belief in the fundamental importance of stablecoins to the broader crypto economy, Coinbase is taking an equity stake in Circle," Coinbase said in a blogpost Monday. "This means that Coinbase and Circle will now have even greater strategic and economic alignment on the future of the financial system. Coinbase is committed to the long term success of the stablecoin ecosystem and USDC, specifically."

Persons: Coinbase, USDC Organizations: Centre Consortium, Silicon Valley Bank Locations: Paris, France, Silicon

☆ Coinbase’s stablecoin bet pegs to wishful thinking
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +2 min

The crypto exchange will take a minority stake in Circle Internet Financial, issuer of stablecoin USDC. Such tokens, designed to track the U.S. dollar, haven’t delivered on promises of transforming finance. Coinbase already earns interest from reserves backing USDC through a partnership with Circle, and doesn’t expect any new major financial benefit. Meanwhile, U.S. legislation to regulate the tokens is stalled, and PayPal’s (PYPL.O) stablecoin launch last month drew criticism from Representative Maxine Waters, among others. Coinbase, meanwhile, is cozying up to pillars of traditional finance like BlackRock (BLK.N).

Persons: haven’t, Coinbase, Maxine Waters, Brian Armstrong, Anita Ramaswamy, EY’s loveless, Jonathan Guilford, Sharon Lam Organizations: Reuters, U.S ., Wall Street Journal, BlackRock, Twitter, TPG, Thomson

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCoinbase takes equity stake in USDC stablecoin issuer Circle: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Darius Tabatabai, co-founder of Vertex Protocol, weighs in on what factors contributed to last week's big drop in crypto prices.

Persons: explainers, Darius Tabatabai Organizations: CNBC Crypto, CNBC, Vertex

☆ Coinbase to invest in Circle, shut down jointly managed Centre
▼ + stars: | 2023-08-21 | by ( ) www.reuters.com time to read: +1 min

A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsAug 21 (Reuters) - Coinbase Global (COIN.O) said on Monday it would acquire an equity stake in cryptocurrency operator Circle Internet Financial and shut down their jointly managed Centre Consortium, the operator of the stablecoin, USD Coin (USDC). Stablecoins are crypto tokens whose value is pegged to a stable asset to protect from wild volatility. In the case of the USDC, the value was pegged to the dollar. "We will now equally share in interest income generated from the broader distribution and usage of USDC," Coinbase added.

Persons: Dado Ruvic, Coinbase, Pratyush Thakur, Maju Samuel Organizations: REUTERS, Consortium, Thomson Locations: United States, Bengaluru

☆ A look at single-stock ETFs one year in
▼ + stars: | 2023-08-19 | by ( Kevin Schmidt | ) www.cnbc.com time to read: +3 min

GraniteShares rolled out its first batch of single-stock ETFs in August 2022 with products tracking mainstay names Tesla, Apple and Coinbase. While its 1.25x Long Tsla Daily ETF (TSL) and 1.75x Long AAPL Daily ETF (AAPB) have logged considerable gains in 2023, the Coinbase rally has pushed its 1.5x Long COIN Daily ETF (CONL) up 123% year to date. Because single-stock products are leveraged, Rhind said that the products lend themselves more to short-term activity and exposures. GraniteShares 1.5x Long NVDA Daily ETF (NVDL) has emerged as the outperformer of the firm's lineup, up more than 349% this year. Nadig added that investors can expect to see more single-stock ETFs coming to the market, but it's up to investor interest and market trends to ultimately bolster activity.

Persons: Will Rhind, Courtney Reagan, Rhind, Dave Nadig, Nadig Organizations: Apple

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