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☆ ADM shares plunge 24% in worst day since 1929 as CFO is placed on leave
▼ + stars: | 2024-01-23 | by ( ) www.cnbc.com time to read: +3 min

The Archer-Daniels-Midland Co. (ADM) grain facility in Mendota, Illinois, U.S.Shares of Archer-Daniels-Midland plunged 24% on Monday, its biggest one-day drop since 1929, after CFO Vikram Luthar was placed on administrative leave as the company investigates accounting practices at its Nutrition segment. The probe brings more uncertainty to ADM's high-margin Nutrition segment, which is under pressure due to weak demand for meat alternatives and other products as well as downtime at a large soy processing facility. The Nutrition segment, however, has not performed well in recent quarters. "First and foremost, understanding the true scope of potential accounting irregularities and their impact on Nutrition segment revenues/margins will be critical," said Goldman Sachs analyst Adam Samuelson. ADM appointed Ismael Roig, who has been with the company since 2004, as its interim CFO.

Persons: Archer, Vikram Luthar, Luthar, Goldman Sachs, Adam Samuelson, Ismael Roig Organizations: Daniels, Midland Co, Midland, U.S . Securities, Exchange Commission, SEC, for Research, ADM, BMO, UBS, Bunge Global Locations: Mendota , Illinois, U.S, Chicago

☆ Terraform Labs files for bankruptcy protection in the U.S.
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +1 min

PODGORICA, MONTENEGRO - JUNE 16: Do Kwon is taken outside of court on June 16, 2023 in Podgorica, Montenegro. Singapore-based Terraform labs, in a filing with the bankruptcy court in Delaware, listed assets and liabilities in the range of $100 million to $500 million. Recently, a federal judge postponed the trial of the U.S. Securities and Exchange Commission (SEC) against the company and its co-founder, Do Kwon, over an alleged $40 billion cryptocurrency fraud. Kwon and Terraform Labs were held responsible for two cryptocurrencies whose collapse caused turbulence in crypto markets around the world in 2022. Both cryptocurrencies lost an estimated $40 billion or more when TerraUSD failed to maintain its $1 peg in May 2022.

Persons: Kwon, Cryptocurrency, Filip Filipovic, Do Kwon, Terraform, cryptocurrencies, TerraUSD Organizations: Labs, Sunday ., U.S . Securities, Exchange Commission, SEC, Terraform Labs Locations: PODGORICA, MONTENEGRO, Podgorica, Montenegro, United States, Sunday . Singapore, Delaware

☆ U.S. oil giant Exxon Mobil sues activist investors to prevent climate proposals
▼ + stars: | 2024-01-22 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

ExxonMobil CEO Darren Woods speaks at the Asia-Pacific Economic Cooperation (APEC) Leaders' Week in San Francisco, California, on November 15, 2023. Exxon Mobil filed a lawsuit against U.S. and Dutch activist investors in a bid to stop them from submitting climate proposals during the oil giant's annual shareholder meeting. An Exxon Mobil win in the proceedings could have a chilling impact on future shareholder petitions. The Securities and Exchange Commission, the U.S. financial regulator, has overseen a growing number of environmental and social shareholder proposals during the past two proxy seasons. In an emailed statement, Exxon Mobil said "the breakdown of the shareholder proposal process, one that allows proponents to advance their agendas through a flood of proposals, does not serve the interests of investors."

Persons: Darren Woods Organizations: Economic Cooperation, APEC, Exxon Mobil, U.S, Northern, Northern District of, Arjuna, Securities, Exchange Commission Locations: Asia, San Francisco , California, U.S, Northern District, Northern District of Texas, Massachusetts, Amsterdam

☆ Bitcoin ETFs aren't giving crypto a big boost just yet. Here's where the new funds stand
▼ + stars: | 2024-01-22 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

The newly launched bitcoin exchange-traded funds are showing early signs of success, but they have so far fallen short of being the massive boost for crypto some bulls predicted. BTC.CM= YTD mountain Bitcoin has retreated since the launch of the bitcoin ETFs. This fall comes after some crypto investors had cited the ETF launches as a catalyst that could propel bitcoin to $100,000 in 2024. That discount likely attracted arbitrage players who used the ETF launch as an opportunity to close out their trade. Yesterday, all Bitcoin ETFs combined traded $2.2Bn, IBIT traded $340Mn.

Persons: Alex Saunders, Benjamin Budish, Aniket Ullal, Ullal, It's, Bernstein, Gautam Chhugani Organizations: U.S . Securities, Exchange Commission, Fidelity, Citi, Barclays, CFRA Research, IBIT Locations: bitcoin, GBTC

☆ New details emerge about SEC's X account hack, including SIM swap
▼ + stars: | 2024-01-22 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +3 min

The U.S. Securities and Exchange Commission said on Monday that a SIM swap attack was to blame for the breach of its official account on X (formerly Twitter) earlier this month. With access to the phone number, the unidentified individual then reset the account password. "While multi-factor authentication (MFA) had previously been enabled on the @SECGov X account, it was disabled by X Support, at the staff's request, in July 2023 due to issues accessing the account," the SEC said in the statement. The agency had the ability to switch two-factor authentication back on for their X account and were not reliant on X to do so. X owner and CTO Elon Musk mocked the SEC, an agency he has clashed with for years, after the agency's account on X was breached.

Persons: Elon Musk, Department of Homeland Security's, — CNBC's Lora Kolodny Organizations: U.S . Securities, Exchange, SIM, SEC, X, Twitter, SEC's, Federal Bureau of Investigation, Department of Homeland, Infrastructure Security Agency, Futures Trading Commission, Department of Justice, Enforcement

☆ What Microsoft’s hack means for its $20 billion cybersecurity franchise and its rivals
▼ + stars: | 2024-01-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Microsoft 's hacking disclosure could be a challenge for its $20 billion-a-year cybersecurity franchise but bullish news for fellow portfolio name and rival Palo Alto Networks. Microsoft stock was trading modestly lower Monday but has climbed more than 5% since the start of 2024 following last year's 56% gains. Microsoft's cybersecurity incident doesn't leave us any less bullish on the mega-cap name. While its cybersecurity business pulls in about $20 billion in annual sales, Microsoft's revenue jumped 7% in 2023 to nearly $212 billion. The Securities and Exchange Commission's (SEC) new disclosure rules around cybersecurity attacks could be another catalyst for Palo Alto, Jim added.

Persons: hasn't, Nobelium, Jim Cramer, Jim, Palo, Exchange Commission's, Nikesh Arora, Estee Lauder, Clorox, Okta, Jim Cramer's, Satya Nadella, Justin Sullivan Organizations: Microsoft, Palo Alto Networks, Wall, SolarWinds, Apple, JPMorgan, Securities, Exchange, SEC, Palo Alto, Corporations, Palo, CNBC, MGM Resorts, Caesars Entertainment Locations: Russian, Palo, Palo Alto, Davos, Switzerland, San Francisco

☆ Stocks making the biggest moves midday: Vita Coco, Archer-Daniels-Midland, Gilead Sciences and more
▼ + stars: | 2024-01-22 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +3 min

Archer-Daniels-Midland — The food processor's shares dropped more than 22%, making the stock poised for its second worst day in its history back to 1972. Archer-Daniels-Midland announced weak fourth-quarter earnings guidance and placed Chief Financial Officer Vikram Luthar on administrative leave amid an investigation into the company's accounting practices. StoneCo — Shares of the Brazilian payments company rose more than 6% following an upgrade to a buy rating from Goldman Sachs. The financial firm cited an attractive entry point and a constructive outlook on the next freight cycle as catalysts for the change. Vita Coco — The coconut water company tumbled more than 5% after William Blair downgraded shares to market perform from outperform.

Persons: Archer, Vikram Luthar, Goldman Sachs, Trodelvy, Bernstein, Hunt, Gus Richard, Coco, William Blair, — CNBC's Michelle Fox, Alexander Harring, Hakyung Kim, Tanaya Macheel, Pia Singh, Samantha Subin Organizations: Arkhouse Management, Brigade Capital Management, Daniels, Midland, SolarEdge Technologies, Riley, Bloomberg, U.S . Securities, Exchange Commission, Spirit Airlines, JetBlue Airways —, JetBlue, Gilead Sciences, . Union Pacific, Norfolk Southern, UBS, Northland Capital Markets Locations: Brazil, Norfolk, Suez

☆ Bitcoin briefly dips below $40,000 for the first time this year
▼ + stars: | 2024-01-22 | by ( Tanaya Macheel | ) www.cnbc.com time to read: 1 min

Bitcoin extended its losses on Monday, dipping below $40,000 for the first time this year and pulling the rest of the crypto market down with it. The price of bitcoin was last lower by 3.9% at $40,052.76, according to Coin Metrics. Bitcoin is still in its correction phase following the launch of several spot bitcoin exchange-traded funds in the U.S. for the first time ever. In the months leading up to the U.S. Securities and Exchange Commission giving the green light to begin trading, investors bought bitcoin in anticipation of the approval. "Today's bitcoin move is wholly expected," said Sylvia Jablonski, CEO and chief investment officer at Defiance ETFs.

Persons: Bitcoin, bitcoin, Sylvia Jablonski Organizations: Metrics, U.S . Securities, Exchange Commission Locations: U.S, Defiance

☆ Stocks making the biggest moves premarket: Macy's, Boeing, Archer-Daniels-Midland and more
▼ + stars: | 2024-01-22 | by ( Samantha Subin | ) www.cnbc.com time to read: +2 min

Macy's – Shares of the department store giant added 2% in premarket trading after the company over the weekend rejected a $5.8 billion proposal by Arkhouse Management and partner Brigade Capital Management to take the retailer private. Boeing — The airline stock slid 1.8% after the U.S. Federal Aviation Administration recommended operators visually inspect the mid-exit door plugs of Boeing 737-900ER aircraft, which are similar to the ones grounded after the Alaska Airlines flight emergency. Archer-Daniels-Midland – Shares slid nearly 12% after the food processor placed CFO Vikram Luthar on administrative leave amid an investigation into some accounting practices and issued fourth-quarter earnings guidance that fell below prior expectations. Spirit Airlines , JetBlue Airways — The airlines said Friday that they plan to appeal a federal judge's ruling that blocks their planed merger. Spirit Airlines added about 1% before the bell, while JetBlue Airways slipped 0.8%.

Persons: Macy's, Vikram Luthar, Goldman Sachs, Riley, Morgan Stanley, Oppenheimer, —, — CNBC's Pia Singh, Sarah Min, Tanaya Macheel, Lisa Kailai Han Organizations: Arkhouse Management, Brigade Capital Management, Boeing, U.S . Federal Aviation Administration, Alaska Airlines, Daniels, Midland, Bloomberg, U.S . Securities, Exchange Commission, Spirit Airlines, JetBlue Airways Locations: Brazil

Fishwife, a trendy tinned seafood company, was valued at around $5 million on Shark Tank. Millstein said on the ABC program that her premium preserved fish company has grown to about $5.8 million in annual sales. "I don't know these people, I don't eat tinned fish, and I am here for this drama," one viewer commented. The Shark Tank episode aired this month, but it was filmed in the summer of 2023, per an ABC spokesperson. On Shark Tank, Millstein reeled in Nelson and Greiner, receiving $350,000 in exchange for 6% to 8% of the company.

Persons: Becca Millstein, Caroline Goldfarb, —, Rebecca Millstein, Condé, Goldfarb, Fishwife, Millstein, Lori Greiner, Candice Nelson, Casey Lewis, Lewis, Greiner, we're Organizations: Service, Vogue, The New York Times, ABC, Fishwife, Google, Securities and Exchange Commission Locations: writeups, The, Millstein, Nelson

It said the same highly skilled Russian hacking team behind the SolarWinds breach was responsible. “A very small percentage” of Microsoft corporate accounts were accessed, the company said, and some emails and attached documents were stolen. A company spokesperson said Microsoft had no immediate comment on which or how many members of its senior leadership had their email accounts breached. In a regulatory filing Friday, Microsoft said it was able to remove the hackers' access from the compromised accounts on or about Jan. 13. After gaining a foothold, they used the account's permissions to access the accounts of the senior leadership team and others.

Persons: “ Organizations: BOSTON, —, Microsoft, . Securities, Exchange, SEC, Google, Cozy, Justice, Treasury Locations: — State, Russian, Redmond , Washington, U.S, Europe

☆ Crypto Funds Have Arrived. But Who Needs Them?
▼ + stars: | 2024-01-19 | by ( Jeff Sommer | ) www.nytimes.com time to read: +1 min

Exchange-traded funds come in many shapes and sizes. Some are plain vanilla, diversified index funds that let you invest in the entire stock and bond markets, and are excellent core holdings for the great majority of people. Then there are the quirky, narrowly focused E.T.F.s like the Inverse Cramer Tracker, which enables you to bet against the stock picks of the CNBC television host Jim Cramer. The fund is legal, approved by the Securities and Exchange Commission — and a money-loser since its inception last year. Betting against Jim Cramer just isn’t a great investing strategy.

Persons: Jim Cramer, Bitcoin, legitimizing Organizations: CNBC, Securities and Exchange Commission Locations: Bitcoin

☆ Grayscale CEO says most of the 11 approved bitcoin ETFs won't survive, defends highest fees in industry
▼ + stars: | 2024-01-19 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

When the U.S. Securities and Exchange Commission approved a swathe of spot bitcoin ETFs earlier this month, much focus was on the management fees that firms from BlackRock to Fidelity were charging. The Grayscale Bitcoin Trust ETF is the world's largest, with over $25 billion in assets under management. "Investors are weighing heavily things like liquidity and track record and who the actual issuer is behind the product. The Grayscale CEO said two to three of the spot Bitcoin ETFs "will maybe obtain some kind of critical mass" of assets under management, but that the others may be pulled from the market. "I don't ultimately think that the marketplace will have ultimately these 11 spot products we find ourselves having," Sonnenshein said.

Persons: Michael Sonnenshein, Sonnenshein Organizations: Forbes, Summit, New York Historical Society, U.S . Securities, Exchange Commission, Fidelity, CNBC, Economic Locations: BlackRock, DAVOS, Switzerland, Davos

Trading on the world's largest exchange would give JBS, which applied in July, access to more capital and enhance its credibility. Political Cartoons View All 253 ImagesThe dispute highlights the connection between finance and various drivers of climate change, such as deforestation. Two-thirds of Amazon deforestation results from conversion to pasture for livestock, according to the Brazilian government. In 2020, it created the JBS Fund For the Amazon. In the three years since inception, the JBS Fund for The Amazon has provided $15 million to 20 projects, according to its website.

Persons: ”, JBS, Elon Musk, Carlos Nobre, Liège Correia, Andrea Azevedo, “, ” Azevedo, Azevedo, Glenn Hurowitz, it's Organizations: Securities and Exchange Commission, New York Stock Exchange, U.S, Democrats, Republicans, SEC, NYSE, Associated Press, Brazil’s Agencia Publica, JBS S.A, JBS Fund, The, Forest Peoples Connection, Elon, SpaceX, Good Food Institute, United Nations, JBS, AP Locations: BRASILIA, Brazil, United States, United Kingdom, Rondonia, pirarucu, U.S, Dubai, AP.org

☆ Wolfe says it’s time to take some profit in bitcoin, sees further consolidation on the horizon
▼ + stars: | 2024-01-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin has been struggling since the launch of bitcoin exchange-traded funds and may continue to for some time, according to Wolfe Research. But much like it responded previously at the top of this trading range, we expect consolidation and decline to follow, which is why we would recommend taking some profit at these levels." "Bitcoin is at the top of its trading range," he added. An RSI reading of 70 and higher indicates that an asset is overbought, while a reading of 30 suggests it's oversold. Ginsberg added that bitcoin is overbought on a long-term weekly basis too, a condition that the cryptocurrency has seen only twice before.

Persons: Bitcoin, Wolfe's Rob Ginsberg, it's oversold, Ginsberg, bitcoin, — CNBC's Michael Bloom Organizations: Wolfe Research, U.S . Securities, Exchange Commission, Investors Locations: U.S

☆ Lawmakers are trying to keep meatpacking giant JBS from trading on NYSE, citing links to deforestation
▼ + stars: | 2024-01-18 | by ( Associated Press | ) www.businessinsider.com time to read: +4 min

US and UK lawmakers are rallying against an IPO by the world's largest meatpacker, JBS. Brazil says two-thirds of Amazon deforestation comes from converting land into pastures for livestock. Trading on the world's largest exchange would give JBS access to more capital and enhance its credibility. "The company has made repeated claims that it will eliminate deforestation but has not taken meaningful steps to do so." Two-thirds of Amazon deforestation results from conversion to pasture for livestock, according to the Brazilian government.

Persons: JBS Organizations: Service, Securities and Exchange Commission, New York Stock Exchange, New, U.S, Democrats, Republicans, SEC, NYSE, JBS S.A Locations: Brazil, United States, United Kingdom, New York

☆ Crypto firm Ripple explored IPO outside of U.S. because of 'hostile' SEC, won't go public soon
▼ + stars: | 2024-01-17 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

In this article XRP.CM= Follow your favorite stocks CREATE FREE ACCOUNTwatch nowDAVOS, Switzerland — Ripple explored markets outside the U.S. for its initial public offering, CEO Brad Garlinghouse told CNBC, blaming a "hostile" regulator. However, the firm has put any plans for an IPO on hold for now, Garlinghouse said. Garlinghouse told CNBC in 2022 that Ripple, the company behind the cryptocurrency XRP , will explore a public listing after its lawsuit with the U.S. Securities and Exchange Commission ends. The Ripple CEO said his company has not gone public in the U.S. yet because of the SEC's actions. The SEC sued Coinbase last year alleging that the company was acting as an unregistered broker and exchange.

Persons: Brad Garlinghouse, Garlinghouse, Coinbase, Gary Gensler Organizations: CNBC, U.S . Securities, Exchange Commission, Economic, SEC, U.S Locations: DAVOS, Switzerland, Davos, U.S, United States

☆ Morgan Stanley revenue tops estimates, but CEO warns of geopolitical, economic risks ahead
▼ + stars: | 2024-01-16 | by ( Yun Li | ) www.cnbc.com time to read: +3 min

The Morgan Stanley headquarters is seen in New York City on Jan. 17, 2023. Morgan Stanley on Tuesday reported fourth-quarter revenue that surpassed expectations, boosted by the strength in investment banking. Shares of Morgan Stanley initially climbed in premarket trading following the results, but the stock closed Tuesday's session 4.2% lower. Morgan Stanley said its revenue from investment banking rose 5% from a year ago on the back of a 25% increase in fixed income underwriting revenue amid higher investment-grade issuances. Pick is a Morgan Stanley veteran who rose through the ranks to lead the bank's Wall Street operations.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick Organizations: Federal Deposit Insurance Corp, Securities, Exchange Commission, Firm, Wealth, CNBC PRO Locations: New York City, U.S, York

☆ Ripple CEO calls U.S. SEC Chair Gary Gensler a 'political liability' over lawsuit
▼ + stars: | 2024-01-16 | by ( Ryan Browne | ) www.cnbc.com time to read: 1 min

Brad Garlinghouse, chief executive officer of Ripple Labs Inc., speaks during the Token2049 conference in Singapore, on Wednesday, Sept. 13, 2023. Ripple CEO Brad Garlinghouse fired off criticism at U.S. Securities and Exchange Commission Chairman Gary Gensler on Tuesday, calling the SEC chief a "political liability" amid an ongoing lawsuit. The crypto startup is fighting the SEC over allegations that the firm and its executives illegally sold XRP tokens in unregistered securities sales. A case against Garlinghouse and fellow executive Chris Larsen was dismissed in October. The SEC did not immediately respond to a CNBC request for comment.

Persons: Brad Garlinghouse, Gary Gensler, Garlinghouse, Chris Larsen Organizations: Ripple Labs Inc, U.S . Securities, Exchange, SEC, CNBC Locations: Singapore

☆ Buy the dip in these bitcoin mining stocks over the next two months, Bernstein says
▼ + stars: | 2024-01-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin miners have tumbled since last Thursday, following the launch of spot bitcoin exchange-traded funds . The declines are in part due to the pullback in the bitcoin price, which is down roughly 6% in the same period. In a Monday note to investors, Bernstein also pointed to lower investor appetite for mining stocks as a bitcoin proxy now that ETFs have entered the market. "Just like bitcoin, the next two months offer dip buying opportunity in bitcoin miners," Chhugani said. Bitcoin miners were top performers in 2023, outperforming even bitcoin.

Persons: Bernstein, Gautam Chhugani, Chhugani, CleanSpark Organizations: Marathon, Energy, Cipher, Securities, Exchange, bitcoin Locations: cashflows, U.S, bitcoin

☆ 'Very good chance' that U.S. passes stablecoin laws this year, Circle CEO says
▼ + stars: | 2024-01-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Justin Tallis | Afp | Getty ImagesThe CEO of Circle, the company behind popular stablecoin USD Coin, sees a strong chance that laws for stablecoin issuers like itself will come through in 2024. The U.S. is yet to pass federal crypto regulation, even as jurisdictions around the world are approving new crypto-focused laws. But Jeremy Allaire, Circle's boss and co-founder, hopes that things will change this year, stating that there is a "very good chance" U.S. lawmakers approve a stablecoin bill. "Stablecoins in particular remain the killer app for blockchain technology," Allaire told CNBC. "It's been a really powerful time for that and we think 2024, with things like the spot ETF and world regulatory clarity, is going to open this up even wider."

Persons: Justin Tallis, Jeremy Allaire, Circle's, Allaire, Crypto, Dante Disparte, Disparte, CNBC's MacKenzie Sigalos Organizations: Afp, Getty, CNBC, Economic, Treasury, Federal, House Financial, U.S . Securities, Exchange Commission, SEC, Allaire Locations: London, U.S, Davos, Switzerland, United States

☆ Bitcoin tumbled after a slate of ETFs launched. Here’s why that might dent some crypto miners’ profitability
▼ + stars: | 2024-01-14 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

Investors in bitcoin mining stocks are closely watching the price of the cryptocurrency after the Securities and Exchange Commission's move to allow spot bitcoin ETFs became a sell-the-news event. After the ETFs received regulatory approval last week, the flagship currency briefly touched $49,000. As the week went on, however, bitcoin wiped out its earlier gains and notched a modest weekly loss of 0.01%. "If [the bitcoin price] gets to $45,000 or below only the newest, most efficient miners with the … lowest cost power are going to be able to stay online." "We would view any sell-off [in mining stocks] as a buying opportunity, as the ETF does not directly impact mining economics or change competitive dynamics, and we remain bullish on bitcoin and bitcoin miners in 2024," he wrote.

Persons: bitcoin, Reginald Smith, Chase White, they're, White, Iris Energy, Smith, Iris Organizations: Securities, Exchange, Marathon Digital, JPMorgan, bitcoin's, Compass, Iris, Cipher Mining, Iris Energy

☆ Grayscale Faces New Risk-Management Challenge With Bitcoin ETF Approval
▼ + stars: | 2024-01-13 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

Grayscale Investments launched the Grayscale Bitcoin Trust ETF on Thursday. Grayscale CFO Ed McGee spoke with CFO Journal about the financial implications of the ETF and how he expects his role to change as a result. Photo: Michael Nagle/Bloomberg NewsWith the Securities and Exchange Commission’s approval of U.S. exchange-traded funds holding bitcoin, cryptocurrency asset manager Grayscale Investments must focus more on managing risk and communicating with participants, Chief Financial Officer Ed McGee said. Stamford, Conn.-based Grayscale was one of several firms that launched a spot bitcoin ETF on Thursday after the SEC approval of the vehicles the previous day. The Grayscale Bitcoin Trust , which the company converted into a spot bitcoin ETF, saw $2.3 billion in trading volume in its first day on the New York Stock Exchange.

Persons: Ed McGee, Michael Nagle Organizations: Investments, Bloomberg, Securities, Exchange, SEC, New York Stock Exchange Locations: Stamford, Conn

☆ Bitcoin ETFs could open floodgates to $30 trillion wealth management market
▼ + stars: | 2024-01-13 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +5 min

SEC Chair Gary Gensler continues to issue stern warnings when it comes to crypto investments, but that's not holding back activity. For the $30 trillion advised wealth management industry, the floodgates could be about to open. "For the vast majority of people, a low-cost bitcoin ETF is going to be the easiest way to do that," Hougan said. According to data from Robinhood , 81% of bitcoin ETF trading volume in the first week was in individual accounts, with the rest in retirement accounts. In a report on its website in October, Galaxy Digital said the "strongest marginal improvement" occurred when portfolios moved from a 0% to 1% bitcoin allocation.

Persons: Gary Gensler, that's, Jan van Eck, Anthony Pompliano, Pompliano, Matt Hougan, wirehouses, they've, Hougan, WisdomTree, bitcoin, Matt Walsh, Walsh Organizations: Securities and Exchange Commission, SEC, Investments, Chartered, Fund, Management, VettaFi, CFA, Investor Trust, Galaxy Digital, Fidelity, Island Ventures, Fidelity Investments Locations: U.S, Robinhood

☆ Why spot ETFs may be a game changer for bitcoin
▼ + stars: | 2024-01-13 | by ( Emily Glass | ) www.cnbc.com time to read: +1 min

The Securities and Exchange Commission's approval of 11 spot bitcoin ETFs this week could be a turning point for cryptocurrency investing. Her firm partnered with 21Shares to launch the ARK 21Shares Bitcoin ETF. "We really believe this is an important moment for us to help with the democratization of bitcoin access, giving more people access," Wood told "ETF Edge" on Monday. The first-ever batch of spot ETFs began trading Thursday. "It's also very much part of a new wave of disruptive technology," the firm's president and co-founder told "ETF Edge."

Persons: Cathie Wood, 21Shares, Wood, Ophelia Snyder's, Snyder, bitcoin Organizations: Securities, Exchange, Ark Invest Locations: bitcoin

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