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The Bitwise Bitcoin ETF (BITB) has the lowest expense ratio of all the new bitcoin funds, at 0.20%. Several other funds are close behind, including the Ark 21Shares Bitcoin ETF (ARKB) at 0.21% and the iShares Bitcoin Trust (IBIT) at 0.25%. Other proposed funds have similar waivers, meaning early adopters of the bitcoin ETFs will have little or zero management cost for a brief time. Bitcoin ETF fee comparison Fund Ticker Fee Bitwise Bitcoin ETF BITB 0.20%* Ark 21Shares Bitcoin ETF ARKB 0.21%* Fidelity Wise Origin Bitcoin Fund FBTC 0.25%* iShares Bitcoin Trust IBIT 0.25%* Valkyrie Bitcoin Fund BRRR 0.25%* VanEck Bitcoin Trust HODL 0.25% Franklin Bitcoin ETF EZBC 0.29% WisdomTree Bitcoin Fund BTCW 0.30%* Invesco Galaxy Bitcoin ETF BTCO 0.39%* Hashdex Bitcoin ETF DEFI 0.94% Grayscale Bitcoin Trust GBTC 1.5%Source: SEC filings; * indicates temporary waiver for part or all of the management feeThe fees for bitcoin funds are higher than many broad stock index funds, with the SPDR S&P 500 ETF Trust (SPY) charging less than 0.10%. For example, Ark-21Shares, Valkyrie, Invesco-Galaxy and others had shown higher fees initially but lowered them in subsequent filings.
Persons: Jonathan Raa, Bitwise, Bryan Armour Organizations: Nurphoto, Franklin, SEC, Trust, United States Oil Fund, Fund, North America, Morningstar
Ark Invest's Cathie Wood said the approval of bitcoin exchange-traded funds in the U.S. made her more convinced that the world's largest cryptocurrency could hit her wildly bullish target. For her bull case, the Ark Invest chief sees bitcoin hitting $1.5 million by 2030. "We think the probability of the bull case has increased with this SEC approval. The Ark Invest CEO and chief investment officer has been a longtime crypto bull. Ark Invest has partnered with 21Shares on a proposed bitcoin fund — the Ark21Shares Bitcoin ETF (ARKB).
Persons: Cathie Wood, Wood, Bitcoin, 21Shares Organizations: Ark Invest, SEC, U.S . Securities, Exchange Commission, Invest Locations: U.S
You can now invest in bitcoin ETFs. But should you?
  + stars: | 2024-01-11 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +7 min
The Securities and Exchange Commission on Wednesday gave the green light to the listing and trading of 11 bitcoin exchange-traded funds, or ETFs. Understand what bitcoin is … and what it isn’tIt’s important to grasp what kind of asset bitcoin is. Plus, bitcoin ETFs will make it easier for financial advisers to access the cryptocurrency for their clients who can afford to invest in alternative asset classes. Deciding if a bitcoin ETF makes sense for youThe investment firms that have received approval to offer bitcoin ETFs are competing fiercely for investor dollars. And if you normally invest on a platform that automatically rebalances your portfolio for you, make sure the system does not rebalance your holdings based on your bitcoin investment.
Persons: New York CNN —, Bitcoin, bitcoin, Fidelity, Chainanalysis, Sam Bankman, ” Alex Michalka, Wealthfront, , Bryan Armour, … It’s, It’s, ” Armour, Alex Lozano, Lozano, , Trent D, Porter, ” Porter Organizations: New, New York CNN, New York CNN — It’s, The Securities, Exchange Commission, Wednesday, SEC, US, Fidelity, New York Times, Securities Investor Protection Corporation, NASDAQ, NYSE, Morningstar, Better, Locations: New York, bitcoin, United States
Here's what a bitcoin ETF actually means for investors
  + stars: | 2024-01-11 | by ( Ryan Browne | ) www.cnbc.com   time to read: +4 min
A false statement saying the regulator had approved a bitcoin ETF was published Tuesday on the SEC's social media account on X, formerly known as Twitter. CNBC runs through everything you need to know about the bitcoin ETF milestone. As crypto investors look to assess what the market impact of a bitcoin ETF might be, many are comparing Wednesday's news to the greenlighting of the SPDR Gold Shares ETF — the first-ever spot gold ETF — in 2004. A bitcoin ETF opens up the audience of people and institutions that can buy and sell bitcoin to those with little experience trading cryptocurrency. "There is now a U.S. bitcoin spot ETF, and bitcoin is no longer considered shady or infamous.
Persons: Vijay Ayyar, Ayyar, Kevin de Patoul Organizations: . Securities, Exchange, U.S, Ark, Twitter, CNBC, Locations: BlackRock, Invesco, U.S
Brendan McDermid | ReutersArk Invest President and COO Tom Staudt believes bitcoin is now a "public good" to which all investors should have access, as the company launches its first bitcoin exchange-traded fund. watch nowThe ARK 21Shares Bitcoin ETF is one of six initially waiving fees, alongside the Bitwise Bitcoin ETF, the Fidelity Wise Origin Bitcoin Trust, the WisdomTree Bitcoin Fund, the Invesco Galaxy Bitcoin ETF and the Valkyrie Bitcoin Fund. "This is a new asset class. We haven't had a new asset class for financial portfolio allocation in quite some time, and with a new asset class comes lower correlation to the other asset classes previously allocated to." Bitcoin was trading at around $47,300 on Thursday morning , according to Coin Metrics, and the SEC's decision has many analysts bullish about newly unlocked potential for massive gains.
Persons: Cathie Wood, Brendan McDermid, Tom Staudt, bitcoin, BlackRock's, Staudt, CNBC's, 21Shares, Bitcoin, haven't, bullish Organizations: Ark Invest, CNBC, New York Stock Exchange, Reuters, Invest, U.S . Securities, Exchange Commission, Fidelity, Bitcoin, Galaxy, U.S, Metrics Locations: New York City, U.S
CNN —Hertz, which has made a big push into electric vehicles in recent years, has decided it’s time to cut back. And EV price declines in the new car market have pushed down the resale value of Hertz’s used EV rental cars. Simply put, people are generally willing to pay a certain amount less for a used car than for a new one. Tesla makes up about 80% of Hertz’s EV fleet, and, altogether, EVs make up about 11% of Hertz’s total rental fleet. Again, Teslas, which make up 80% of Hertz’s EV rental fleet, are mostly the problem in both these areas, he has said.
Persons: CNN — Hertz, Hertz’s financials, ” Hertz, Stephen Scherr, Tesla, ” Scherr, Hertz, EVs, , Scherr, Organizations: CNN, SEC, EV, Hertz, GM Locations: EVs
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 ,
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailARK Invest President says Bitcoin ETF is about removing barriers to crypto investingTom Staudt, President and COO of ARK Invest, discusses the SEC's approval of Bitcoin ETFs and the launch of ARK 21Shares Bitcoin ETF.
Persons: Tom Staudt Organizations: ARK Invest
The public listing is expected to take place once the SEC finishes its review, "subject to market and other conditions," Circle said in the two-paragraph press release Thursday. Founded in 2013, Circle is best known as the issuer of USD Coin, the world's second-biggest U.S. dollar pegged stablecoin, which was launched in 2018. But the SPAC market collapsed in 2022, and Circle ended that agreement in December of that year, just after crypto exchange FTX spiraled into bankruptcy. Coinbase , which took a stake in Circle in August, jumped almost 400% in value in 2023, and other crypto stocks such as MicroStrategy and bitcoin miner Marathon Digital enjoyed hefty rallies. WATCH: SEC approves spot bitcoin ETFs
Persons: USDC, Bitcoin, — CNBC's Rohan Goswami Organizations: U.S . Securities, Exchange Commission, SEC, U.S, Concord, Corp, Marathon Digital
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), during an interview in Washington, DC, US, on Thursday, July 27, 2023. Gensler was faced with the difficult task of explaining why the SEC has reversed its position on bitcoin ETFs. Circuit held that the commission failed to adequately explain its reasoning when it turned down Grayscale's proposed bitcoin ETF. In large part, the conflicts are based on his claim that most crypto assets are securities that come under the purview of the SEC. While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin."
Persons: Gary Gensler, Gary Gensler's, Gensler, Grayscale's, I've, , bitcoin Organizations: US Securities and Exchange Commission, SEC, Securities, Exchange, U.S, Appeals, Investment Locations: Washington , DC
New York CNN —Al Gore is stepping down from Apple’s Board of Directors – but only because he’s too old to be renominated. That means it’s time for Gore, who is now 75, to retire, the company announced Thursday. Gore has served on the Apple board since 2003, the company said. The Nobel laureate received $376,894 as compensation for serving on Apple’s Board of Directors in 2023, according to an SEC filing. In 2011, Gore accidentally let loose the iPhone 5 release was coming out the next month – before Apple had officially announced it.
Persons: Al Gore, , Gore, He’s, James Bell, Wanda Austin, Austin, “ Wanda, we’re, , Tim Cook, Cook, Al Organizations: New, New York CNN, Apple’s, Apple, SEC, Boeing Company, The Aerospace Corporation, Chevron, Amgen Inc Locations: New York, United States
New York CNN —Republican presidential candidates Nikki Haley and Ron DeSantis sparred on a wide range of economic issues during the CNN GOP presidential debate on Wednesday evening. But as ​​Haley and DeSantis duked it out to crown themselves the most fiscally prudent candidate, some clear economic themes began to emerge that will likely have a big influence on the upcoming Republican primaries and beyond: China, debt levels and the government’s role in business. ChinaBoth Haley and DeSantis sought to prove how tough they could be on China. But as my colleague Elisabeth Buchwald points out, the US and China are the first- and second-largest economies in the world. President Joe Biden has also made reducing economic dependence on China a platform in both his 2020 and 2024 campaigns.
Persons: Nikki Haley, Ron DeSantis sparred, Nancy Pelosi’s, , , Ron, you’re, Haley, ​ Haley, DeSantis, Donald Trump, Elisabeth Buchwald, Joe Biden, DeSantis didn’t, Trump, wouldn’t, ” DeSantis, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, Nick Smart, It’s Taylor, Taylor, Swift, Ramishah Maruf, “ Taylor Swift, Pollstar Organizations: CNN Business, Bell, New York CNN, Republican, CNN, Social Security, Walt Disney Company, FBI, SEC, Securities, Exchange, SEC’s, , Banking Committee, Spotify, AMC, Bloomberg Locations: New York, China, Iowa, Beijing, United States, South Carolina, Florida, DeSantis
Dollar gains on yen, bitcoin edges up before expected SEC decision
  + stars: | 2024-01-10 | by ( ) www.cnbc.com   time to read: +3 min
The SEC was expected to announce later in the day whether it will approve applications from asset managers Ark Investments and 21Shares (ABTC.S) to launch a spot bitcoin ETF. More than a dozen bitcoin ETF applications - including from BlackRock (BLK.N), Fidelity and VanEck - are also pending with the agency. The Consumer Price Index (CPI) due out on Thursday is the next likely driver of dollar direction. It is expected to show that headline inflation rose 0.2% in the month and by 3.2% on an annual basis. Anticipation of a positive SEC decision on ETFs, which is likely to draw billions of dollars in new investments, has boosted bitcoin prices in the past two months.
Persons: Exchange Commission's, Marc Chandler, Chandler, bitcoin, Chris Weston, Ethereum Organizations: Federal Reserve, U.S . Securities, Exchange, SEC, Ark Investments, BlackRock, Fidelity, Institute for Supply Management, Index, Fed, Bank of Japan Locations: U.S, Bannockburn, New York, Japan
University of Alabama football coach Nick Saban is retiring after 17 seasons. Saban won six national titles with Alabama since 2007, with the most recent in 2017. He won more titles than any other major coach in college football. Saban has won more national titles than any other major college coach. Saban is 297-71-1 as a college head coach, with stops at Toledo, Michigan State and LSU, where he also won a national title.
Persons: Nick Saban, Saban, , Paul, Bear, Bryant, hadn't, Jalen Milroe Organizations: of Alabama, Alabama, Service, Crimson Tide, ESPN, Crimson, Southeastern Conference, College Football, Rose Bowl, Tide, NFL, Miami Dolphins, Toledo , Michigan State, LSU, SEC Locations: Alabama, Michigan, Toledo ,, Texas, Georgia
Here's a breakdown of the bitcoin chart and what to watch for to confirm that the cryptocurrency is resuming its long-term trend back to all-time highs. A quick glimpse of BTC's chart shows that the last five months have been peppered with additional breakouts and overbought readings. Bigger picture, this is the most important chart pattern we're watching right now. For bitcoin, that gets us to a target near $66,500, which is right in line with its former, all-time highs. Zooming even further out, last year's bounce allowed bitcoin to maintain the same uptrend line it's been riding for years.
Persons: bitcoin, overbought, Frank Cappelleri Organizations: SEC, BTC
"We estimate Bitcoin custody and surveillance revenue will more than offset decline in Bitcoin trading volume as assets migrate to ETFs," the analysts said. "Spot bitcoin ETFs appear poised to take volume away from crypto exchanges," said Bryan Armour, director of passive strategies research for North America at Morningstar. watch nowMizuho sees the income from custody fees as fairly modest given how far investors have pushed up the stock. "They are essential infrastructure in terms of custody, trading, and surveillance for the majority of the ETF proposals," Carter said. WATCH: Former SEC Chair Jay Clayton on changes in bitcoin trading
Persons: Brian Armstrong, Michael Nagle, Coinbase, Franklin Templeton, they'll, Bernstein, bitcoin, Emilie Choi, , Mizuho, Bryan Armour, Choi, we've, Nic Carter, Carter, Jay Clayton Organizations: Coinbase Global Inc, Bloomberg, Getty, SEC, Coinbase, BlackRock, JPMorgan, Mizuho, FactSet, Circle's U.S, CNBC, North America, Morningstar, Fidelity, Castle, Ventures Locations: New York, BlackRock, Coinbase, bitcoin
SEC approves bitcoin ETFs for some investment firms
  + stars: | 2024-01-10 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +4 min
“While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. The SEC had a deadline of January 10 to offer a decision for just one of the 11 firms that applied to offer bitcoin ETFs. Bitcoin ETFs, like bitcoin, carry risks for investorsFor those considering jumping on the bitcoin bandwagon, it’s important to note that the price of a bitcoin will be just as volatile whether you invest in it directly yourself or through an ETF. Those sentiments have been echoed by many financial advisers and the investor watchdog group Better Markets, which strongly opposed the SEC’s approval of bitcoin ETFs. The full list of companies that got SEC approval to launch bitcoin ETFs are: Ark Invest together with 21 Shares; Bitwise, BlackRock, Fidelity, Franklin Templeton, Grayscale, Hashdex, Invesco, WisdomTree, Valkyrie and VanEck.
Persons: Gary Gensler, bitcoin, , Gensler, Dennis Kelleher, , Sheila Warren, Franklin Templeton Organizations: New, New York CNN, Securities and Exchange Commission, SEC, FBI, Investments, Better, Street, Crypto, Innovation, Fidelity Locations: New York, BlackRock
New York CNN —The Securities and Exchange Commission said Wednesday the FBI is investigating the hack of the agency’s social media account that rocked the bitcoin world earlier this week ahead of the regulator’s approval of a bitcoin exchange-traded fund late Wednesday. One crypto exchange, Coinbase, even posted a celebratory message on social media Tuesday. However, 15 minutes later SEC Chair Gary Gensler said the agency’s account was “compromised,” allowing for an “unauthorized” tweet to get posted. A spokesperson for X later said that the SEC’s social media account lacked the basic security measure of two-factor authentication, raising serious questions about the agency’s cybersecurity protocols. That alleged lack of security is particularly befuddling, given the SEC’s previous ruling that social media posts could serve as public announcements for investors.
Persons: , , bitcoin, Gary Gensler, “ I’m, ” Sen, Sherrod Brown, Brown, JD Vance, Thom Tillis, Gensler, Nick Smart, X, Nicole Goodkind Organizations: New, New York CNN, Securities, Exchange Commission, FBI, SEC, SEC’s, , Banking Committee, Republican Sens Locations: New York
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
Though approval of multiple spot bitcoin ETFs translates to increased fee competition and a way out for current GBTC investors, many traders would take a capital gains tax hit if they exited their GBTC position to purchase another ETF. watch nowWhether the appetite for spot bitcoin ETFs is overblown is another key concern among investors. "Gold ETFs are currently 1.4% of above ground (investible) gold," the JPMorgan analysts wrote. "We believe that the cryptocurrency markets are pricing in an optimistic impact from Bitcoin ETFs that is likely to fall short of expectations." WATCH: SEC approves 11 bitcoin spot ETFs
Persons: Omar Marques, Emilie Choi, GBTC, Bryan Armour, Bernstein, CNBC's Jordan Smith Organizations: Lightrocket, Getty, U.S . Securities, Exchange Commission, BlackRock, Fidelity, North America, Morningstar, Research, JPMorgan, Mizuho, SEC Locations: U.S
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSEC's X page hack 'not a prank', was 'designed to make some money': Silverado Policy's AlperovitchDmitri Alperovitch, Silverado Policy executive chairman, joins 'Fast Money' to talk about the SEC's page on 'X' being hacked and the implications of the hack on the bitcoin market.
Persons: Dmitri Alperovitch Organizations: Silverado
Investors poured cash into these fixed income ETFs in 2023
  + stars: | 2024-01-09 | by ( Darla Mercado | Cfp | ) www.cnbc.com   time to read: +6 min
The Federal Reserve's monetary policy set the tone for the fixed income world in 2023 – right down to which exchange traded funds investors picked to take advantage of higher interest rates. Bond yields have an inverse relationship to their prices, so that when prices decline, yields rise and vice versa. The Vanguard Long-Term Treasury ETF (VGLT) was another favorite of investors, with about $7.3 billion in net flows in 2023. Indeed, those strategies proved popular with investors in 2023, as the Vanguard Total Bond Market ETF (BND) and iShares Core U.S. Aggregate Bond ETF (AGG) were ETFs with the second and third highest net flows, per Morningstar.
Persons: It's, Paul Olmsted, Matthew Bartolini, Olmsted, Morningstar, , it's, BND, AGG Organizations: Investors, Bloomberg Finance, State Street Global Advisors, Morningstar, SPDR, SPDR Americas Research, Street Global Advisors, State, Treasury Bond ETF, Bloomberg, SGOV, SEC, Treasury, Fed, Vanguard, Bond Market, Core, Aggregate Bond Locations: SPDR Americas, Central
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailCybersecurity crises create opportunity for emerging social media companies: FirstMark's HeitzmannRick Heitzmann, FirstMark Capital founder & partner, joins 'Fast Money' to talk the SEC saying its X account was compromised, security concerns in the online space, the state of AI and more.
Persons: FirstMark's, Rick Heitzmann Organizations: FirstMark Capital, SEC
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. TD Ameritrade CEO Joe Moglia talks SEC's 'X' page getting hackedHosted 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: TD, Joe Moglia, SEC's, Brian Sullivan, Organizations: CNBC
National Security Council spokesperson John Kirby said there are no plans other "than for Secretary Austin to stay in the job." He remains focused on conducting his duties as Secretary of Defense in defense of our nation." The Pentagon's lawyers were examining whether any laws were broken when Austin failed to report his medical condition. Austin's secret hospitalization came during a week when the U.S. was weighing several notable national security matters, including military action in the Middle East. White House press secretary Karine Jean-Pierre said Monday that Biden maintains "complete confidence" in Austin.
Persons: Defense Lloyd Austin, Lloyd Austin, John Kirby, Austin, Elise Stefanik, Pat Ryder, Kirby, Staff Kelly Magsamen, Jake Sullivan, Kathleen Hicks, Jan, Joe Biden, Biden, Mike Rogers, Adam Smith, Sen, Jack Reed, Reed, Karine Jean, Pierre, Monday Organizations: Defense, Ukraine Defense Contact, Ramstein Air Base, White, National Security, Walter Reed National Military Medical, Congressional, Republican, Republicans, Pentagon, Staff, NSC, National, House, House Armed Services, Armed Services, Department, Department of Defense Locations: Ukraine, Ramstein, Miesenbach, Germany, Austin, U.S, Baghdad, Iran
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