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A bitcoin is seen in an illustration picture taken at La Maison du Bitcoin in Paris, France, June 23, 2017. REUTERS/Benoit Tessier/File Photo Acquire Licensing RightsOct 23 (Reuters) - Bitcoin, the world's largest cryptocurrency, hit a three-month high on Monday, rising 4.73% to $31,420 amid investor enthusiasm about the possibility of a spot bitcoin exchange-traded fund. The rise in bitcoin sent shares of cryptocurrency and blockchain-related companies such as Coinbase Global (COIN.O) and Marathon Digital Holdings (MARA.O) up 6.5% and 11.9% respectively. Bitcoin is up more than 18% from the year's low of $26,533 on Oct. 11. Bitcoin briefly soared on Oct. 16 following an erroneous news report about asset manager BlackRock's high-profile application for a spot bitcoin ETF, which would track the underlying price of the token.

Persons: Benoit Tessier, bitcoin, Bitcoin, Zach Pandl, Treasuries, BlackRock's, Matteo Greco, Fineqia, Hannah Lang, Kanjyik Ghosh, Krishna Chandra Eluri, Jonathan Oatis Organizations: La Maison du, REUTERS, Marathon Digital Holdings, Hamas, U.S . Securities, Exchange Commission, BTC, Thomson Locations: La, Paris, France, cryptocurrency, Washington, Bengaluru

☆ Grayscale CFO Outlines Next Steps Toward Offering a Bitcoin ETF After Court Victory
▼ + stars: | 2023-10-20 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

In August, a federal appeals court ruled that the SEC needed to reconsider Grayscale’s application to launch its first bitcoin ETF. Photo: Pavlo Gonchar/Zuma PressGrayscale Investments is preparing to roll out its first bitcoin exchange-traded fund pending Securities and Exchange Commission approval after a legal victory overturning the regulator’s rejection of its application. In August, the Stamford, Conn.-based cryptocurrency asset manager made headlines when a court ruled that the SEC shouldn’t have rejected its application to convert its bitcoin trust into a spot bitcoin ETF. A panel of judges said the company showed that its proposed bitcoin ETF is materially similar to futures-based bitcoin ETFs that have been previously approved. The ruling marked a pivotal setback for the SEC, which has been focused on regulating the crypto industry.

Persons: Pavlo Gonchar, SEC shouldn’t Organizations: SEC, Zuma, Securities, Exchange Locations: Stamford, Conn

☆ Bitcoin jumps as ETF hopes drive the token to $30,000
▼ + stars: | 2023-10-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

The token spiked 10% briefly on Tuesday after a false report said the SEC approved BlackRock's spot bitcoin ETF. Bullishness around a the spot bitcoin ETF is high, with calls growing for the SEC to sign off on a first-ever fund. AdvertisementAdvertisementBitcoin moved above $30,000 on Friday, spiking above the closely watched threshold before paring some gains, as a week of bullishness around a spot bitcoin ETF helps push the token higher. Hopes for a spot bitcoin exchange-traded fund have helped fuel the latest rally. The SEC has already approved bitcoin futures ETFs, though regulators have turned down bitcoin spot ETF applications repeatedly in recent years.

Persons: Bitcoin, —, Mike Novogratz, Novogratz, Gary Gensler Organizations: SEC, Service, Securities and Exchange Commission, Fidelity, Galaxy Digital, House Financial Services Locations: New York, BlackRock

☆ Coinbase is 'confident' a U.S. bitcoin ETF will be approved after SEC's court defeat
▼ + stars: | 2023-10-20 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Coinbase is confident that a U.S. bitcoin exchange-traded fund will be approved by the U.S. Securities and Exchange Commission, the company's chief legal officer, Paul Grewal, told CNBC. The SEC was recently dealt a major court setback when a judge ruled that the regulator had no basis to deny digital asset management Grayscale's bid to turn its huge GBTC bitcoin fund into an ETF. The SEC last week declined to appeal that ruling by a key deadline, likely paving the way for a bitcoin-related ETF to be approved in the coming months. "I think that the the firms that have stepped forward with robust proposals to our for these products and services are among some of the biggest blue-chips in financial services," Grewal added. But, Grewal said, it's likely now that the regulator will approve a bitcoin ETF soon, highlighting the regulator's failure in court to block Grayscale from converting its GBTC bitcoin fund into an ETF.

Persons: Coinbase, Paul Grewal, Grewal, CNBC's Arjun Kharpal, it's Organizations: U.S . Securities, Exchange Commission, CNBC, SEC Locations: U.S

☆ A spot bitcoin ETF is coming this year and the SEC's loss in court made clear that its opposition makes 'intellectually zero sense,' billionaire crypto bull Mike Novogratz says
▼ + stars: | 2023-10-18 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

A spot bitcoin ETF could be coming as soon as this year, crypto bull Mike Novogratz said. Still, regulators have repeatedly punted on a decision to approve any bitcoin ETF this year. AdvertisementAdvertisementA spot bitcoin exchange traded fund is coming as soon as 2023, according to Galaxy Digital CEO Mike Novogratz. The billionaire crypto bull pointed to multiple requests by firms to launch a spot bitcoin ETF over the past year. There's also high demand for a spot bitcoin ETF.

Persons: Mike Novogratz, —, Novogratz, There's, Bitcoin, Larry Fink's Organizations: CNBC, Service, Galaxy Digital, Securities and Exchange Commission, SEC, BlackRock Locations: BlackRock

☆ Mike Novogratz thinks the SEC will approve a bitcoin ETF as early as this year
▼ + stars: | 2023-10-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

The crypto market has effectively been on pause – aside from a quick and short-lived spike this week – as investors wait for the SEC to give the green light to a bitcoin ETF. This week bitcoin, as well as shares of Coinbase , briefly spiked on a false report that BlackRock 's proposed spot bitcoin ETF had been approved by the SEC. BlackRock first filed its application in June and several other institutional players including Galaxy followed, taking BlackRock's move as a bullish signal for bitcoin ETF prospects as well as the long-term trajectory of bitcoin itself. Although no bitcoin ETF has been greenlit still, Novogratz highlighted BlackRock's bitcoin blessing on Wednesday as another sign that "the dialogue with the SEC is all heading in the right direction." Ark Invest CEO Cathie Wood echoed that sentiment this week, telling CNBC's "Halftime Report" the "SEC is engaging with us for a bitcoin ETF application.

Persons: Mike Novogratz, Novogratz, Cathie Wood, CNBC's, bitcoin, Godot Organizations: SEC, Galaxy Investment Partners, Invesco, CNBC Wednesday, Securities and Exchange Commission, Coinbase, BlackRock, Galaxy Locations: U.S

☆ Cryptocurrencies rise, sending bitcoin over $30,000 at one point, on optimism for a new ETF
▼ + stars: | 2023-10-16 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

At one point Monday morning, bitcoin surged above $30,000 in a sudden spike on an unconfirmed report that the iShares spot bitcoin ETF had been formally approved by the Securities and Exchange Commission. Cryptocurrencies briefly soared to start the week as hopeful investors weighed the likelihood that the U.S. will finally see a bitcoin ETF in the coming months. Last week, bitcoin had jumped on Friday on news that the SEC would not appeal a ruling in Grayscale's lawsuit against regulators. In June of 2022, Grayscale sued the SEC over its denial of the company's application to convert the popular Grayscale Bitcoin Trust (GBTC) to an ETF. To be sure, bitcoin is coming off its worst week since Aug. 18 and first negative week in six.

Persons: bitcoin, Cryptocurrencies, rehearing, Paul Tudor Jones, Bernstein, Ripple's, —, Jesse Pound, Nick Wells, John Melloy Organizations: Securities and Exchange Commission, BlackRock, CNBC, SEC, Metrics, Appeals, Smart Locations: U.S

But bitcoin fell sharply after a Fox Business reporter said on the social media platform X that BlackRock denied the report. loadingBlackRock later confirmed to Reuters that "the iShares Bitcoin ETP application is still under review by the SEC." "Crypto markets have just shown how sensitive they are to any potential good news, with their premature rally today on rumors of the approval of a spot bitcoin ETF," said Ben Laidler, global markets strategist at eToro. Crypto markets have been awaiting news on several pending spot bitcoin ETF applications, which, if approved, are widely expected to drive investment in the sector. The SEC has denied all spot bitcoin ETF applications on the grounds applicants have not shown they can protect investors from market manipulation.

Persons: Dado Ruvic, bitcoin, Ben Laidler, Joseph Edwards, Lucas Kiely, Tom Wilson, Elizabeth Howcroft, Hannah Lang, Suzanne McGee, Tommy Reggiori Wilkes, Sharon Singleton, Josie Kao Organizations: REUTERS, BlackRock, U.S . Securities, Exchange Commission, Fox Business, Reuters, SEC, Securities, Columbia, Thomson Locations: WASHINGTON, London, Washington

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, including Grayscale's, on the grounds applicants have not shown they can protect investors from market manipulation. The appeals court ruled that the SEC arbitrarily denied Grayscale's application because it never explained why the two arrangements were materially different. The appeals court is expected to issue a mandate specifying how its decision should be executed, which will likely include instructing the SEC to revisit Grayscale's application. Several other asset managers, including BlackRock (BLK.N), Fidelity and Invesco, have similar filings pending with the SEC for a spot bitcoin ETF.

Persons: Jim Bourg, Grayscale's, Chris Prentice, Hannah Lang, Michelle Price, Rod Nickel Organizations: U.S . Securities, Exchange Commission, SEC, REUTERS, Columbia, BlackRock, Fidelity, Thomson Locations: Washington

☆ Down to the wire: It's time for the SEC to decide its next move in the bitcoin case
▼ + stars: | 2023-10-13 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Circuit's ruling that the agency was wrong to reject an application from Grayscale Investments to create a spot bitcoin ETF. Should they decide not to appeal, they will likely be forced to approve the Grayscale application to convert to a spot bitcoin ETF, and possibly to approve all other spot bitcoin applications as well. New rules on short sales also coming Separately, the SEC Commission will vote Friday to adopt two new rule proposals regarding short sales. Part of that act directed the SEC to promulgate rules that would provide more information on the loaning or borrowing of securities. The filing would be confidential, and the SEC will then publish the aggregate short sales by each security.

Persons: It's, Dodd, Frank, Gary Gensler Organizations: SEC, The Securities, Exchange Commission, ., Appeals, Gamestop

☆ Investors sit out ether futures ETFs as spot bitcoin fund hangs in limbo
▼ + stars: | 2023-10-12 | by ( Anna Gleason | ) www.cnbc.com time to read: +2 min

Investor appetite for ether futures exchange-traded funds has remained muted, despite a surge in new listings. Six new ether futures funds from Bitwise Asset Management, ProShares and VanEck launched on Oct. 2. "Frankly, bitcoin was doing fabulous at the time in 2021 and a lot of folks really didn't understand exactly what that fund was, being bitcoin futures. The six ether futures funds that debuted Oct. 2 attracted just $1.92 million collectively on their first day of trading, according to LSEG. "The absence of a spot bitcoin ETF isn't stopping people from buying crypto.

Persons: VanEck, Ric Edelman, Bob Pisani, Edelman, bitcoin, — Organizations: Bitwise Asset Management, Digital Assets, Financial Professionals, The Securities, Exchange Commission, SEC Locations: CNBC's

☆ The firm behind the largest crypto ETF just launched ether futures ETFs
▼ + stars: | 2023-10-06 | by ( Natalie Zhang | ) www.cnbc.com time to read: +2 min

Ether made its ETF debut with the release of six different futures products on Monday. ProShares Advisors is behind three of the new ETFs: Ether Strategy ETF (EETH), Bitcoin & Ether Equal Weight Strategy ETF (BETE) and the Bitcoin & Ether Market Cap Weight Strategy ETF (BETH). The regulated futures market in an ETF is a great solution, he added. ProShares also manages the Bitcoin Strategy ETF (BITO ), which is the largest bitcoin futures ETF on the market. It follows bitcoin futures and is up more than 37% year to date.

Persons: BETH, Simeon Hyman, ProShares, CNBC's, Hyman, Todd Sohn, " Sohn Organizations: ProShares Advisors, U.S . Securities, Exchange Commission, SEC, Strategas Securities

☆ Bitcoin is a ‘critical hedge’ against currency debasement and return of inflation, Jefferies says
▼ + stars: | 2023-10-05 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

Bitcoin and gold are "critical hedges" against the potential for monetary policy that reduces the value of currency, as well as the return of inflation, Jefferies says. Wood emphasized that investments in both bitcoin and gold should be viewed by investors as insurance rather than short-term trades. Jefferies recommends a 10% allocation to bitcoin for U.S. dollar-based long-term global investors, such as pension funds. Alongside physical gold and unhedged gold mining stocks and Asia equities, Jefferies has added bitcoin to this global portfolio in the past couple of years. This year, the firm introduced a global long-only equity portfolio that includes a 3% weighing in the Grayscale Bitcoin Trust (GBTC) .

Persons: Jefferies, Christopher Wood, Wood, bitcoin, — CNBC's Michael Bloom Organizations: Federal Reserve, Jefferies, U.S, Signature Bank, Silicon Valley Bank, First Republic Bank Locations: U.S, bitcoin, Asia

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale files to convert its Ethereum Trust to a spot ETH ETF: 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, CNBC talks to insiders who put their trust in FTX before Sam Bankman-Fried's crypto exchange collapsed.

Persons: explainers, Sam Bankman Organizations: ETH, CNBC Crypto, CNBC Locations: FTX

☆ Bitcoin has limited upside in the fourth quarter as the possibility of higher rates casts a shadow over crypto
▼ + stars: | 2023-09-29 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +5 min

In the final quarter of the year, bitcoin is likely to see continued chop and although there's room for some upside, it may be limited. Despite this, it remains on pace for an 11% decline in the third quarter, historically a weaker quarter for the cryptocurrency. Meanwhile, holding a non-yielding asset like gold or bitcoin could become "less interesting" as rates go higher, Amberdata's Magadini said. There's a significant crowd on both sides, Cox said – "that's why bitcoin is up 60% in a year when the Fed has hiked interest rates so aggressively." The answer to that depends on interest rates, which will probably stay high."

Persons: Bitcoin, bitcoin, Greg Magadini, Rob Ginsberg, wouldn't, haven't, Callie Cox, That's, Amberdata's Magadini, Cox Organizations: SEC, –, Wolfe Research, Fed

☆ Grayscale, Ripple court rulings 'big black eyes' to the SEC: Cato Institute's Jennifer Schulp
▼ + stars: | 2023-09-27 | by ( Talia Kaplan | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale, Ripple court rulings 'big black eyes' to the SEC: Cato Institute's Jennifer SchulpJennifer Schulp, the director of financial regulation studies at the Cato Institute's Center for Monetary and Financial Alternatives, who testified before lawmakers a few weeks after FTX filed for bankruptcy, weighs in on crypto regulatory developments in the U.S. She also discusses the impact of the recent Grayscale and Ripple rulings on the industry.

Persons: Cato, Jennifer Schulp Jennifer Schulp, FTX Organizations: SEC, Cato Institute's Center, Monetary Locations: U.S

☆ Gensler is testifying before Congress and facing increasing lawsuits over his many rule changes
▼ + stars: | 2023-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +7 min

Securities and Exchange Commission Chair Gary Gensler is testifying before the House Financial Services Committee today. Republicans are increasingly apoplectic about the more than 40 rules Gensler has been proposing, especially now that he has begun adopting them. Gensler grilled for proposed and adopted rulesRepublicans will be particularly keen to talk about some of the bigger issues Gensler has been tackling. Some are hoping that a few Democrats will join the Republicans and ask Gensler to slow down. Now that he has begun adopting many of these rules, the financial services industry seems to be saying, "See you in court."

Persons: Gary Gensler, Gensler, That's, Biden, Kirsten Wegner, Wegner, Virtu, Doug Cifu, Cifu, What's Organizations: U.S . Treasury, Washington , D.C, Securities, Exchange, Financial Services, Senate Banking, Republicans, Gensler, Commission, Modern Markets, Trader's Magazine, SEC, Virtu Locations: Washington ,

☆ The crypto industry is not dead yet. BlackRock is about to revive it, says Bernstein
▼ + stars: | 2023-09-26 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +1 min

If you think crypto is dead, think again, says Bernstein's digital assets analyst. However, Bernstein says the crypto industry is alive and well — even if the price isn't reflecting that. Circuit sided with crypto investment giant Grayscale against the SEC, which had denied the company's application to convert its Grayscale Bitcoin Trust (GBTC) into an exchange-traded fund. BlackRock , Fidelity , Franklin Templeton and Invesco are among the largest names attempting to launch bitcoin ETFs. There are applications for eight bitcoin ETFs, three ether ETFs and 15 ether futures ETFs.

Persons: Bernstein, Crypto, Gautam Chhugani, Joe, Franklin Templeton, Chhugani, — CNBC's Michael Bloom Organizations: Blackrock, U.S . Securities, Exchange, U.S, Appeals, SEC, Fidelity, Visa, PayPal Locations: BlackRock

☆ Crypto is growing up: Goodbye yacht parties and NFTs, hello regulation and practical tech
▼ + stars: | 2023-09-23 | by ( Phil Rosen | ) www.businessinsider.com time to read: +8 min

The three-day Messari Mainnet conference in New York was less expensive and less fun than it was a year ago. That's the sense I got after spending three days rubbing shoulders with crypto founders, blockchain pros, politicians and executives at Messari Mainnet in New York City. Coinbase hosted reporters at a press breakfast during Messari Mainnet 2023. AdvertisementAdvertisementThe long shadow of Gary GenslerGary Gensler, the chairman of the Securities and Exchange Commission, did not attend Messari Mainnet, but no one could stop saying his name. "Gary Gensler cannot state whether ethereum is a security or not," Ramaswamy told the audience.

Persons: Phil Rosen, Carlos Domingo, they're, Anthony Scaramucci, Jesse Pollak, Base, Coinbase, Crypto, Jess Houlgrave, WalletConnect, Houlgrave, Gary Gensler Gary Gensler, Scaramucci, Vivek Ramaswamy, Ramaswamy, Gensler, Gary Gensler, Coinbase's Pollak, Pollak, Messari Organizations: Service, Skybridge Capital, White House, Coinbase, Securities and Exchange Commission, Jiminy Cricket, SEC Locations: New York, Wall, Silicon, New York City, ethereum, Singapore, Hong Kong

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGrayscale launches bid for new ether futures ETFCNBC 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.

Persons: explainers Organizations: CNBC

☆ A key question as a true bitcoin ETF gets closer to reality: How much will it cost?
▼ + stars: | 2023-09-13 | by ( Jesse Pound | In Jesse-Pound | ) www.cnbc.com time to read: +4 min

Many crypto and asset management industry professionals now expect the first so-called spot bitcoin funds to launch in 2024 . The number of firms jockeying for a spot bitcoin ETF has already broken into double digits, and it's still growing. The largest bitcoin futures ETF, the ProShares Bitcoin Strategy ETF (BITO) , has an expense ratio of 0.95%. Valkyrie has a Bitcoin Strategy ETF (BTF) that holds futures and has also applied to launch a spot product. He pointed to a Roundhill Ether Futures ETF filing with a proposed 0.19% fee as a more realistic target.

Persons: Franklin Templeton, Steven McClurg, we're, else's, McClurg, Ric Edelman, Bryan Armour, Armour Organizations: Securities, Exchange Commission, BlackRock, Valkyrie Investments, Digital Assets, Financial Professionals, North America, Morningstar, Fidelity Locations: BlackRock, Invesco

☆ Bitcoin price and Coinbase volumes are showing a rare decoupling, Mizuho says
▼ + stars: | 2023-09-12 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +2 min

It's becoming clear that investor apathy in this year's crypto market is starting to hurt Coinbase , according to Mizuho analysts. The crypto exchange's trading volume historically has been influenced by moves in the price of bitcoin . Mizuho maintains its underperform rating and $27 price target on Coinbase shares. Bitcoin trading volume across spot crypto exchanges is about in line with levels from Aug. 30, according to CryptoQuant. The price of bitcoin has remained stagnant in recent weeks despite having several positive developments in the same period on the regulatory and ETF fronts.

Persons: Coinbase, Mizuho, Dan Dolev, bitcoin, Dolev, — CNBC's Michael Bloom Organizations: Mizuho, U.S . Securities, Exchange

☆ Grayscale CEO on spot bitcoin appeal latest
▼ + stars: | 2023-09-11 | by ( Bob Pisani | ) www.cnbc.com time to read: 1 min

When the going gets tough, the tough get… "active"? Crypt-uh-oh? Interest in new offers waningEther ETF flows fizzle: Is interest in crypto wavering? 07:19Battle of the bonds: more funds but with more complexity

☆ Cathie Wood's ARK and 21Shares plan America's first ether ETF as race to open spot bitcoin funds heats up
▼ + stars: | 2023-09-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

Cathie Wood's Ark fund and 21Shares are planning America's first spot ether ETF. They filed an SEC application Wednesday as a race to create spot bitcoin ETFs gets underway. The ARK 21Shares ethereum ETF promises a safer way to trade the second-largest cryptocurrency. Many regard that decision as helping pave the way for spot bitcoin ETFs. ARK and 21Shares have also submitted an SEC application for a bitcoin spot ETF.

Persons: bitcoin, There's, ARK's Wood, 21Shares, Ophelia Snyder, Fundstrat Organizations: SEC, Service, Securities and Exchange Commission, Fidelity, Investments, Bloomberg Locations: Wall, Silicon, BlackRock

In a complaint filed in Manhattan bankruptcy court, Genesis is seeking to recoup $500 million that DCG borrowed under four loans. In a statement on Wednesday, DCG said it expects to file a settlement with the bankruptcy court soon. Genesis filed for Chapter 11 protection from creditors in January, two months after halting withdrawals. The cases are Genesis Global Capital LLC v. Digital Currency Group Inc, U.S. Bankruptcy Court, Southern District of New York, No. 23-ap-01168; and Genesis Global Capital LLC v. DCG International Investments Ltd in the same court, No.

Persons: Dado Ruvic, Genesis, DCG, Barry Silbert, Jonathan Stempel, Stephen Coates Organizations: REUTERS, Group, Genesis Global Capital, Digital Currency Group International, Arrows Capital, Alameda Research, Genesis Global, LLC, Digital Currency Group Inc, Bankruptcy, Southern District of, DCG, Investments Ltd, Thomson Locations: Manhattan, Southern District, Southern District of New York, New York

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