Bitcoin is trailing as it starts a new week thanks to fresh worries over a blanket ban by India—is that it for the bull run? After hitting new all-time highs of almost $62,000 over the weekend, Indian lawmakers have burst Bitcoin’s bubble, sparking the biggest daily losses in history.
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WisdomTree joins Bitcoin ETF race
The exchange-traded fund provider is the fifth firm this year to file for U.S. Securities and Exchange Commission permission to launch a Bitcoin ETF
WisdomTree has joined a competitive race to be the first United States company to launch such a product on the local market. Other contenders include VanEck, which filed on Dec. 30, Valkyrie on Jan. 22, and Bitwise Asset Management and New York Digital Investment Group (NYDIG) in February. Recent rumors say investment bank giant Goldman Sachs could soon join them.
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U.S. ETF firm looks to circumvent SEC restrictions
Simplify Exchange Traded Funds’ proposed ETF would hold up to 15% Grayscale Bitcoin Trust, with the rest being invested in the U.S. stock market
The filing shows how desperate United States financial firms are to launch a Bitcoin ETF despite the SEC’s longstanding opposition, which is based on market volatility, alleged manipulation, and the purported lack of liquidity. A number of straight Bitcoin ETF proposals are pending before the SEC, including projects by Valkyrie, Bitwise, VanEck, and even Goldman Sachs. Appetites have been whetted by the success of Canada’s Purpose Bitcoin ETF, which attracted more than a half billion dollars in its first few days.
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Grayscale Investments CEO Michael Sonnenshein is not having a good week (Photo: Grayscale Investments)Grayscale Bitcoin Trust suspends new investments on heels of buyback
With its stock trading as much as 15% below the value of its Bitcoins, the company already announced a $250 million share buyback this morning
Stock buyback plans are often used on Wall Street to shore up the price of ailing stocks or bump strong ones even higher. By decreasing the number of shares available, the theory goes, the stock price will go up. It often works. Grayscale’s shares have been ailing recently, as Canada approved a pair of Bitcoin exchange traded funds—the first in North America. The first ETF, Purpose Bitcoin ETF, roared to life with more than $500 million invested in just the first few days.
