SEC - Page 159

3478 result(s) found.

Cathie Wood Predicts $1 Million Bitcoin (BTC) Valuation

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Bitcoin‘s rising appeal as a safe haven asset amid global financial uncertainties is notably highlighted by Cathie Wood, CEO of ARK Invest, in a recent CNBC interview.

Wood articulates the unique dual nature of Bitcoin (BTC) as both a risk-on and risk-off investment, indicating its complex role in the current financial landscape.

The introduction of new exchange-traded funds (ETFs) in the United States has certainly contributed to the growing mainstream acceptance of Bitcoin in 2024.

However, Wood suggests there’s a deeper narrative unfolding beyond the institutional engagement with BTC.

She points out the significant opportunities BTC presents to ordinary citizens worldwide, especially against the backdrop of currency devaluation in various countries.

Wood specifically mentions the severe depreciation of currencies like the Nigerian naira and Egyptian pound against the U.S. dollar, attributing these downturns to deliberate government actions rather than market dynamics.

She interprets this trend as a clear move towards Bitcoin as a “flight to safety” and a protective measure against the erosion of wealth and purchasing power.

READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures

The discussion further delves into how Bitcoin’s appeal has been bolstered by recent financial crises, including the U.S. regional banking crisis last year and the Greek financial crisis in 2013.

Wood views Bitcoin as a form of insurance against the consequences of poor fiscal and monetary policies globally.

Despite ARK’s ETF facing competition from leading asset managers and experiencing unusual net outflows of nearly $90 million recently, Wood’s conviction in Bitcoin remains strong.

These outflows, she suggests, might relate to routine financial operations like quarterly rebalancing, as noted by the trader Daan Crypto Trades on the social platform X.

Furthermore, Wood’s bullish outlook on Bitcoin’s future is underscored by her prediction of a $1 million price tag before 2030, driven by a surge in institutional investment.

She believes that the full potential of the market has yet to be realized, signaling her ongoing support for Bitcoin amidst fluctuating market dynamics and ARK’s recent fund performance challenges.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

R Games Worlds First AI and Gaming token is set to Launch on Top Exchanges

Deira, Dubai, April 7th, 2024, Chainwire

R Games is marking a significant milestone in the gaming world with the launch of its $RGAME token, scheduled for 10 AM UTC on April 8th, 2024.

This major step for R Games will launch on platforms like DAOMaker, Poolz Finance, Finceptor, and Paragen, followed by listings on top exchanges such as Gate.io, MEXC Global, PancakeSwap, Raydium, and BingX. 

A strong community from Fabwelt Studios and WEMIX Play backs this launch.

$RGAME is Poised to Transform the Blockchain Industry with Artificial Intelligence, Precise Engineering and Racing. 

Starting with an initial market cap of $296,250 & valuation of 7.5M, with support from leading advisors and investors in the blockchain and gaming industries such as Ferrum Network, BMW Capital, Lavender Capital, Qu Ventures, Oddiyana Ventures, IBC Group, Mario Nawfal, Sky Wee, Yuen Wong, Robby Joe, and Rajan Raj.

Key features of R Games include 

  • Interoperable NFTs
  • User-generated content capabilities
  • AI-integrated designs 

This unique combination sets R Games apart as a frontrunner in the Web3 AI and Gaming sector, catering to seasoned gamers and newcomers alike.

As the countdown to TGE and IDO commences, R Games invites gamers, investors, and enthusiasts alike to join its journey towards revolutionizing the gaming industry and unlocking new possibilities in the Web3 world.

Future of R Games

Looking towards the future, R Games has ambitious plans in store.

Development efforts are focused on implementing upgrades such as an advanced Upgrade System, Virtual Garage, and AI integration.

These additions are designed to give users a variety of opportunities to earn, with models including 

  • Develop-to-Earn
  • Watch-to-Earn
  • Play-to-Earn

Players can fine-tune and electronically upgrade all vehicle models within the game within the workshop, offering a customizable experience. 

The integration of AI technology allows users to design their car characters, even without technical expertise effortlessly. 

The roadmap also includes diverse modes like Formula One, Street Racing, Story Mode, and Off-Road Racing to cater to a broad audience.

About RGames

R Games is a highly tailored platform offering a diverse range of gaming modes, aimed at creating the largest blockchain-based racing ecosystem.

R Games team comes from a successful studio venture Gyros Studios LCC Formerly Known as Fabwelt Studios LLC built numerous successful Blockchain Games.

Loet de Hooge, Abhishek Pegada, and Rubina Naaz are the visionary founders of R Games, bringing together their diverse expertise and passion for gaming and blockchain technology.

Loet de Hooge is known for his technical prowess and innovation, 

Abhishek Pegada contributes his strategic leadership and business acumen, while Rubina Naaz brings the team a creative and user-centric approach.

Website: https://r-games.tech

Whitepaper: https://fabwelt.gitbook.io/r-games

Twitter: https://twitter.com/R_GamesOfficial

Telegram: https://t.me/RGamesOfficialChat 

Youtube: https://www.youtube.com/@Rgames_official

Discord: https://discord.gg/jPWWvdB42J

Contact

Rubina Naaz
Gyros Studios
Hello@r-games.tech

Crypto Trader Skyrockets Investment from $13,000 to $2 Million with Novel Memecoin on Base

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A remarkable feat was achieved by a crypto trader who managed to turn a $13,000 investment into a staggering $2 million by betting on a new memecoin named Donotfomoew (MOEW), hosted on the Base blockchain, achieving an impressive 15,700% gain on April 3.

The trader’s success story was highlighted by Lookonchain, a blockchain analytics firm, which detailed the transaction sequence.

Initially, the trader acquired 499.9 million MOEW tokens with 4 Ether just 10 minutes following MOEW’s introduction on decentralized exchanges (DEXs).

Subsequently, within less than an hour, the trader offloaded 111.65 million MOEW tokens for 99 ETH, equivalent to $328,000, and retained 388.24 million MOEW tokens, valued at $1.76 million at the time of reporting.

MOEW, a memecoin with a cat theme, was launched on the same day by Bitget Wallet.

The creators described MOEW as a light-hearted project, stating, “just for funsies, nothing too serious, we wanna see what the power of memes can do.”

Despite the initial casual outlook, MOEW’s value skyrocketed shortly after hitting the DEXs, amassing a market capitalization of $31 million.

READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures

Amidst the surge, Bitget Wallet advised against purchasing the coin in a precautionary message to its users, emphasizing, “Do not buy, do not fomo,” and clarified the distribution of MOEW tokens, ensuring transparency about its allocation for liquidity provision and airdrop distribution without retaining any tokens for themselves.

The ongoing airdrop has seen over 8,000 addresses receive MOEW tokens, targeting participants of the Bitget Wallet’s BWB token airdrop who accumulated sufficient BWB points over six weeks through wallet balance maintenance or in-app cross-chain exchanges.

These points are set to be exchangeable for BWB tokens in the coming quarter.

This event underscores the volatile and unpredictable nature of the cryptocurrency market, where both established and emerging memecoins, including those on Solana and Base blockchains, have experienced significant value appreciation.

Memecoins, like the Jeo Boden (BODEN) parodying Joe Biden and a notable Solana memecoin backed by Taiwanese music celebrity Machi Big Brother, have demonstrated substantial market cap growths, indicating a continued bullish trend in the sector.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

DogWifHood (WIF) Braces for Explosive Price Rally After Binance Tweet Sparks Listing Speculation

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DogWifHood Binance.v1

DogWifHood (WIF) recently became the only TON-based memecoin to be listed on a centralized exchange, with it getting listed on MEXC.

DogWifHood (WIF) is poised for a new, explosive rally after a Binance tweet on Sunday morning raised hopes that the exchange is looking to list the token.

Specifically, Binance posted an image on X (formerly Twitter) of a dog wearing a company-branded hoodie – similar to the one that former CEO Changpeng Zhao was often seen wearing in prior years.

Some social media users interpreted this as a playful hint that Binance is planning to list DogWifHood in the near future.

The token, which aims to eventually challenge DogWifHat and exceed its multi-billion dollar market cap, recently secured its first listing on a centralized exchange, with it being listed on MEXC.

DogWifHood is currently trading at around $0.006149, according to DEX Screener, giving it a market cap of circa $6.1 million.

Its price is predicted to rally as hype surrounding the TON Network grows, and also ahead of the launch of Notcoin later this month.

Additional CEX listings will also be a major bullish catalyst for DogWifHood’s price action.

DogWifHood (WIF) Price Prediction

After a period of consolidation in recent days, DogWifHood is poised to continue its rally and looks set to breach the $0.01 mark next week, before then targeting multi-fold gains over the rest of April.

Looking further ahead, DogWifHood’s price could hit $0.10 and even go considerably higher, as its market cap would still only be at $100 million if this price target is reached.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Bitcoin Proves Nearly Unfailingly Profitable Over 14 Years

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Over the past 14 years since Bitcoin’s inception on January 3, 2009, investors have found nearly every day to be profitable, with only six days not yielding returns, according to an analysis.

This remarkable statistic underscores Bitcoin’s success, with 99.92% of all days proving profitable for those holding the digital currency.

Recently, Bitcoin reached a record price of $73,600 in mid-March, a boon for all BTC holders as their investments increased in value.

The cryptocurrency has since stabilized in the $68,000–$70,000 range, showcasing its enduring appeal and resilience against market volatility.

Despite the general profitability, a small fraction of Bitcoin transactions made during specific periods in March are currently at a loss, reflecting the inherent risks and fluctuations in the cryptocurrency market.

These unprofitable transactions account for just 0.16% of the 3,732 tradable days, emphasizing the rarity of loss-making investments in Bitcoin.

The distribution of Bitcoin holdings among wallets offers insights into the investment patterns and financial commitment of the community.

The majority of Bitcoin wallets, 86.28%, contain up to $1,000, demonstrating widespread participation with smaller amounts.

READ MORE: Bitcoin Cash Surges Ahead of Second Halving Event, Reaches Record Open Interest in Futures

A smaller percentage of wallets hold higher values, with 13.03% between $1,000 and $10,000 and just 0.69% holding over $100,000, highlighting the varying levels of investment within the Bitcoin ecosystem.

Bitcoin’s resilience through bear markets and its ability to consistently recover enhances not only investor confidence but also the mining community’s prospects.

These dynamics bolster the network’s security and contribute to a vibrant ecosystem.

The anticipation around the fourth Bitcoin halving event, expected on April 20, 2024, is generating excitement and strategic accumulation of BTC by both institutions and private investors, expecting a significant impact on Bitcoin’s value.

Amid these developments, the mining sector is preparing for the post-halving era, which will see mining rewards halved to 3.125 BTC.

Canadian firm Bitfarms, for instance, is investing nearly $240 million in upgrading its mining equipment to stay competitive.

Jeffrey Lucas, CFO of Bitfarms, highlighted the strategic importance of this upgrade, noting it will substantially increase the company’s scale, profitability, and efficiency in the face of halving rewards, positioning Bitfarms favorably within the mining industry.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Terraform Labs and Co-Founder Do Kwon Found Liable for Massive Crypto Fraud by U.S. Jury

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A recent verdict by a jury has found Terraform Labs and its co-founder, Do Kwon, culpable in a significant case of investor fraud, as announced by the U.S. Securities and Exchange Commission (SEC) on April 5.

The decision, stemming from deliberations in the U.S. District Court for the Southern District of New York, concluded the civil enforcement trial which began on March 25.

Notably, Do Kwon was absent from the proceedings, currently in Montenegro amidst ongoing deliberations over his potential extradition to either the U.S. or South Korea.

SEC Enforcement Director Gurbir Grewal expressed satisfaction with the outcome, stating, “We are pleased with today’s jury verdict holding Terraform Labs and Do Kwon liable for a massive crypto fraud.”

He highlighted the misleading nature of Terraform and Kwon’s actions, particularly regarding the stability of Terra USD, an algorithmic stablecoin, and misrepresentations about the use of Terraform’s blockchain by a payment application.

Grewal pointed out the serious implications of Terraform’s failure to register with the SEC, advocating for regulatory compliance.

READ MORE: DogWifHood (WIFT) Begins Trading on MEXC – But Will it Flip DogWifHat (WIF)?

In contrast, a spokesperson for Terraform Labs voiced their disagreement with the jury’s decision, arguing that the SEC lacked the authority to initiate the case and indicating that further actions were being considered.

The jury found Kwon and Terraform responsible for six charges, including recklessly making false or misleading statements related to TerraUSD (UST), LUNA, and wLUNA sales or offers.

This verdict arrives after Terraform Labs’ dramatic collapse in May 2022, which was precipitated by the instability of its UST stablecoin, contributing to a broader downturn in the cryptocurrency market.

The SEC had launched its lawsuit against Terraform and Kwon in February 2023, accusing them of orchestrating a multi-billion dollar fraud involving crypto asset securities.

A partial summary judgment in December had previously seen Judge Jed Rakoff rule partially in favor of Terraform concerning charges of unregistered security-based swaps offerings.

The implications of the verdict on Kwon’s extradition remain uncertain. Following a Supreme Court decision in Montenegro, his extradition case has been referred back to a lower court to decide on whether he should be extradited to the U.S. or South Korea, where he faces criminal charges.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Anthropic AI Unveils Game-Changing ‘Tool Use’ Beta for Claude, Empowering Real-Time Data Integration

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Anthropic AI has recently unveiled a beta version of its “tool use” feature for the Claude suite of generative artificial intelligence (AI) models, accessible to all users of the Anthropic Message API.

This innovative feature permits users to enhance Claude with the ability to connect to external tools, thereby facilitating real-time information searches and the integration of third-party functionalities directly into Claude’s operations.

Users can implement straightforward code snippets within their account API interface, enabling Claude to incorporate external data into its dialogues.

An example highlighted by Anthropic demonstrates the integration of a third-party stock ticker into the AI model using around ten lines of code.

This integration allows Claude to obtain and relay stock prices directly from the source, ensuring accuracy and eliminating the reliance on potentially outdated web searches.

The “tool use” functionality in Claude is underpinned by a chain-of-thought reasoning model, empowering the AI to handle complex commands and integrate multiple third-party services.

This advanced capability enables Claude to manage multifaceted queries and perform detailed, step-by-step information processing and integration.

Anthropic states that Claude’s AI models are adept at handling a wide array of tool requests.

According to the company, “All models can handle correcting [sic] choosing a tool from 250+ tools provided the user query contains all necessary parameters for the intended tool with >90% accuracy.

READ MORE: DogWifHood (WIFT) Begins Trading on MEXC – But Will it Flip DogWifHat (WIF)?

These limits apply to the total number of tools, regardless of complexity.”

The crypto, Web3, and blockchain sectors stand to gain significantly from Claude’s tool use capabilities, as integrations developed for the platform can be seamlessly utilized within its API structure.

This opens up a plethora of potential applications, from integrating trusted real-time price tickers to achieving full interoperability with decentralized exchange interfaces.

Furthermore, users have the opportunity to link wallet managers and portfolio trackers to Claude, facilitating the creation of comprehensive trading workflows.

However, it’s important to acknowledge that AI models, including Claude, are susceptible to errors. Despite the reliability of integrations, Claude, as a general-purpose chatbot, is not specifically tailored for financial, cryptocurrency, or blockchain applications, which means that errors in outputs are still a possibility.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

Binance Wallet and BTC L2 Project BEVM Launch an Exclusive Airdrop

Cardiff, 英国, April 4th, 2024, Chainwire

According to Binance Web3 official announcement, Binance Web3 Wallet has officially launched a joint airdrop event with the BTC Layer2 project BEVM. Users who complete three simple tasks on BEVM through Binance Web3 Wallet will receive an exclusive airdrop of BEVM token. BEVM will allocate 10,500,000(0.5%) $BEVM for the airdrop to Binance Wallet users participating in this event. This is the first collaboration between Binance Web3 wallet and Bitcoin Layer2.

BEVM is an EVM-compatible Bitcoin layer2 based on Taproot Consensus and uses $BTC as gas, enabling fully decentralized $BTC cross-chain and allowing $BTC to be introduced into a broader range of applications in a trustless manner. BEVM recently announced the completion of its ten-million dollar funding round, with investments from nearly 20 institutions including Rocktree Capital, Waterdrip Capital, Arkstream Capital, ViaBTC Capital, MH Venture, and Mapleblock. BEVM officially launched its mainnet on March 28, and in just one week, the mainnet has garnered over 600,000 user addresses.

What is BEVM?

BEVM is the first EVM-compatible Bitcoin L2 built on Taproot Consensus and uses $BTC as Gas.

Based on Musig + Bitcoin SPVs, Taproot Consensus is the final result of the BEVM team’s six years of exploring Bitcoin Layer2 solutions. 

BEVM has two narratives, the first is “BEVM-Stack”(#BTClayer2 as a service), which can help developers launch #BTClayer2 with one-click. Secondly, BEVM will develop DBFX(Decentralized Bitcoin Foreign Exchange) protocol to seamlessly bridge native $BTC into any Defi protocol on any Chain. BEVM’s ultimate goal is to bring 10% of $BTC into the Layer2 network, expanding $BTC’s application scenarios to enable real circulation of $BTC.

The following are the key historical milestones of BEVM:

2017: Establishment of the BEVM team.

2018: Launch of the BTC Layer 2 solution ChainX, taking custody of 100,000+ $BTC and 500,000+ $BTC hash locks.

June 2023: Formal proposal of the BEVM Canary Network.

November 29, 2023: Publication of the BEVM whitepaper.

March 2024: Announcement of securing $10 million in funding with a post-investment valuation of up to $200 million.

March 2024: Announcement of the mainnet launch.

BEVM Funding Details

On March 25, 2024, BEVM announced the completion of a $10 million funding round, with a post-investment valuation of up to $200 million. The funding round involved approximately 20 investors, predominantly from Europe and the United States.

Among these investors, RockTree Capital stands out as a prominent and seasoned crypto investment institution based in the United States. Founded by Omer Ozden, who also serves as an international partner at ZhenFund Global Ventures, RockTree Capital boasts significant influence in the financial circles of China and the United States. Omer Ozden has previously served as a legal advisor for Facebook (now Meta) and was a member of the United States Congress. RockTree Capital has a strong track record of investing in and incubating numerous renowned crypto projects, including Chainlink, Tron, dYdX, Fantom, and Casper, among others.

In addition to RockTree Capital, other notable investors in the BEVM project include MH Ventures, which has invested in well-known projects like Celestia, Sei Network, and Linera; Mapleblock, known for its investments in Polyhedra, DAO maker, Kraken, and Huobi; and Arkstream Capital, which has invested in projects such as AAVE, Flow, Manta, and Particle. 

Waterdrip Capital and Satoshi Labs, have also participated in the investment, as well as Viabtc Capital which is one of the world’s top three Bitcoin mining pools.

BEVM Technical Advantages

In the current market, BTC Layer 2 technology solutions can be broadly categorized into five types: Bitcoin sidechains, UTXO + client verification, Taproot Consensus, multi-signature + EVM, and Roullp.

BEVM adopts the Taproot Consensus technology, which was proposed and implemented by the BEVM team and serves as a typical use case for Taproot Consensus.

Taproot Consensus is a layer2 solution built on the three major native Bitcoin technologies. It has gradually matured since the Bitcoin Taproot upgrade in 2021. The essence of Taproot Consensus lies in Schnorr Signature + MAST Contract + Bitcoin Light Node Network.

Schnorr Signature enables Bitcoin multi-signature custodians to expand to 1,000, achieving decentralization of custodians. MAST Contract implements code-based management of aggregating signatures, relying on code rather than manual signature. The Bitcoin Light Node Network achieves decentralized Bitcoin cross-chain transactions and management through consensus driven by Bitcoin SPVs.

On March 28, 2024, BEVM’s mainnet, based on Taproot Consensus, officially launched, reaching over 600,000 user addresses within a week. It is currently one of the most implemented Bitcoin Layer2 solutions.

In summary, compared to other BTC L2 technological solutions on the market, BEVM boasts unparalleled advantages in terms of the native nature of Bitcoin technology, decentralization, and the level of implementation.

More Details about the Campaign between Binance Web3 Wallet and BEVM

On April 4, BEVM announced a joint airdrop campaign with Binance Wallet, offering airdrops for completing any of the three specified on-chain activities. BEVM has allocated 0.5% of its total token supply for this airdrop. It is also Binance Wallet’s first airdrop event in collaboration with a Bitcoin Layer2.

To participate in the event, users need to access the Binance Web3 Wallet and visit https://binance-campaign.bevm.io . There are three tasks included in the campaign, bridging $BTC to BEVM, creating position in Satoshi Protocol and daily check-in on BEVM.

User Participation Tutorial:

Step 1: Access and Set Up Binance Web3 Wallet

First, ensure you have a Binance account. If not, you will need to create one.

Then, download and install the Binance Web3 Wallet. This can be found on Binance’s official website.

After completing the installation, follow the instructions to set up your wallet.

Step 2: Participate in the Event

Access the event page using the Binance Web3 Wallet.

Complete the three tasks required by the event:

Bridge $BTC to BEVM: Follow the instructions on the page to bridge your $BTC from the main chain to the BEVM chain.

Create a Position in Satoshi Protocol: Navigate to Satoshi Protocol and create a new position.

Daily Check-in: Visit the BEVM page every day to check in.

More Help and Tutorials:

Users can watch this tutorial video to understand the detailed steps for participation.

Users can also read the post on the BEVM blog for more information about the 10,500,000 BEVM airdrop campaign.

About BEVM

BEVM introduces a groundbreaking EVM-compatible Bitcoin Layer 2 solution, utilizing BTC as gas for transactions. This fully decentralized platform bridges the gap between the Bitcoin and Ethereum ecosystems, allowing DApps to operate seamlessly on Bitcoin Layer 2. It features innovative cross-chain interaction, data integrity assurance, decentralized processing, and a robust consensus mechanism for enhanced scalability and security. BEVM aims to fuel innovation in the Bitcoin ecosystem through EVM compatibility, a fully decentralized architecture, and an innovative incentive model. For more information, visit their website at bevm.io.

For more information about BEVM: Official Website | Twitter | Discord | Blog | Github

Contact

BEVM Team
marketing@bevm.io

Ethereum Co-founder Vitalik Buterin Announces ‘The Purge’ to Streamline Network and Enhance Decentralization

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Ethereum co-founder Vitalik Buterin recently outlined the future steps towards streamlining the Ethereum protocol and reducing the resource requirements for nodes, in a process known as the Purge.

This initiative is a crucial phase in Ethereum’s evolution, aimed at eliminating obsolete network history and simplifying the system over time.

By discarding old data, the Purge significantly cuts down on the storage needs for nodes and reduces the protocol’s technical complexity.

During the Dencun hard fork, the implementation of Ethereum Improvement Proposal (EIP)-6780 marked a significant step towards simplification by phasing out many functions of the “SELFDESTRUCT” code.

Buterin highlighted the benefits of this move, stating, “it simplified the protocol by removing complexity and adding new security guarantees.”

He anticipates further progress with a new EIP that aims to completely do away with the SELFDESTRUCT code, thereby increasing the storage capacity of each Ethereum block.

Furthermore, the Purge introduces a mechanism for expiring old data through EIP-4444, allowing nodes to discard blocks older than one year.

READ MORE: How to Earn Real Crypto Trading Futures?

This change means that only recent blocks are necessary for nodes to stay synchronized with the chain’s current state unless specific historical data is requested.

Buterin expressed optimism about this development’s impact on decentralizing Ethereum’s node network, suggesting that it could maintain or even increase the network-wide distribution of historical data pieces.

Buterin also mentioned significant codebase reductions in Geth, Ethereum’s most popular client, by eliminating support for pre-Merge (proof-of-work) networks, and discussed a new 18-day storage policy for blobs post-Dencun, aiming to halve node data bandwidth to 50 gigabytes.

Lastly, he touched upon the need to remove precompiled contracts, which were initially designed for complex cryptographic operations not supported by the Ethereum Virtual Machine (EVM).

According to Buterin, the demand for these contracts has waned, and they have become a major source of bugs and challenges for new EVM implementations.

This move is seen as another step towards simplifying and securing the Ethereum network, as Buterin continues to push for improvements that enhance efficiency and security.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

BlackRock Adds Wall Street Titans to Bitcoin ETF as Trading Volumes Surge

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BlackRock, a leading global asset manager, recently revised its Bitcoin ETF (Exchange-Traded Fund) prospectus, introducing five prominent Wall Street firms as authorized participants.

This amendment, filed with the U.S. Securities and Exchange Commission on April 5, highlights the inclusion of ABN AMRO Clearing, Citadel Securities, Citigroup Global Markets, Goldman Sachs, and UBS Securities.

These firms join the ranks of existing participants such as JPMorgan Securities, Jane Street Capital, Macquarie Capital, and Virtu Americas, playing a vital role in the ETF’s operational framework by facilitating the creation and redemption of shares.

Authorized participants are instrumental to the ETF’s function, having the ability to exchange ETF shares for a basket of securities that mirrors the fund’s holdings or for cash.

This structure is critical for maintaining the ETF’s liquidity and aligning its share price with the underlying Bitcoin market value.

The addition of these new participants was seen positively by Eric Balchunas, a Bloomberg analyst, who interpreted it as a sign of growing interest from major financial institutions in the Bitcoin ETF space.

He remarked that these “big-time firms now want a piece of action and/or are now OK being publicly associated with this.”

In response to concerns over market manipulation, the Securities and Exchange Commission (SEC) has advocated for a cash creation and redemption mechanism for Bitcoin ETFs.

This model, differing from the traditional in-kind exchange, requires that ETF shares be created or redeemed through cash transactions.

This strategy aims to prevent potential intraday price manipulation by ensuring transactions are settled in cash, following the guidelines laid out by asset managers including Hashdex.

READ MORE: How to Earn with Toncoin On its Popularity Peak?

Leading asset managers like BlackRock, ARK Invest, and Grayscale have since adopted this mechanism in their filings, reflecting a sector-wide shift towards enhanced regulatory compliance.

March saw a notable increase in Bitcoin ETF trading volumes, with figures reaching $111 billion. However, some analyses suggest a cooling demand for these products.

Despite this, BlackRock’s iShares Bitcoin Trust (IBIT) remains at the forefront of the market in terms of trading volume and assets under management.

As of April 1, IBIT’s assets were reported at $17.6 billion, outpacing competitors such as Grayscale and Fidelity according to BitMEX Research.

This ongoing evolution of the Bitcoin ETF landscape marks a significant milestone in the integration of cryptocurrency investments within the traditional financial ecosystem.

To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.

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