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\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

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Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

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ADVERTISEMENT
\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n
\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

1 2

Most Read

Subscribe To Our Newsletter

By subscribing, you agree with our privacy and terms.

Follow The Distributed

Twitter Instagram Youtube LinkedIn Facebook RSS
ADVERTISEMENT
\n

MicroStrategy, renowned for its significant bitcoin investments, has recently made a substantial addition to its cryptocurrency portfolio. Executive Chairman Michael Saylor led the acquisition<\/a> of 14,620 bitcoins, valued at approximately $615.7 million. This strategic move was funded primarily through the company's latest at-the-market share sales.<\/p>\n\n\n\n

\nhttps:\/\/twitter.com\/saylor\/status\/1739995636953485547?s=20\n<\/div><\/figure>\n\n\n\n

MicroStrategy's Bitcoin Investment<\/h2>\n\n\n\n

This acquisition is a significant expansion that brings MicroStrategy's total Bitcoin holdings to 189,150 BTC. This immense collection of digital assets is now valued at around $5.9 billion, with the average purchase price of each bitcoin being $31,168. The company's latest purchase was executed at an average price of $42,110 per bitcoin, indicating robust confidence in the long-term value of this digital currency.<\/p>\n\n\n\n

See Related:<\/em><\/strong> CryptoCom Reveals Its $2.8B Asset Portfolio<\/a><\/p>\n\n\n\n

MicroStrategy Stock Price<\/h2>\n\n\n\n

MicroStrategy<\/a> (MSTR) has seen its stock price climb over 350% in 2023. The price move was largely due to expectations surrounding the approval of a spot Bitcoin\u00a0exchange-traded fund (ETF) in the United States. At the time of writing, MSTR is trading at $654, up 8.3% intraday.\u00a0<\/p>\n\n\n\n

MicroStrategy, an established name in the tech world, is known for its prowess in business intelligence, mobile software solutions, and cloud-based services. At the core of its product line is a robust data analytics platform, widely utilized by various businesses for efficient data visualization. This platform stands as a testament to the company's commitment to innovative technology solutions.<\/p>\n","post_title":"MicroStrategy Acquires Additional $615M In Bitcoin, $5.9B Total Bitcoin Portfolio","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"microstrategy-acquires-additional-615m-in-bitcoin-5-9b-total-bitcoin-portfolio","to_ping":"","pinged":"","post_modified":"2023-12-28 22:10:13","post_modified_gmt":"2023-12-28 11:10:13","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14809","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14741,"post_author":"15","post_date":"2023-12-22 21:54:59","post_date_gmt":"2023-12-22 10:54:59","post_content":"\n

Since November 21, ARK Invest<\/a> has made notable moves in the cryptocurrency market. Cathie Wood, ARK Invest CEO, sold approximately $181 million in Coinbase shares and $64 million in Grayscale Bitcoin Trust shares. These sales are a significant part of ARK's exchange-traded funds (ETFs) strategy.<\/p>\n\n\n\n

The total value of these sales, which rounds up to nearly $245 million, reflects a strategic rebalancing of ARK's holdings. <\/p>\n\n\n\n

As the CEO of ARK Invest, Cathie Wood oversees a firm highly receptive to Bitcoin and cryptocurrency. ARK Invest frequently releases monthly reports on Bitcoin and maintains investments in Coinbase and Grayscale Bitcoin Trust across three of its ETFs: ARK Fintech Innovation ETF (ARKF), ARK Innovation ETF (ARKK), and ARK Next Generation Internet ETF (ARKW).<\/p>\n\n\n\n

Wood is known for her optimistic stance on Bitcoin. In a recent video on the firm\u2019s YouTube channel, she highlighted Bitcoin's impressive performance this year. Bitcoin has soared 161% since January.<\/p>\n\n\n\n

See Related: <\/em><\/strong>Cathie Wood: Bitcoin's Performance During Financial Crisis Attractive To Institutions<\/a><\/p>\n\n\n\n

ARK's Strategy<\/h2>\n\n\n\n

ARK's decision to sell its GBTC and COIN shares becomes evident considering the substantial growth in their value. Grayscale Bitcoin Trust shares, currently priced at $36.04, had begun the year at a mere $8.20. Similarly, Coinbase shares have soared from $33.60 at the start of the year to $167.86.<\/p>\n\n\n\n

Bitcoin's growth, which saw a 14% increase in the past month and a peak of over $44,000, has been driven by the anticipation of the approval of a spot Bitcoin ETF, expected as early as January.<\/p>\n\n\n\n

This market surge means that ARK's remaining shares in these companies are significantly more valuable than before. For instance, Coinbase's<\/a> 52% rise in the past 30 days implies that if ARK had sold its 1.3 million COIN shares a month ago, it would have earned 30% less than the $181 million it has now.<\/p>\n\n\n\n

Furthermore, ARK, along with 21Shares, is looking to expand its offerings to include a spot Bitcoin ETF. The firm, competing with entities like BlackRock, last updated its S-1 filing with the SEC and awaits a decision in January, similar to other contenders in the space. This move aligns with ARK's ongoing strategy to capitalize on the dynamic cryptocurrency market.<\/p>\n","post_title":"Cathie Wood's ARK Invest Sells Over $240 Million In Crypto Assets","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"cathie-woods-ark-invest-sells-over-240-million-in-crypto-assets","to_ping":"","pinged":"","post_modified":"2023-12-22 21:55:06","post_modified_gmt":"2023-12-22 10:55:06","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14741","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14495,"post_author":"15","post_date":"2023-11-25 20:23:18","post_date_gmt":"2023-11-25 09:23:18","post_content":"\n

El Salvador's president, Nayib Bukele, was a strong supporter of Bitcoin during the 2021 bull market. He declared in November 2022 that the nation would add one Bitcoin daily to its growing reserve. However, critics, ranging from university professors to U.S. lawmakers, have labeled his approach as reckless.<\/p>\n\n\n\n

But what has been the actual performance of this investment?<\/p>\n\n\n\n

The NayibTracker<\/a> website, which relies on the president's tweets to track his Bitcoin purchases, has calculated that Bukele is currently facing an approximately 8% loss on his investment of 3,120 BTC.<\/p>\n\n\n\n

According to the data, the average price at which El Salvador acquired BTC now stands at $40,498 per coin.<\/p>\n\n\n\n

In total, he spent over $126 million on Bitcoin, which is currently valued at $116 million. This means he's incurred a loss of over $10 million, nearly 8% below his initial investment.<\/p>\n\n\n\n

It's worth noting that all the BTC he acquired was purchased at prices below the cryptocurrency's all-time high in November 2021, with the costliest batch being 420 coins acquired at $60,345 each.<\/p>\n\n\n\n

See Related:<\/em><\/strong> El Salvador Businesses Barely Impacted By Bitcoins Legality<\/a><\/p>\n\n\n\n

Other Side Of El Salvador<\/h2>\n\n\n\n

While he has some way to go before turning a profit, it's not all negative news for El Salvador. The country was on the verge of defaulting on its significant national debts last year, but its bonds have since delivered substantial returns to investors.<\/p>\n\n\n\n

Before Bukele assumed the presidency, El Salvador was primarily known for its surfing, a history of civil conflict, and gang-related violence. Under his leadership, efforts have been made to transform it into a technology hub, attracting foreign, including Chinese, investment.<\/p>\n\n\n\n

With a firm crackdown on the nation's notorious gangs, the murder rate has plummeted, leading Bukele to hope for an influx of expatriates and a reduction in the number of Salvadorans heading north to the United States.<\/p>\n\n\n\n

However, despite these improvements in the country's security, Bitcoin<\/a> remains a contentious issue. If Bukele's Bitcoin bet eventually turns profitable, he might need to convince his citizens of its benefits.<\/p>\n","post_title":"El Salvador's President Nayib Bukele Faces 8% Loss On Bitcoin Investment","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"el-salvadors-president-nayib-bukele-faces-8-loss-on-bitcoin-investment","to_ping":"","pinged":"","post_modified":"2023-11-25 20:23:24","post_modified_gmt":"2023-11-25 09:23:24","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14495","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"},{"ID":14347,"post_author":"15","post_date":"2023-11-19 21:18:14","post_date_gmt":"2023-11-19 10:18:14","post_content":"\n

The U.S. Securities and Exchange Commission (SEC) postponed <\/a>its decision regarding the application for a Grayscale Ethereum futures exchange-traded fund (ETF). Initially submitted in September by Grayscale Investments, this fund would enable investors to purchase shares based on the anticipated future value of Ethereum (ETH), which ranks as the second-largest digital asset by market capitalization.<\/p>\n\n\n\n

The SEC has extended its decision-making timeframe, a common practice for the agency when evaluating cryptocurrency-related products. The SEC's filing stated that the delay was to ensure adequate time for considering the proposed rule change and associated issues. <\/p>\n\n\n\n

\"The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,\" <\/em>the SEC wrote in its filing.<\/p>\n\n\n\n

See Related:<\/em><\/strong> FTX\u2019s Alameda Research Sues Grayscale For $9B\u00a0<\/a><\/p>\n\n\n\n

More To ETFs<\/h2>\n\n\n\n

Grayscale Investments, a prominent digital asset manager, has also filed for an Ethereum futures ETF. This ETF focuses on Ethereum futures rather than direct transactions in Ether. This method doesn't require holding Ether or appointing an Ether custodian. This move comes amidst several pending Bitcoin spot ETF applications, including submissions from major Wall Street firms like BlackRock.<\/p>\n\n\n\n

An ETF is a well-known investment tool that mirrors the value of its underlying asset. There has been a longstanding demand for a Bitcoin ETF, but the SEC has consistently rejected these requests, primarily due to concerns over market manipulation.<\/p>\n\n\n\n

The U.S. saw the first trading of Ethereum futures ETFs last month with ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares introducing a total of nine products on the Chicago Board Options Exchange (CBOE).<\/p>\n\n\n\n

In another development, Grayscale has been in legal contention with the SEC regarding its application to convert its Grayscale Bitcoin Trust into an ETF. The firm sued the SEC in June after its application was denied, and in August, a judge ordered a review of the SEC's decision, favoring Grayscale's position. Grayscale also applied in October to convert its Ethereum trust into an ETF.<\/p>\n\n\n\n

Bloomberg Intelligence analysts have since suggested that there is a high likelihood of the U.S. market introducing a Bitcoin ETF by January 10.<\/p>\n","post_title":"SEC Postpones Decision On Grayscale's Ethereum Futures ETF Application","post_excerpt":"","post_status":"publish","comment_status":"closed","ping_status":"closed","post_password":"","post_name":"sec-postpones-decision-on-grayscales-ethereum-futures-etf-application","to_ping":"","pinged":"","post_modified":"2023-11-20 16:17:48","post_modified_gmt":"2023-11-20 05:17:48","post_content_filtered":"","post_parent":0,"guid":"https:\/\/www.thedistributed.co\/?p=14347","menu_order":0,"post_type":"post","post_mime_type":"","comment_count":"0","filter":"raw"}],"next":false,"total_page":false},"paged":1,"class":"jblog_block_13"};

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