The 21Shares Toncoin Staking ETP (TONN) listed on Swiss SIX Exchange on Wednesday.
Ark and 21Shares to Disclose Spot Bitcoin ETF Reserves Via Chainlink Integration
Asset managers Ark Invest and 21Shares have taken a step towards more transparency of their ARK 21Shares Bitcoin ETF (ARKB) by integrating Chainlink’s proof of reserves to bring reserve data on the Avalanche mainnet, the companies announced Wednesday.
Asset Manager Jupiter’s Crypto Investment Scrapped by Compliance Team: FT
The firm’s Gold & Silver fund made a $2.58 million investment in an XRP ETP, which was later cancelled.
Ethereum ETF: Franklin Templeton Enters The Fray As ETH Rallies
Wall Street titan and Asset manager Franklin Templeton has applied for an Ethereum Spot Exchange-Traded Funds (ETF) after a struggle to gain approval for their Bitcoin Spot ETF in early January.
Asset Manager Files For Spot Ethereum ETF
Asset managers have gravitated toward the Ethereum spot ETF since the United States Securities and Exchange Commission (SEC) approved the Spot Bitcoin ETF. Franklin Templeton is the latest manager to apply with the SEC to get approval for this financial product.
The asset manager’s move came after successfully introducing the BTC spot ETFs. This is a notable step toward making more crypto investment products accessible to institutional and individual investors.
James Seyffart, a senior analyst from Bloomberg Intelligence, also shared the update with the crypto community on X (formerly Twitter). Seyffart’s X post included a screenshot of the asset manager’s filing and data regarding other applicants.
According to the post, Franklin Templeton is the eighth company in the cryptocurrency market to file for product approval. Previous asset managers to file applications for Ethereum ETFs include Hashdex, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco, and Galaxy.
Per the official filing, a Delaware statutory trust is how the Franklin Ethereum Trust is set up. The ETF aims to give investors access to ETH in a regulated manner by allowing them to store it directly through a custodian.
It states in the company’s S-1 filing that the proposed “Franklin Ethereum Trust” will hold ETH and “may, from time to time, stake a portion of the fund’s assets through one of the more trusted staking providers.”
Staking is the act of locking up digital currency to maintain the operations of a blockchain network. They plan to stake some of the ETF’s ETH holdings to supplement its income through staking rewards.
The Price Of ETH Rallies Amidst The Update
Franklin Templeton’s spot Ethereum ETF application was made in light of the price of ETH experiencing an uptick. However, no solid proof exists that the latest development impacted the price of crypto assets.
Related Reading: Ethereum ETFs Approval Date Set For May 23, Forecasts Suggest ETH Could Reach $4,000
Ethereum was trading at $2,661 as of press time, indicating an increase of over 7% in the past 24 hours. Data from CoinMarketCap shows that its market capitalization is also on the upside, marking an increase of over 7%.
Meanwhile, its trading volume has increased significantly by over 172% in the past day. Due to the rise, ETH now ranks third in the entire crypto market by trading volume.
Ether Tops $2.4K as Cathie Wood’s Ark, 21Shares Amend Spot ETH ETF Filing
The updated S-1 document brings the spot Ethereum ETF application more “in line” with the recently approved spot BTC ETF prospectus, one analyst noted.
Bitcoin ETF Listings Will Be Quick but Money Flows Could Take Months: 21Shares Co-Founder
Ophelia Snyder says it is impossible to conceptualize the changes in bitcoin trading volumes likely through ETF inflows.
ARK Invest files for Bitcoin ETF registration alongside industry peers
The SEC has until Jan. 10 to rule on the ARK 21Shares Bitcoin ETF application.
Cardano Jumps 20% as Analyst Eyes Bitcoin Pullback to $40K to ‘Fill CME Gap’
Market observers “underappreciate” future inflows from institutional investors to bitcoin, asset 21.co CEO said in a CoinDesk TV interview.
Crypto ETP Provider 21Shares Loses COO
Lucy Reynolds had been with the company since September 2020.
Bitcoin Is Up 100% This Year. It’s Not Just Because of Spot BTC ETF Hype
As BTC has gained over 100% this year, most observers tied its recent strength to a looming approval of a spot BTC ETF. But its increasingly constrained supply, underinvested market participants and bitcoin’s rejuvenated shine as a safe haven from spiraling debt levels, banking crises and geopolitical turmoil may also have played a role.
Solana Rallies 26% in a Week Despite FTX Sale Fears; What’s Behind the Move?
Solana (SOL) jumped 11% Friday, and is one of the best performing crypto assets this year with a 170% gain.
Tokenized RWAs Could Grow to a $10T Market by 2030 as Crypto Converges to TradFi: Report
The market for tokenized real-world assets could grow to $10 billion by 2030 as crypto is maturing and increasingly integrates with existing financial plumbing, crypto asset management firm 21.co said in a report.
ARK’s amended spot Bitcoin ETF filing is a ‘good sign’ of future approval
ARK Invest and 21Shares amended spot Bitcoin ETF filing seemingly addresses earlier concerns highlighted by the SEC, which is a good sign of progress, according to Bloomberg’s ETF analysts.
VanEck, ARK filings ‘officially’ start clock for spot Ethereum ETFs: Analyst
Bloomberg ETF analyst James Seyffart expects more spot Ethereum ETFs to be filed in the coming days.
Cathy Wood’s ARK Invest Files for First Spot Ether ETF
The Ark 21Shares Ethereum ETF is the first attempt to list such a fund in the U.S. that directly invests in ETH, the second largest cryptocurrency by market capitalization.
ARK Invest, 21Shares join queue to offer Ethereum futures ETF
The co-filing comes just a week after reports emerged that the SEC is likely to greenlight Ethereum ETF applications.
US Bitcoin ETF Approval Could See North America’s ETF Volume Rise To 99.5%
North America could see its share in the global trading volume for crypto-related exchange-traded funds (ETFs) grow even further if spot Bitcoin ETFs are approved in the United States, a Bloomberg analyst said.
This comes after the US Securities and Exchange Commission (SEC) issued a delay letter regarding Ark Invest’s application for a spot Bitcoin ETF. In a widely-anticipated delay, the SEC is asking for new written comments on the spot Bitcoin application.
Some of the issues raised by the commission include the suitability of Bitcoin as an underlying asset of an exchange-traded product, and the resistance of Bitcoin to price manipulation, amongst other things.
The Ark Invest spot ETF, proposed by leading asset management firm ARK Invest in conjunction with Swiss-based 21Shares, would give investors indirect exposure to Bitcoin, the largest cryptocurrency in the market.
This recent setback has raised questions about the fate of the spot Bitcoin ETF applications of other asset management companies, including Blackrock, Valkyrie, WisdomTree, etc.
North America’s Share Of Global ETF Trading Volume To Reach 99.5%?
In the event that the spot Bitcoin ETF applications get greenlighted by the SEC, Bloomberg ETF analyst Eric Balchunas said that the North American region may see its percentage of the crypto ETF trading volumes reach 99.5%.
According to his post on X (formerly Twitter), North America currently accounts for 97.67% of the total crypto ETF trading volume in the world. “If/when spot ETFs come out in the US this will likely go to like 99.5%,” Balchunas noted.
In another post, the Bloomberg analyst disclosed that most of the best-performing equity ETFs in 2023 are crypto-related. At the top of this list is $WGMI, the Valkyrie Bitcoin Miners ETF, with a year-to-date return of 227%.
This actively-managed fund invests in public companies in the Bitcoin mining industry, including Riot, Bitdeer, Cipher Mining, etc. Given the positive performance of these mining firms’ stocks, it is no surprise that investment products, like $WGMI, are doing well.
Other top-performing crypto-related exchange-traded products on this list include the VanEck Digital Transformation ETF, with a YTD return of 182%; the Global X Blockchain ETF, which has returned 168% so far in 2023; and the Bitwise Crypto Industry Innovators ETF, also up by roughly 168% year to date.
Pending Grayscale Lawsuit To Be Pivotal To Bitcoin ETF Approval
In 2022, Grayscale Investments sued the SEC for rejecting the application to convert its flagship product, GBTC, into a spot Bitcoin ETF.
According to Nathan Geraci, president of the ETF Store, the final judgment in this lawsuit could prove pivotal in the race for Bitcoin exchange-traded fund.
Geraci commented on the delay of Ark Invest ETF:
It all comes down to the outcome of the Grayscale lawsuit & SEC’s view of question #4 here (referring to the fourth subject the commission is seeking comments on).
Earlier in March, Grayscale argued against the commission, questioning the logic behind allowing Bitcoin futures ETFs while disapproving similar spot Bitcoin funds.
Subsequently, the Grayscale legal team submitted a letter in July, urging the Securities and Exchange Commission to approve all eight applications for Bitcoin spot ETF.
Cboe refiles 5 Bitcoin ETFs to include Coinbase surveillance agreements
The surveillance-sharing agreements are a measure recommended by the SEC in March, which says they can prevent fraud and protect investors.
21Shares Introduces Exchange-Traded Product for Liquid Staking Platform Lido DAO
While the product offers investors single-asset exposure to the liquid staking leader, the Switzerland-based firm classified this product as class 7 risk, the highest level.
21Shares Closes 6 Crypto Exchange-Traded Products
The provider of crypto exchange-traded products (ETPs), however, told CoinDesk it had its second-strongest January on record overall.