After having their Bitcoin ETF proposal rejected by the SEC in January, the Winklevoss twins submitted an updated proposal with a few tweaks. That updated proposal was rejected by the SEC on July 26th. However, there are a number of other ETF proposals on the table.
This section covers cryptocurrency ETFs, ETNs, trusts, funds, and other such products. For example, this section includes GBTC.
NOTE: The Bitcoin Investment Trust (GBTC) is a trust that holds Bitcoin. Shares of the trust can be purchased on the stock market. The trust holds about 170,000 bitcoins. Each share represents about .092 bitcoins (so if you own 10 shares, you own contracts that represent just under 1 bitcoin). In other words, GBTC isn’t a cryptocurrency. Instead, it represents ownership of a cryptocurrency held in a trust by the Greyscale investments.
The CBOE exchange has submitted more than one proposal to the SEC to have Bitcoin ETFs listed. The SolidX shares ETF is on track for its August approval deadline. The Direxion ETFs submitted in January got a deadline extension until September. In short, one of the two deadlines was postponed, but the one that was postponed isn’t the one everyone is excited about.
The SEC is considering a Bitcoin ETF by the CBOE (one of two exchanges who trade Bitcoin Futures). A decision by the SEC is expected by August 16th. This has major implications in the crypto space.
Here in late June 2018 the GBTC premium and the South Korean “Kimchi” premium are quickly disappearing. This has historically been a bullish sign that has signaled the end stages of a bear market.
In some markets, people will pay a premium for Bitcoin products when crypto is doing well. Specifically, this can be seen in South Korean markets and in GBTC.
The GBTC and KimChi premiums (explained below) are at some of the lowest points they have been in months. How one should interpret that is in question.
The Bitcoin Investment Trust (GBTC) split 91 -1. This move will make GBTC’s price better reflect the price of Bitcoin and will make GBTC more affordable for smaller investors.
We explain how to invest in cryptocurrency for beginners. The first thing you need to decide is if you want to invest directly in cryptocurrency or invest indirectly (for example through a stock).
Merrill Lynch has banned clients from trading the Bitcoin Investment Trust (GBTC) and Bitcoin futures due to concerns about these Bitcoin related investments.
Sometimes the cryptocurrency market corrects by 25% or more. Dec. 21 – 22, was one such time. From a positive frame, crypto just went on sale for the Holidays.