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 SolidX ETF was postponed by the SEC until September 30, 2018. This decision was expected Aug 16, but came Aug 7 instead. Although many were hoping for approval, an extension is notably not a denial. Also, a new service called Bakkt goes a long way to making the SolidX approval a non-issue.
Bakkt is un upcoming exchange by the Intercontinental Exchange ICE (the parent company of the New York Stock Exchange NYSE). This is pretty much the biggest crypto news of 2018, if not ever. I explain why.
Bakkt is an upcoming exchange by the Intercontinental Exchange ICE (the parent company of the New York Stock Exchange NYSE). Bakkt “will enable consumers and institutions to buy, sell, store and spend digital assets on a seamless global network.”
There is a ton of bullish news for crypto this week (for example Starbucks entering the crypto space) despite a correction that started over a panic over a Winklevoss ETF no one cared about until it was suddenly rejected again.
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.
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.
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