bookmark_borderGrayscale publishes roadmap for turning its products into crypto ETFs

The company is renewing its push for a U.S. ETF but offered no specific guarantees or promises.

After several attempts in previous years, Grayscale has renewed its push to release a Bitcoin exchange-traded fund on American asset markets. According to a Monday roadmap, two of its funds, GBTC and ETHE, are on the short-list to become proper ETFs. However, the company has not indicated any concrete efforts, such as filing a new request with the SEC, nor has it provided meaningful timelines for these plans.

Grayscale is one of the major providers of cryptocurrency exposure in traditional markets, operating several trust funds for major cryptocurrencies. These funds hold cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and many others, and issue shares that are expected to reflect the value of the underlying assets.

According to Grayscale’s roadmap, each trust fund falls into four categories of development. The first is the “private placement” phase, where the funds are only available for sale and purchase in over-the-counter deals with the company.

The second category is for publicly-listed shares on secondary markets, meaning that the trust funds receive a ticker symbol and become tradable by the public. Trust funds for Bitcoin Cash, Litecoin (LTC) and Ethereum Classic (ETC) fall into this category. Finally, the most advanced trusts achieve “SEC reporting” status, committing to periodic disclosure of their balance sheets and operations to the Securities and Exchange Commission. Only the Bitcoin and Ethereum trusts are reporting to the SEC currently.

The last and most coveted status is that of an ETF, a fully regulated and liquid fund. ETFs are commonly used for exposure to indexes or baskets of assets in U.S. stock markets. ETFs generally have lower management fees, achieve wider reach than trusts, and are designed to follow their net asset value very closely. Grayscale’s products are particularly weak from that aspect, as GBTC has consistently traded at a very significant premium over the value of the Bitcoin it held.

The GBTC premium has recently collapsed to become a penalty, with it currently trading 10% below NAV. Loss of this premium, coupled with stiff competition from Purpose Bitcoin ETF in Canada, may have spurred Grayscale into action.

The promise of a Bitcoin ETF has been one of the driving Bitcoin narratives since about 2017, when Grayscale first attempted to file for an ETF with the SEC. Regulators have consistently rejected these filings, often citing the unregulated nature of Bitcoin infrastructure as the main hurdle to overcome. Bitwise’s application for a Bitcoin ETF was one of the motivations for publishing its report on exchange volume in 2019, where it claimed that up to 90% of the reported volume was in fact non-existent. This argument was used by the company to claim that most of Bitcoin’s price formation occurred on regulated exchanges — but that did not convince regulators at the time.

A stream of Bitcoin ETF filings by companies, such as VanEck, WisdomTree and SkyBridge, is continuing in 2021, with Grayscale now reentering the fold as well. Given the long history of rejections, the company hedged its ETF promise by noting that “timing will be driven by the regulatory environment.” Institutional acceptance and infrastructure have made enormous strides since Grayscale’s last attempts, though it remains unknown whether this will ultimately sway the SEC into accepting its first application.

bookmark_borderMicroStrategy 再次购买了 253 枚比特币,单个成本 59339 美元

链闻消息,美国上市公司、商业智能软件提供商 MicroStrategy 首席执行官 Michael Saylor 在推特上宣布,公司再次以 1500 万美元购买了 253 枚比特币,单价为 59339 美元。截止 4 月 5 日,MicroStrategy 以约 22.26 亿美元的价格已购买了约 91579 枚比特币,平均价格为每枚比特币约 24311 美元。

原文链接:MicroStrategy 再次购买了 253 枚比特币,单个成本 59339 美元

bookmark_borderCryptocurrency market cap hits $2 trillion — Now worth as much as Apple

The combined market cap of all cryptocurrencies reaches $2 trillion for the first time.

The market capitalizations of all cryptocurrencies in existence surpassed $2 trillion on April 5, according to data from Goingecko, led by the impressive growth of Bitcoin (BTC), Ether (ETH) and other altcoins in 2021.

The cryptocurrency market as a whole has become approximately as valuable as Apple, the second biggest company in the world after Saudi Arabia’s oil giant Aramco.

The milestone also comes less than three months after the cryptocurrency market surpassed $1 trillion for the first time back on Jan. 7 when the price of Bitcoin was around $33,000. 

Will the Ethereum and altcoin bull market continue?

In recent months, several major catalysts have fueled both Bitcoin and Ethereum to rally strongly to new all-time highs.

Financial institutions, like PayPal and Visa, are beginning to actively support cryptocurrencies as Bitcoin was leading the cryptocurrency market’s uptrend.

In 2021, Bitcoin has faced several short-term corrections but has now consistently remained above the $50,000 for almost a month with low volatility compared to altcoins, preventing both ETH and the altcoin market from seeing a severe pullback.

In fact, Bitcoin’s volatility has dropped to the lowest level since November 2020 as BTC price has been consolidating between $55,000 and $60,000 over the past few days.

Bitcoin Volatility Index (30-day average). Source: Bybt.com

In the same period, the price of ETH rallied and broke out against Bitcoin, reaching a new record high above $2,000.

A pseudonymous trader known as “Rekt Capital” attributed the strong performance of ETH to Bitcoin’s consolidating under $60,000. He wrote:

“#BTC is still just consolidating inside this range It is this consolidation that has helped $ETH breakout to new All Time Highs #ETH is arguably leading the market whereas $BTC is trying to catch up Good sign so far is that orange resistance is struggling to reject #Bitcoin.”

BTC/USD 1-day price chart (Coinbase) with key levels. Source: Rekt Capital, TradingView.com

Fund managers and investors in the crypto market are generally optimistic about the short to medium-term trajectory of cryptocurrencies.

Jonathan Habicht, a partner at Moonrock Capital, said:

“I know so many people who are just waiting to increase their $BTC $ETH and major Altcoin positions during larger dips and they are surely not the only ones. Bear market is not an option for the foreseeable future.”

As long as the strength of the ETH/BTC pair remains intact and Bitcoin does not see a major sell-off, the cryptocurrency market’s short-term outlook remains highly optimistic for April and into the summer.

Coinbase IPO buoying market sentiment

On April 2, Coinbase, the top U.S. cryptocurrency exchange, announced that the U.S. Securities and Exchange Commission (SEC) approved Coinbase’s S-1 filing.

Coinbase is expected to be listed on the Nasdaq exchange on April 14, making it a publicly-traded company in the U.S. stock market. The company said:

“We’re happy to announce that earlier today, the SEC declared our S-1 registration statement effective and that we expect our direct listing to occur on April 14, 2021, with our Class A common stock trading on the @NASDAQ under the ticker symbol COIN.”

The listing of Coinbase in the U.S. stock market would likely cause the demand for cryptocurrencies to increase because it would attract the eyes of investors in the traditional financial market.

Depending on the performance of the stock, it could also lead exchange tokens such as BNB, FTT, Huobi Token, SUSHI, UNI, and others to rally, mirroring the momentum of COIN.

At the same time, some analysts believe that Coinbase’s IPO may bring major volatility if not downward price pressure on the cryptocurrency market as the date aligns with a big BTC options expiry date. 

bookmark_borderBitcoin miner firm Ebang launches Ebonex crypto exchange

Cryptocurrency miner supplier Ebang has officially launched its own crypto exchange after an invite-only beta phase earlier this year.

Ebang, a publicly-listed company providing mining hardware for cryptocurrencies like Bitcoin (BTC), has officially announced the launch of its own crypto exchange.

According to an announcement on Monday, qualified investors will be soon able to register and trade on Ebang’s cryptocurrency exchange dubbed Ebonex.

Ebang CEO and chairman Dong Hu said, “In recent years we have made a considerable investment in R&D talent recruiting, as well as product innovation and iteration. The launch of our cryptocurrency exchange business will not only expand the revenue sources from our cryptocurrency business, but also optimize the development of our blockchain industry chain.” 

Ebonex supports major cryptocurrencies like Bitcoin and Ether (ETH), as well as stablecoin Tether (USDT). Other supported coins include Litecoin (LTC), Cardano (ADA), Zcash (ZEC), Dash (DASH), Tezos (XTZ), EOS and Monero (XMR).

The exchange initially launched in an invite-only beta phase in mid-March.

The announcement did not mention which jurisdictions are eligible to trade on Ebang’s new crypto exchange. Ebang did not immediately respond to Cointelegraph’s request for comment.

As previously reported by Cointelegraph, Ebang was listed on the Nasdaq Global Market under the ticker EBON in June 2020, becoming the second Bitcoin miner manufacturer to go public on a United States stock exchange after Chinese crypto mining firm Canaan. 

bookmark_borderCoinbase 审核委员会的两名成员是否为「独立董事」受争议

链闻消息,Coinbase 审核委员会的三名董事中有两名分别是联合创始人 Fred Ehrsam 和董事会成员 Fred Wilson。根据美国证券交易委员会(SEC)规定审计委员会中的每位董事必须独立,独立董事不能在过去三年中为该公司工作,Ehrsam 于 2017 年 1 月卸任 Coinbase 总裁。Coinbase 于 4 月 14 日上市前受到公开言论的限制,但其招股说明书称,Ehrsam 控制着 8.9%的投票权,Wilson 拥有 8.1%的投票权,都没有违反 10%的「独立」董事规则,董事会确定 Ehrsam 和 Wilson 符合独立董事的监管定义。证券备案显示,纳斯达克可能挑战了公司选择审计委员会成员的标准,已批准 Coinbase 股票上市。SEC 对 Coinbase 招股说明书尚未发表评论。

原文链接:Coinbase 审核委员会的两名成员是否为「独立董事」受争议

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