Just before 2023 ended, ARK Invest CEO Cathie Wood sold all of the company's remaining Grayscale Bitcoin Trust (GBTC) holdings. The firm's Next Generation Internet Fund (ARKW) sold 2.25 million shares of GBTC and used some of those holdings to purchase 4.32 million shares of the ProShares Bitcoin Strategy ETF (BITO). While both GBTC and BITO track the price of Bitcoin with futures, GBTC is slightly different from BITO in terms of its relationship with spot Bitcoin exchange-traded funds (ETFs). I
The Securities and Exchange Commission on Wednesday gave its approval for some Bitcoin ETFs, just a day after a fake post on the agency's account on X made a similar announcement and sent the value of Bitcoin soaring. The price of Bitcoin vaulted skyward on Tuesday afternoon after the SEC appeared to deliver a major breakthrough for the cryptocurrency. Minutes after the post went up Tuesday, SEC Chair Gary Gensler punctured the euphoria, saying on X that a hacker had commandeered the agency's ac
U.S. regulators are soon expected to decide whether to approve the first bitcoin exchange-traded fund, a development that could thrust the once niche and nerdy corner of the internet even further into the financial mainstream. The regulatory greenlight has been anticipated for several months and the price of bitcoin has jumped about 70% since October. In a twist perhaps appropriate for the unpredictable crypto industry, a fake tweet from the Securities and Exchange Commission’s account on X Tuesday stated that trading of bitcoin ETFs had been approved.