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Bitcoin, the world's largest cryptocurrency, rose more than 5% to nearly $30,000 in the Oct 16 trading session, triggered by false information regarding the approval of a spot ETF by BlackRock Inc.
While most bitcoin ETFs rallied, Simplify Bitcoin Strategy PLUS Income ETF (MAXI - Free Report) stole the show, climbing 7.6% on the day. This was followed by gains of at least 6% each in Blockchain & Bitcoin Strategy ETF (BITS - Free Report) , Valkyrie Bitcoin Miners ETF (WGMI - Free Report) , ProShares Bitcoin Strategy ETF (BITO - Free Report) and VanEck Bitcoin Strategy ETF .
A false rumor circulated by Cointelegraph on social media platform X (formerly Twitter) resulted in nearly $100 million in liquidations in just one hour. However, the spike was temporary as BlackRock clarified that its ETF application was still under review (read: Cryptocurrency Ether ETFs: Will October be a Pivotal Month?).
Though the report was false, it underscores investors’ hope of SEC approval for a spot bitcoin ETF. Grayscale’s ETF application win in the court has helped to clear the path for the first ETF offering direct exposure to Bitcoin, which would allow anyone with a brokerage account to invest in the cryptocurrency.
According to Bloomberg analysts, there is a 90% chance that a spot bitcoin ETF will get approval by January. There are currently more than 10 spot bitcoin ETF applications under review by the SEC.
Additionally, the Bitcoin space is seeing huge optimism and growing acceptance among institutional investors. Notably, institutions such as JPMorgan and Goldman Sachs, which were against virtual currencies before, have now started implementing them into their systems.
Further, the recent launch of a digital asset exchange, EDX Markets, backed by firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp, has contributed to the sentiment that the infrastructure and acceptance of digital assets were improving, thus sparking more interest in Bitcoin.
The recent developments have led to a surge in excitement and interest around cryptocurrencies, particularly from large financial institutions, marking a potential shift in Wall Street's perception of the crypto sector (read: Bitcoin Miner ETF Tops in First Nine Months: 5 Best Stocks).
ETFs in Focus
Simplify Bitcoin Strategy PLUS Income ETF (MAXI - Free Report)
Simplify Bitcoin Strategy PLUS Income ETF seeks capital gains and income by providing investors with exposure to Bitcoin while simultaneously generating income by selling short-dated put or call spreads on the most liquid global equity indices. It has accumulated $22.7 million in its asset base and charges 97 bps in fees per year from investors.
Simplify Bitcoin Strategy PLUS Income ETF trades in an average daily volume of 3,000 shares.
Blockchain & Bitcoin Strategy ETF is an actively managed fund that seeks to capture the long-term growth potential of the blockchain and digital asset theme. It takes long positions in U.S. listed bitcoin futures contracts and invests, directly and indirectly, in companies positioned to benefit from the increased adoption of blockchain technology. Blockchain & Bitcoin Strategy ETF will not invest directly in Bitcoin, and it currently delivers exposure to blockchain companies through other ETFs, including the affiliated Global X Blockchain ETF.
Blockchain & Bitcoin Strategy ETF has attracted $11.6 million in its asset base. It charges 65 bps in annual fees and trades in an average daily volume of 2,000 shares.
Valkyrie Bitcoin Miners ETF is an actively managed ETF that will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of companies that derive at least 50% of their revenues or profits from bitcoin mining operations and from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. Valkyrie Bitcoin Miners ETF holds 22 stocks in its basket with a double-digit concentration on the top two firms (read: 5 Best-Performing Sector ETFs of Nine Months).
Valkyrie Bitcoin Miners ETF has amassed $14.4 million in its asset base while trading in an average daily volume of 115,000 shares. It charges 75 bps in annual fees.
VanEck Bitcoin Strategy ETF
VanEck Bitcoin Strategy ETF seeks capital appreciation by investing in bitcoin futures contracts. It is actively managed and offers exposure to bitcoin-linked investments through an accessible exchange-traded vehicle. XBTF does not invest in bitcoin or other digital assets directly and charges 66 bps in annual fees.
VanEck Bitcoin Strategy ETF has amassed $45.2 million in its asset base and trades in a volume of 11,000 shares a day on average.
ProShares Bitcoin Strategy ETF invests primarily in bitcoin futures contracts and does not invest directly in bitcoin. It is the world's largest and most actively traded cryptocurrency ETF, with an AUM of $872.8 million and an average trading volume of 8 million shares. ProShares Bitcoin Strategy ETF charges 95 bps in annual fees.
Image: Bigstock
Bitcoin ETFs Spike on False Report
Bitcoin, the world's largest cryptocurrency, rose more than 5% to nearly $30,000 in the Oct 16 trading session, triggered by false information regarding the approval of a spot ETF by BlackRock Inc.
While most bitcoin ETFs rallied, Simplify Bitcoin Strategy PLUS Income ETF (MAXI - Free Report) stole the show, climbing 7.6% on the day. This was followed by gains of at least 6% each in Blockchain & Bitcoin Strategy ETF (BITS - Free Report) , Valkyrie Bitcoin Miners ETF (WGMI - Free Report) , ProShares Bitcoin Strategy ETF (BITO - Free Report) and VanEck Bitcoin Strategy ETF .
A false rumor circulated by Cointelegraph on social media platform X (formerly Twitter) resulted in nearly $100 million in liquidations in just one hour. However, the spike was temporary as BlackRock clarified that its ETF application was still under review (read: Cryptocurrency Ether ETFs: Will October be a Pivotal Month?).
Though the report was false, it underscores investors’ hope of SEC approval for a spot bitcoin ETF. Grayscale’s ETF application win in the court has helped to clear the path for the first ETF offering direct exposure to Bitcoin, which would allow anyone with a brokerage account to invest in the cryptocurrency.
According to Bloomberg analysts, there is a 90% chance that a spot bitcoin ETF will get approval by January. There are currently more than 10 spot bitcoin ETF applications under review by the SEC.
Additionally, the Bitcoin space is seeing huge optimism and growing acceptance among institutional investors. Notably, institutions such as JPMorgan and Goldman Sachs, which were against virtual currencies before, have now started implementing them into their systems.
Further, the recent launch of a digital asset exchange, EDX Markets, backed by firms including Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp, has contributed to the sentiment that the infrastructure and acceptance of digital assets were improving, thus sparking more interest in Bitcoin.
The recent developments have led to a surge in excitement and interest around cryptocurrencies, particularly from large financial institutions, marking a potential shift in Wall Street's perception of the crypto sector (read: Bitcoin Miner ETF Tops in First Nine Months: 5 Best Stocks).
ETFs in Focus
Simplify Bitcoin Strategy PLUS Income ETF (MAXI - Free Report)
Simplify Bitcoin Strategy PLUS Income ETF seeks capital gains and income by providing investors with exposure to Bitcoin while simultaneously generating income by selling short-dated put or call spreads on the most liquid global equity indices. It has accumulated $22.7 million in its asset base and charges 97 bps in fees per year from investors.
Simplify Bitcoin Strategy PLUS Income ETF trades in an average daily volume of 3,000 shares.
Blockchain & Bitcoin Strategy ETF (BITS - Free Report)
Blockchain & Bitcoin Strategy ETF is an actively managed fund that seeks to capture the long-term growth potential of the blockchain and digital asset theme. It takes long positions in U.S. listed bitcoin futures contracts and invests, directly and indirectly, in companies positioned to benefit from the increased adoption of blockchain technology. Blockchain & Bitcoin Strategy ETF will not invest directly in Bitcoin, and it currently delivers exposure to blockchain companies through other ETFs, including the affiliated Global X Blockchain ETF.
Blockchain & Bitcoin Strategy ETF has attracted $11.6 million in its asset base. It charges 65 bps in annual fees and trades in an average daily volume of 2,000 shares.
Valkyrie Bitcoin Miners ETF (WGMI - Free Report)
Valkyrie Bitcoin Miners ETF is an actively managed ETF that will invest at least 80% of its net assets (plus borrowings for investment purposes) in securities of companies that derive at least 50% of their revenues or profits from bitcoin mining operations and from providing specialized chips, hardware and software or other services to companies engaged in bitcoin mining. Valkyrie Bitcoin Miners ETF holds 22 stocks in its basket with a double-digit concentration on the top two firms (read: 5 Best-Performing Sector ETFs of Nine Months).
Valkyrie Bitcoin Miners ETF has amassed $14.4 million in its asset base while trading in an average daily volume of 115,000 shares. It charges 75 bps in annual fees.
VanEck Bitcoin Strategy ETF
VanEck Bitcoin Strategy ETF seeks capital appreciation by investing in bitcoin futures contracts. It is actively managed and offers exposure to bitcoin-linked investments through an accessible exchange-traded vehicle. XBTF does not invest in bitcoin or other digital assets directly and charges 66 bps in annual fees.
VanEck Bitcoin Strategy ETF has amassed $45.2 million in its asset base and trades in a volume of 11,000 shares a day on average.
ProShares Bitcoin Strategy ETF (BITO - Free Report)
ProShares Bitcoin Strategy ETF invests primarily in bitcoin futures contracts and does not invest directly in bitcoin. It is the world's largest and most actively traded cryptocurrency ETF, with an AUM of $872.8 million and an average trading volume of 8 million shares. ProShares Bitcoin Strategy ETF charges 95 bps in annual fees.