Latest news with #Grayscale
Yahoo
17 hours ago
- Business
- Yahoo
SEC Stays Bitwise Crypto ETF Launch Despite Approval
The Securities and Exchange Commission placed a stay on the Bitwise 10 Crypto Index Fund conversion to an exchange-traded fund despite approving the fund Tuesday, preventing the crypto product from launching until further notice. The stay creates uncertainty around when the second diversified crypto ETF will reach U.S. markets, with the delay mirroring actions the SEC took against Grayscale Investment Trust's Digital Large Cap Fund earlier this month. Read More: SEC Delays Grayscale Crypto ETF Launch Despite Approval The Bitwise fund tracks the Bitwise 10 Large Cap Crypto Index and holds Bitcoin at a 78.7% weighting, followed by Ethereum at 11.1%, according to Bitwise. The fund manages $1.4 billion in assets across 10 crypto holdings with a 2.5% expense ratio. Regulatory Framework Questions The SEC granted accelerated approval for the Bitwise fund to convert to an ETF trading on NYSE Arca, according to the filing. However, Assistant Secretary Sherry Haywood notified the exchange in a separate letter that the Commission will review the delegated action, automatically triggering a stay under Rule 431 of the Commission's Rules of Practice. The fund currently trades over-the-counter under the ticker BITW and has operated as a trust since November 2017, according to Bitwise. Public quotation began in December 2020 through the OTCQX market. Beyond Bitcoin and Ethereum, the fund holds smaller positions in XRP at 5%, Solana at 3% and Cardano at 0.8%, according to the fact sheet. Additional holdings include SUI at 0.4%, Chainlink at 0.3%, Avalanche at 0.3%, Litecoin at 0.2% and Polkadot at 0.2%. The approval order shows the fund must maintain at least 85% of its holdings in commodities that underlie Commission-approved exchange-traded products, with no more than 15% in other assets, according to the SEC filing. This structure mirrors requirements imposed on other crypto ETF approvals. The stay prevents trading until the SEC orders otherwise, according to the letter from Haywood. The Office of the Secretary will notify the exchange of any action taken by the agency. The delay follows a similar pattern to Grayscale's Digital Large Cap Fund, which received approval and an immediate stay earlier this month. That fund tracks the CoinDesk 5 Index and holds $774.8 million in assets under | © Copyright 2025 All rights reserved Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
$332 Million To Minus $85 Million: Why Are Ethereum ETFs Suddenly More Popular Than Bitcoin ETFs?
Ethereum ETFs attracted $332.18 million in net inflows on July 23, marking their fourteenth straight day of positive flows and signaling an intensifying institutional rotation from Bitcoin (CRYPTO: BTC) into Ether (CRYPTO: ETH). What Happened: BlackRock's (NASDAQ:ETHA) led the charge with a $324.63 million single-day net inflow, contributing to a cumulative $8.9 billion since launch. In contrast, Bitcoin spot ETFs posted net outflows of $85.9 million, extending a three-day streak of profit-taking. According to data from SoSoValue, Ethereum ETF net assets now stand at $19.6 billion, roughly 4.57% of the asset's market capitalization. This includes inflows from major sponsors such as Grayscale, Fidelity, VanEck, and Bitwise. Meanwhile, Bitcoin ETFs, including BlackRock's (NASDAQ:IBIT) and Fidelity's (BATS:FBTC), recorded a cumulative $54.4 billion in net inflows, but recent sessions have seen sentiment cool. Also Read: What Experts Are Saying: Marcin Kazmierczak, co-founder of RedStone, says this inflow streak into Ethereum reflects "growing confidence in Ethereum's utility beyond just a store of value." He noted over $2.1 billion in weekly inflows and a record $726 million surge on July 16, framing the shift as tactical rebalancing from Bitcoin, which recently saw 20% monthly gains, to Ethereum, which rallied over 50%. Bitfinex analysts added that Ethereum's unique yield-bearing features, particularly post-upgrade staking, are drawing attention from small-cap corporate treasuries. "This could redefine how such companies are valued," they noted, suggesting a shift toward ETH as a proxy asset. However, they warned that smaller firms may face greater risk due to volatility, regulatory uncertainty, and financial reporting challenges tied to crypto holdings. Iliya Kalchev, analyst at Nexo Dispatch, framed the ETF flows within a broader macro and market context. "Bitcoin held firm above $118,000 in a choppy session, even as momentum slowed," he said. Despite selective pullbacks, the total crypto market cap remains elevated at $3.84 trillion. "Institutional flows and macro cues are playing a bigger role in shaping sentiment," Kalchev added, pointing to the upcoming Federal Reserve meeting and White House crypto policy report as key catalysts. Ethereum dropped 4% on the day to $3,550 but maintained momentum in ETF markets. "ETH futures now account for 38% of aggregate open interest — their highest level since April 2023," Kalchev noted. He also flagged improving trade sentiment, earnings divergence in equities, and rate decisions in the U.S. and Japan as macro drivers that could impact digital asset flows in the days ahead. With institutional appetite rising and structural adoption accelerating, Ethereum's liquidity, yield mechanics, and increasing derivatives footprint appear to be cementing its status as the next major allocation after Bitcoin. Read Next: Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article $332 Million To Minus $85 Million: Why Are Ethereum ETFs Suddenly More Popular Than Bitcoin ETFs? originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
2 days ago
- Business
- Yahoo
BitGo's IPO filing caps a hot run in $4tn crypto market as Trump's tariffs loom
On Monday, BitGo, one of the industry's largest crypto custodians, said it planned to go public in the US in a filing with regulators. The California company follows a slew of summer filings ranging from Grayscale, the crypto fund manager, to the exchanges Bullish and Gemini. It also comes on the heels of Circle's blowout listing on the New York Stock Exchange in June. The stablecoin issuer's stock has skyrocketed 597% since its debut. Yet the window on the IPO rally may be closing as anxiety mounts that President Donald Trump's trade war on most of the US's trading partners is starting to take its toll on the economy. Inflation worry Consumer prices increased 2.9% on an annualised basis in June, and US data shows tariffs are increasing the cost of some goods. Almost two-thirds of Americans disapprove of Trump's handling of inflation, according to a CBS News/YouGov poll on July 20. With Trump's August 1 deadline for a trade deal with the European Union and other nations rapidly approaching, investors may be asking whether the red-hot IPO rally is about to cool. The spate of offerings across industries has been a long time coming. Stock in CoreWeave, an AI company, has jumped 300% since its March listing, and shares in the Denver-based defence contractor Voyager Technologies posted an 82% rally in its debut on June 12. As for crypto, there's no mystery why Circle and its ilk have done so well in the stock market. Bitcoin has jumped from one all-time high to the next for weeks, and it hit a record $122,000 in July. This week, the entire crypto market reached a cumulative value of $4 trillion for the first time. Record prices have been buoyed by incoming regulations from a crypto-friendly White House, too. On July 18, Trump signed into law landmark crypto legislation that regulates how companies can issue stablecoins in the US. The Clarity Act, which will determine how other cryptocurrencies are to be regulated, is expected to hit Trump's desk later this year, according to the administration's crypto czar David Sacks. Trump tariffs For now, employment data, which economists closely monitor as it signals where rising import costs will have the most immediate effect, has been resilient. But alongside creeping inflation, the US bond market has signalled bearishness, too. After the release of hotter-than-expected inflation data, yield on the 30-year Treasury bond hit its highest close since May. With government debt yielding nearly 5%, investors may view riskier ventures, such as newly listed stocks and cryptocurrencies, as less appealing. After all, companies like Klarna, Chime and Hinge Health were said to have postponed their public listings when the Trump tariff turmoil kicked off in April. Further bearish signals may emerge if new tariffs are implemented in August. Dozens of trade partners, including Canada and the EU, are facing new import taxes of up to 30% unless they reach a compromise before the deadline. The European Commission, the EU's governing body, is already mulling harsh countermeasures that risk escalating the trade duel. Crypto prices have yet to reflect the same angst. Yet the asset class tends to move in tandem with stocks. And even Circle's shares are finally slowing down. The stock has skidded 10%, to $216, since June 22. Liam Kelly is a Berlin-based reporter for DL News. Got a tip? Email him at liam@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Grayscale ETF Head David LaValle to Exit as Firm Eyes IPO: Report
David LaValle, the global head of ETFs at Grayscale Investments, is set to leave the crypto asset manager at the end of July, Unchained reported, citing people familiar with the matter. LaValle joined Grayscale in July 2021 as the firm was grappling with investor dissatisfaction over the widening discount of its flagship Bitcoin Trust (GBTC). At the time, the trust held around $25 billion, making company the largest crypto asset manager. Its price lagged far behind the value of the bitcoin it held, frustrating shareholders. While much of the attention around GBTC's eventual conversion to a spot bitcoin ETF focused on Grayscale's court battle with the SEC, LaValle was instrumental behind the scenes. He worked to secure launch partners and authorized participants, Unchained reports. Still, the conversion hasn't been the growth engine Grayscale might have hoped for. In the year and a half since, BlackRock's iShares Bitcoin Trust (IBIT) has taken overtaken Grayscale's ETF with over $87.9 billion in assets. GBTC's assets have shrunk to under $22 billion, according to SoSoValue data. LaValle's exit follows last year's resignation of CEO Michael Sonnenshein, who was replaced by Peter Mintzberg. The firm confidentially submitted a draft S-1 registration statement with the SEC earlier this month, indicating plans for an IPO. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Time of India
2 days ago
- Business
- Time of India
XRP sinks 2% again as SEC delays Bitwise crypto ETF — is the dip a red flag or a golden buy signal? Here's the 2025 XRP price prediction you need to see
What's the latest XRP price and trend in July 2025? Key highlights: Current price : $3.44 : $3.44 7-day range : $3.42 – $3.65 : $3.42 – $3.65 YTD gain : Over 220% : Over 220% Market cap: ~$185 billion Why did the SEC delay the Bitwise Crypto ETF? Live Events SEC Pauses Bitwise Crypto Index ETF Conversion: Here's Why What Triggered the SEC's Sudden Reversal? XRP remains under regulatory scrutiny, with no full legal clarity following the SEC's ongoing case against Ripple. The Commission is working on a new framework for altcoin ETF regulation, especially those involving less liquid or more volatile tokens. Similar ETF conversions—like Grayscale's GDLC, which also includes XRP and SOL—have faced identical roadblocks. XRP ETF Status: Futures vs Spot Exposure XRP comprises roughly 5% of the BITW index, making it a core altcoin in the ETF mix. The SEC has not approved any spot XRP ETF to date. However, futures-based XRP ETFs—including proposals from ProShares, Volatility Shares, and Tuttle Capital—are under SEC review this July. The REX-Osprey Spot XRP ETF decision is expected by July 25, 2025, which could mark a major turning point. What this means: The SEC is likely stalling to establish stricter guidelines before allowing ETFs that hold assets beyond Bitcoin and Ethereum. XRP, Solana, and other altcoins may now face delays in getting dedicated spot ETFs. It signals caution around regulatory clarity, even for tokens like XRP that have resolved their SEC cases. Is XRP still on track for a spot ETF in 2025? Institutional momentum is building: CME Group is launching XRP futures on May 19, 2025—a clear vote of confidence from traditional finance. on May 19, 2025—a clear vote of confidence from traditional finance. Ripple's global partnerships and cross-border payment integrations continue to grow. Analysts believe XRP's established legal status could fast-track its ETF approval once the SEC finalizes broader crypto rules. What's the XRP price prediction for the rest of 2025? Conservative estimates: $4.00 – $4.50 by year-end, based on technical patterns and current institutional growth. Optimistic scenarios: $5.50 – $6.00 if ETF momentum returns and Bitcoin reclaims $100,000+. Wild cards: Some crypto influencers are predicting $10+ XRP by early 2026, assuming mass ETF adoption and mainstream utility expansion. How does this impact Bitcoin, Solana, and other altcoin ETFs? For Bitcoin: Spot BTC ETFs are already live and thriving. The Bitwise delay doesn't impact existing Bitcoin products but shows that new ETF approvals are under stricter review. For Ethereum: Ethereum ETFs are still under review, but are seen as the next likely candidates to be approved given institutional demand. For Solana and other altcoins: These tokens now face longer waiting periods for ETF access. The lack of legal clarity (unlike XRP) could push approval timelines into 2026 or beyond. What should investors expect next? Key takeaways: XRP remains fundamentally strong , even with temporary ETF delays. , even with temporary ETF delays. The price may consolidate between $3.40–$3.65 before the next breakout. before the next breakout. ETF approval delays are a hurdle—but not a roadblock—for XRP's long-term growth. Bitcoin and Ethereum are still the go-to assets for ETF investors—for now. Is XRP still a good buy in 2025? Legal clarity Institutional growth Real-world use cases Upcoming futures launch Key Upcoming ETF Decisions to Watch ETF Product Type Decision Deadline Status Bitwise 10 Crypto Index Fund Spot (multi-asset) TBD Approval stayed under Rule 431 ProShares Ultra XRP ETF Futures Mid-July 2025 Awaiting decision Tuttle XRP 2x ETF Futures Late July 2025 Under SEC review Volatility Shares XRP ETF Futures Late July 2025 Pending REX-Osprey Spot XRP ETF Spot July 25, 2025 Highly anticipated Bitwise Spot XRP ETF Spot October 2025 Long-term decision What This Means for Investors and the Crypto Market Spot ETF approval remains uncertain in 2025 despite growing demand. Futures ETFs are more likely to gain early approval, offering short-term exposure for institutional and retail traders. The SEC's upcoming decisions on REX-Osprey and Bitwise XRP ETFs could set critical precedents for the future of altcoin ETFs. FAQs: (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel XRP is once again in the spotlight as new developments shake up the crypto ETF landscape. The SEC's sudden decision to halt Bitwise's spot crypto ETF conversion is sending waves across the market—impacting not only XRP but also Bitcoin, Solana, and other major what's happening with XRP right now? And how could the delayed ETF approval change the game for crypto investors in 2025?As of now,, marking a slight dip from its recent highs. Despite the short-term pullback, XRP remains up over 220% year-to-date, largely fueled by favorable legal clarity and growing institutional recently broke out of a bullish flag pattern, signaling potential for more upside. Some analysts see a short-term dip to $3.40 as healthy consolidation before a possible rebound toward $4.00 or even $4.50 by Q4 U.S. Securities and Exchange Commission (SEC) has temporarily blocked the conversion of Bitwise's 10 Crypto Index Fund into a spot ETF, just hours after approving it. The move has sparked renewed uncertainty around altcoin-based ETFs—particularly those including XRP, Solana, and Cardano. This comes at a time when investors are closely watching XRP ETF developments and the broader outlook for crypto ETFs in SEC initially approved Bitwise's plan to convert its popular Bitwise 10 Crypto Index Fund (BITW) into a spot-based exchange-traded fund (ETF) on July 22, 2025. This ETF would have offered direct exposure to top cryptocurrencies like Bitcoin, Ethereum, XRP, Solana, Cardano, Polygon, and within hours, Assistant Secretary Sherry R. Haywood invoked Rule 431, automatically staying the approval pending a full Commission review. The review halts trading of the ETF until the SEC makes a final stay reflects the SEC's growing caution toward ETFs that include altcoins beyond Bitcoin and Ethereum. Here's why this matters:These concerns are focused on market manipulation, price volatility, and the lack of standardized oversight across crypto XRP remains a part of Bitwise's fund, this delay underscores the challenges facingin the U.S. market. Here's where things stand:According to Polymarket betting odds, there's an 85% chance an XRP ETF is approved by year-end, showing growing investor the Bitwise delay is a setback, XRP is still in a strong position compared to other altcoins. Ripple ended its legal battle with the SEC earlier in 2025, giving XRP a level of regulatory clarity few other tokens depending on how the SEC navigates broader altcoin remain bullish on XRP despite short-term regulatory Brandt, a veteran chartist, recently pointed out a setup that could lead to a, pushing XRP past $4.50 in the coming Bitwise ETF pause is more than just an XRP story—it's a signal to the broader crypto the crypto market maturing, the SEC is clearly taking a cautious approach toward altcoin ETF approvals. XRP's advantage lies in its legal clarity and growing futures market with a long-term you're looking for a crypto with:Then XRP deserves a spot on your ETF headlines might create short-term volatility, the fundamentals remain strong—and if XRP does get its own ETF approval by the end of 2025, it could be one of the biggest altcoin breakout stories of the regulatory pause reinforces the SEC's cautious stance toward altcoins in ETFs and signals that Bitcoin-only ETFs will likely dominate until new rules are XRP holders, this means:The SEC's halt on Bitwise's crypto ETF conversion highlights the regulatory roadblocks still facing altcoin exposure, particularly for XRP. While futures-based XRP ETFs may be approved soon, spot XRP ETFs are on hold pending legal clarity and formal rules from the crypto markets await these landmark rulings, investors should stay updated on SEC actions and ETF developments through late July and early SEC paused it under Rule 431 for further review due to concerns over XRP and other altcoins in the XRP ETFs may launch soon, but spot XRP ETFs like REX-Osprey face delays and pending approval.
