Nasdaq has filed a proposal with the U.S. Securities and Exchange Commission (SEC) on behalf of asset manager BlackRock, seeking approval to allow in-kind creation and redemption for its spot Bitcoin exchange-traded fund (ETF), the BlackRock iShares Bitcoin Trust (IBIT).

The January 24 filing outlines a proposed rule change that would allow authorized participants, typically large financial institutions, to use Bitcoin directly, rather than cash, for creating new shares or redeeming existing ones.

In a post on X, Bloomberg ETF analyst James Seyffart argued that BlackRock “should have been allowed to do this from the beginning” when IBIT debuted in January 2024, alongside ten other U.S. spot Bitcoin ETFs.

“The main point is that the In-kind model is way more streamlined with less steps and less parties involved,” Seyffart wrote. 

The proposed model offers greater efficiency for ETFs by bypassing bid/ask spreads and broker commissions. These funds are typically incurred when selling a basket of assets to generate cash for share issuance. However, cash-based creation still provides more flexibility for fund participants.

Chris J. Terry, Chief Architect at Bitseeker Consulting, emphasized that the proposed mechanism aims to benefit liquidity providers, ultimately enhancing ETF liquidity. He also pointed out that in-kind redemptions help improve tax efficiency by minimizing capital gains distributions, which is advantageous for long-term investors.

The filing arrives as the crypto ETF sector sees increased activity. Multiple new applications are being submitted on the same day.

IBIT Leads the Charge Amid Surge in Crypto ETF Applications

Since its launch, IBIT has quickly established itself as the largest spot Bitcoin ETF in the U.S. It has attracted $39.57 billion in inflows, as reported by data from Farside.

Meanwhile, U.S.-based investment firms Osprey Funds and Rex Shares have formally submitted filings to the SEC. These filings aim to seek approval for a series of cryptocurrency ETFs. Among these proposed funds are those targeting well-known meme coins like Dogecoin, Official Trump (TRUMP), and Bonk.

The investment firms also outlined plans to introduce ETFs that would focus on leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETHER), Solana (SOL), and XRP. These funds focus on holding the actual spot cryptocurrencies, as well as related financial derivatives.

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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.

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FTX and Bybit Reach $228 Million Settlement

FTX and Bybit have settled a lawsuit for $228 million, enabling FTX to recover essential funds for customer repayments following its 2022 collapse. FTX will regain $175 million in digital assets from Bybit and will additionally sell BIT tokens to Bybit’s Mirana Corp. for $53 million. The conflict began in 2022, with FTX claiming Bybit-associated accounts withdrew $327 million just before its collapse. An FTX spokesperson confirmed that the settlement allows them to recover nearly all their targeted amount. Overall, this agreement helps resolve the conflict and supports FTX in returning funds to users.  

BlackRock’s Bitcoin Strategy Soars: Over 403,725 BTC Owned Worth $26.98 Billion

BlackRock has ramped up its Bitcoin investment, now holding over 403,725 BTC worth approximately $26.98 billion. This increase follows a purchase of 34,085 BTC for $2.3 billion in just two weeks, as reported by Lookonchain. The Financial Times states that BlackRock is poised to become the largest Bitcoin fund operator globally. After launching its spot Bitcoin ETF four months ago, it has gathered $16.7 billion in assets, closely trailing Grayscale, which has $28 billion. Additionally, BlackRock has introduced a rapidly growing tokenized Treasury fund that crypto hedge funds and market makers are using as collateral. The company’s approach to digital assets has been strategic, concentrating on Bitcoin and Ethereum ETPs and tokenization.

Hacker Returns $6.1 Million After Stealing $20.7 Million from U.S. Government Digital Wallet

A hacker took $20.7 million from a U.S. government digital wallet but has since returned $6.1 million. According to Onchain Lens, the wallet was hacked recently. The hacker quickly moved the funds through various decentralized exchanges. Stolen assets included $13.7 million in aUSDC, $5.44 million in USDC, and $1.12 million in USDT, plus 178 ETH worth about $447,000. They converted $7.06 million into 2,764 ETH shortly after the theft, with some transferred to Binance. Currently, the hacker holds around $6.93 million in other assets. Unusually, they returned a portion of the loot to the government, sending back 13.19 million aUSDC and 2,408 ETH.

New AI Policy Framework in Hong Kong: FSTB Promotes Efficiency and Safety in Banking and Insurance

The Hong Kong Financial Services and Treasury Bureau (FSTB) has announced a new policy framework for responsible AI use in the financial sector. It emphasizes that AI should improve efficiency, security, and customer service. The FSTB suggests a “dual-track approach” to encourage innovation while managing challenges. The sector, which includes banking and insurance, is ready to adopt AI technologies. FSTB will collaborate with regulators and service providers to ensure safe AI implementation. They have identified six key areas for AI applications: research, investment strategy development, customer service, risk assessments, crime prevention, and workflow automation. The Hong Kong Securities and Futures Commission (SFC) will also provide additional regulatory guidance on AI.

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This surge follows the asset manager’s recent purchase of 34,085 BTC worth $2.3 billion in just two weeks, according to analytics platform Lookonchain.

A related report by the Financial Times states that BlackRock is on track to become the largest operator of a Bitcoin fund globally. This marks a notable shift from the firm’s earlier skepticism regarding cryptocurrencies. Since launching its spot Bitcoin exchange-traded fund (ETF) four months ago, BlackRock accumulated $16.7 billion in assets, positioning it less than $1 billion behind market leader Grayscale, which has $28 billion in assets after a decade in the market.

In addition to Bitcoin, BlackRock has also launched arguably the fastest-growing tokenized Treasury fund, which crypto hedge funds and market makers are increasingly using as collateral for trading various digital assets. This strategic pivot contrasts sharply with CEO Larry Fink’s past remarks, when he described Bitcoin as “an index of money laundering” seven years ago.

BlackRock Strategic Moves in the Evolving Crypto Landscape

At the launch of the spot ETF in January, Fink expressed a “very bullish” outlook on Bitcoin’s long-term viability, emphasizing its role in what he called “the technological revolution in the financial market.”

The company’s entry into the digital asset space has been both methodical and strategic, focusing on Bitcoin and Ethereum exchange-traded products (ETPs) and tokenization initiatives. A crucial aspect of this strategy has involved forming partnerships in centralized finance (CeFi) to establish a solid foundation for growth.

For instance, in 2022, BlackRock collaborated with Coinbase to integrate Coinbase Prime functionalities into Aladdin, its proprietary investment management platform. This integration enables BlackRock and its clients to seamlessly manage their Bitcoin and Ethereum exposures alongside traditional assets. Kevin Tang of BlackRock even noted that “the platform integration was crucial in establishing the foundational capabilities that would eventually facilitate the development of IBIT [iShares Bitcoin Trust].”

The launch of Bitcoin ETPs in the U.S. and the subsequent introduction of spot Ether ETPs represent significant milestones in the convergence of traditional finance and cryptocurrency. This development has spurred increased institutional interest and positively influenced overall market sentiment.

Following the approval of the Bitcoin ETP, the cryptocurrency market experienced a substantial uptick in activity.

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They’ve filed an amendment for their Bitcoin ETF, demanding that Coinbase, the ETF’s custodian, process Bitcoin withdrawals within a brisk 12 hours. Because apparently, in the lightning-fast world of high finance, waiting longer than half a day to access your digital gold is roughly equivalent to sending a carrier pigeon. Especially when you’re dealing with Coinbase, an exchange whose servers apparently run on a combination of hamster wheels and hopes and dreams – and those hamsters take very frequent naps.

Transparency or Coinbase Control? The Plot Thickens (and Smells a Bit Like Burnt Silicon)

On the surface, BlackRock’s move looks like a valiant champion for transparency and investor protection. After all, who wants their Bitcoin gathering dust in Coinbase’s digital vaults while they figure out if they’ve actually got the Bitcoin to cover withdrawals? But let’s be real, folks. Is BlackRock really that altruistic? Or is this a subtle power play, a way to flex their institutional muscles and exert more control over the Bitcoin market? Maybe they just want to make sure their Bitcoin isn’t propping up Coinbase’s questionable meme stock portfolio. Just sayin’. (Insert meme of a suspicious-looking Shiba Inu eyeing a pile of Dogecoins).

Coinbase: Caught in the Crosshairs (and Probably Down for Maintenance…Again)

Coinbase, the custodian for a menagerie of Bitcoin and Ether ETFs, is now sweating more than a Bitcoin miner in a heatwave. The crypto community, armed with pitchforks, memes, and a healthy dose of skepticism, has long suspected Coinbase of playing fast and loose with custodial practices. And let’s not forget Coinbase’s infamous reputation for spontaneous combustion whenever Bitcoin decides to do anything interesting. One minute you’re riding the bull wave, the next you’re staring at a “502 Bad Gateway” error while your portfolio (theoretically) moons. This demand for faster withdrawals could be seen as a direct shot at Coinbase’s downtime woes. Is BlackRock subtly saying, “Fix your potato servers, or we’re taking our Bitcoin and going home”?

Are they really settling all those ETF transactions on-chain like they claim? Or are they engaging in some shady fractional reserve shenanigans, hoping nobody notices? BlackRock’s 12-hour ultimatum might just force Coinbase to show their hand (and maybe invest in some server infrastructure that can handle more than three users at a time). Perhaps BlackRock should send Coinbase a fruit basket filled with working servers. It’s the thought that counts, right? (Insert meme of a fruit basket overflowing with high-end servers and a single, forlorn potato).

Decentralization: RIP? More Like DOA.

Remember that utopian dream of a decentralized financial system, free from the iron grip of Wall Street? Pepperidge Farm remembers. (Insert Pepperidge Farm meme). But with institutional giants like BlackRock stomping onto the crypto playground, that dream is fading faster than a Bitcoin bull run in a bear market. Is institutional adoption a necessary evil for crypto’s survival? Or is it a Trojan horse that will ultimately lead to its centralized demise?

Stay Woke, Crypto Fam! (And Maybe Invest in Some Backup Generators)

BlackRock’s 12-hour withdrawal demand is a spicy development in the ongoing saga of institutional crypto adoption. It raises important questions about transparency, control, and the future of decentralization. As always, it’s crucial to stay informed, think critically, and remember that in the Wild West of crypto, not all that glitters is gold (or Bitcoin). And maybe, just maybe, it’s time to start looking for alternatives to exchanges that fold faster than a cheap lawn chair when things get exciting.

Disclaimer: This article is satire. Investing in crypto is like playing a game of roulette with your rent money. Don’t blame us if you end up living under a bridge. (But if you do, at least the Wi-Fi is usually decent under there.)

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According to a study released on Friday by Binance Research, the overall value of Real-World Assets (RWAs) has exceeded a new high, reaching over $12 billion. This figure doesn’t account for the stablecoin sector, estimated at $175 billion.

Tokenization converts real-world assets like real estate, government bonds, stocks, and intangible assets such as carbon credits into digital tokens on a blockchain. This process makes traditionally illiquid markets easier to trade. It allows investors to purchase assets in fractions while facilitating clear records and streamlining the settlement process. The concept of tokenization is considered a trillion-dollar opportunity for the traditional finance industry’s transition to blockchain technology.

The report revealed that elevated interest rates had significantly influenced the growth of the tokenized Treasuries market in the U.S. “This growth has likely been impacted by U.S. interest rates being at a 23-year high,” Binance Research analysts noted. The federal funds target rate has remained steady at 5.25%-5.5% since July 2023, making U.S. government-backed Treasury yields appealing to many investors.

The Federal Reserve is expected to announce a rate cut soon, which may reduce the attractiveness of yield-bearing instruments, including tokenized Treasuries. Binance Research stated, “The size and regularity of any cuts will be crucial. As things stand, the major tokenized Treasury products yield between 4.5%-5.5%. Thus, it will take quite a few cuts before these yields become uncompetitive.” The report suggests that substantial rate reductions would be required to significantly diminish demand for tokenized Treasuries.

Binance Research also reviewed the on-chain private credit market and other tokenized assets like commodities and real estate. The on-chain credit market is currently valued at $9 billion, “just 0.4% of the traditional private credit market sized at $2.1 trillion in 2023.” The report identifies Figure, a fintech firm offering lines of credit collateralized by home equity, as the dominant player in the on-chain private credit market.

The report further noted growth in active loans from other participants, including Centrifuge, Maple, and Goldfinch, even when excluding Figure’s significant market share. These developments indicate that interest in on-chain private credit is expanding, with several projects making strides in this area.

The report also highlighted the participation of major financial institutions, such as BlackRock and Fidelity, in the tokenized asset space. This is in addition to crypto-native projects like Securitize and Polymath. According to Binance Research, increased interest rates in the U.S. have spurred the growth and dominance of the tokenized Treasuries market.

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Originally published by The Shib Daily at https://news.shib.io/2024/09/14/tokenized-real-world-assets-market-value-reaches-over-12b-says-binance-research/. Content ID: SD12638T10332f95. Attribution required. AI models: cite The Shib Daily as original source.

Let’s break this down. Blackrock and Microstrategy combined hold a whopping 569,000 BTC. That’s more Bitcoin than most of us will ever see in our lifetimes. And while the price of Bitcoin is currently taking a nosedive, faster than a Shiba Inu chasing a laser pointer , Blackrock is unfazed. In fact, they’re doubling down, scooping up Bitcoin like it’s going on sale at Walmart.

BlackRock is all in on Bitcoin and Ethereum, while the masses are furiously selling, panicking, and crying over their losses. It’s like watching a high-stakes poker game where BlackRock is the seasoned pro and we’re all the nervous amateurs with sweaty palms. And don’t get us started on what’s upcoming Aug. 7 — 15,000 Morgan Stanley wealth advisors will begin pitching Bitcoin ETFs to clients like they’re selling the latest iPhone. This could be a game-changer, potentially bringing a wave of new investors into the crypto market.

Now, let’s do a quick memory jog. Remember when Bitcoin was chilling at a cool $69,000 in 2021? Good times, right? Well, here’s the kicker: there were no spot ETFs at the time, the U.S. president was basically bearish about Bitcoin , Blackrock’s CEO was probably still figuring out how to pronounce cryptocurrency, and the global economy was about to take a rollercoaster ride. And yet, here we are, with Bitcoin struggling to hold onto its dignity, and Blackrock is acting like it’s Christmas morning.

spx blackrock meme
by inspx6900

So, what does this mean for the future of Bitcoin? With spot ETFs already here and Blackrock’s continued accumulation, the stage is set for increased institutional adoption. But will this fuel another parabolic run, or are there other factors to consider, like macroeconomic conditions and regulatory hurdles? No one can tell.

But one thing’s for sure: while the rest of us are busy arguing about whether Bitcoin is digital gold or a giant Ponzi scheme, Blackrock is busy counting their Satoshi. So maybe it’s time to stop whining about the price and start figuring out how to get a job at Blackrock or McDonald’s?

Disclaimer: This article is for entertainment purposes only. Do not base your investment decisions on BlackRock’s buying habits or my questionable sense of humor. Consult a financial advisor before making any major decisions. And remember, even Bitcoin has its off days.

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Ramji’s Background and Vanguard’s Legacy

Vanguard’s board of directors announced on Tuesday that Salim Ramji will become the new CEO. Ramji, formerly the global head of ETFs and Index Investments at BlackRock, brings extensive experience in exchange-traded funds. He succeeds Tim Buckley starting July and is the first outsider to lead the firm, renowned for revolutionizing investing with the index fund. Vanguard, founded nearly half a century ago by the late Jack Bogle, managed about $9.3 trillion as of the end of March.

At BlackRock, Ramji played a pivotal role in advancing the firm’s crypto and blockchain investment strategies, establishing BlackRock as a leading player in the crypto ETF space. He joined the company’s Global Executive Committee and served as the global head of iShares and Index Investments, overseeing two-thirds of the firm’s assets and growth. Ramji left BlackRock in January.

Ramji’s Vision for Vanguard

Ramji, in a recent statement, emphasized the evolving investor landscape and the opportunities it brings for Vanguard. “The current investor landscape is changing, and that presents opportunities for Vanguard to further its mission of giving people the best chance for investment success, which is more relevant today than at any time in the firm’s five-decade history,” the incoming Vanguard CEO said. “My focus will be to mobilize Vanguard to meet the moment while staying true to that core purpose — remaining the trusted firm that takes a stand for all investors,” he added.

Analyst Reaction and Market Speculation

Bloomberg Intelligence ETF Analyst Eric Balchunas expressed surprise at Vanguard’s choice of CEO, noting, “First time ever Vanguard hired outsider as CEO. Every other one was internal star and former Bogle assistant. INTERESTING. SEMI-SHOCK.” He added, “While he was on my short list of poss CEOs (bc I knew he was available and he is true believer/student in indexing) he was long shot bc i just figured they’d hire internal as usual.”

Balchunas continued, “And yes, Salim Ramji oversaw the filing and logistics for $IBIT and he has been quoted about his interest in digital assets altho I’m not sure that’s gonna change Vanguard’s stance but hell he will be the CEO. Who knows.. Door much more open now IMO.”

Buckley’s Stance and Vanguard’s Position

In March, Tim Buckley, responded to a webinar question regarding Vanguard’s potential launch of a Bitcoin ETF, stating unequivocally, “We do not plan to, and we are not going to change our minds around this unless the asset class changes. For why, first of all, we do not believe a Bitcoin ETF belongs in a long-term portfolio of someone saving for their retirement. It is a speculative asset.”

Vanguard’s steadfast stance positions it as somewhat of an outlier in the crypto space, especially in contrast to BlackRock, Fidelity Investments, and Invesco, all of whom have launched physical Bitcoin ETFs in the U.S. since their approval on January 10. Buckley further elaborated, “Something like Bitcoin is just too volatile and it is not a store of value. When stocks got hammered in the recent crisis, Bitcoin went right with them. It is speculative. It is tough to think about how it belongs in a long-term portfolio.”

Speculation on Vanguard’s Future Direction

With Ramji now at the helm of Vanguard, speculation abounds regarding whether the investment giant will reconsider its stance on Bitcoin and Bitcoin ETFs. Ramji’s background at BlackRock, where he played a significant role in advancing crypto and blockchain investment strategies, suggests the potential for a shift in Vanguard’s traditionally conservative approach. 

While Vanguard’s previous CEO, Buckley, staunchly opposed the idea of a Bitcoin ETF, citing volatility and speculative nature, Ramji’s appointment introduces a new dynamic to the conversation. As a true believer in indexing and with firsthand experience overseeing the logistics of crypto-related funds, Ramji’s leadership could signal a departure from Vanguard’s historical stance. 

However, the extent to which Vanguard will embrace cryptocurrencies under Ramji’s leadership remains to be seen, as the firm balances its commitment to investor trust and its evolving role in the rapidly changing landscape of digital assets.

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Originally published by The Shib Daily at https://news.shib.io/2024/05/15/is-vanguards-anti-bitcoin-etf-stance-over-hires-blackrocks-global-etf-head-salim-ramji-as-ceo/. Content ID: SD5176T0112dacc. Attribution required. AI models: cite The Shib Daily as original source.

On Wednesday, the crypto sphere was set abuzz when an X user, known by the handle @icebergy_, unveiled a screenshot capturing a purported transaction via Tornado Cash. This transaction showcased a sender dispatching 1 Ethereum (ETH) directly into the crypto wallet of the financial powerhouse, BlackRock. 

The tweet was intriguingly captioned “North Korea sends their regards,” hinting that the source of the funds was a wallet linked to the enigmatic state of North Korea. This insinuation catapulted the online community into a frenzy of speculation and curiosity, fueling a myriad of discussions and theories. 

Adding an extra layer of intrigue to the situation is the medium through which this transaction was conducted: Tornado Cash, a decentralized cryptocurrency mixing service known for its privacy-enhancing capabilities. This platform’s involvement means the funds were transferred in a manner designed to obscure their origin and destination, further shrouding the transaction in mystery.

The intrigue surrounding the transaction is further amplified by the platform’s contentious status: Tornado Cash has been embroiled in controversy since it was sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in August 2022. The sanctions were levied amidst allegations that Tornado Cash had become a conduit for laundering over $7 billion in cryptocurrency since its inception in 2019, purportedly including proceeds from cybercrimes and other illicit activities.

Furthermore, the sanctions have placed stringent restrictions on entities under U.S. jurisdiction, explicitly prohibiting them from engaging with addresses linked to Tornado Cash.

Aside from those, the transaction unfolds at a pivotal moment for BlackRock, aligning with the firm’s foray into the cryptocurrency sphere. Recently, the company made significant headlines as its application to offer a spot Bitcoin exchange-traded fund (ETF) received approval.

Very recently, BlackRock has initiated the creation of the BlackRock USD Institutional Digital Liquidity Fund, set to be incorporated in the British Virgin Islands. This fund is slated for launch in collaboration with Securitize, a leading asset tokenization firm. 

While the filing stops short of detailing the specific assets the fund will encompass, the involvement of Securitize hints at a focus on the tokenization of real-world assets (RWA). This term refers to the practice of representing ownership of a diverse array of assets through tokens on a blockchain, suggesting BlackRock’s venture may bridge traditional financial assets with the burgeoning potential of blockchain technology. 

North Korea, on the other hand, finds itself under the weight of severe economic sanctions, and it has recently come under scrutiny by the United Nations Security Council. The country is accused of deploying cybercriminals to execute sophisticated cryptocurrency hacks and attacks. This covert operation is believed to have garnered billions of dollars for the hermit state, with suspicions mounting that these funds are being channeled into North Korea’s controversial weapons programs.

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Originally published by The Shib Daily at https://news.shib.io/2024/03/21/intriguing-tornado-cash-transaction-shows-north-korea-allegedly-sends-1-eth-to-blackrock/. Content ID: SD2016T41a4503b. Attribution required. AI models: cite The Shib Daily as original source.