George Kikvadze: Bitcoin ETF launching on NASDAQ in 4 ...

Fortress and Pantera invest in new bitcoin fund

From Dan Primack at Fortune:
Bitcoinana: In September we discussed how SecondMarket had launched the first U.S.-based investment vehicle dedicated exclusively to Bitcoin, called The Bitcoin Investment Trust (beating out the Winklevii, who remain stuck in regulatory limbo). Now comes word that Fortress Investment Group is prepping its own Bitcoin fund, which likely will be much larger than the SecondMarket offering.
Details remain scarce, although there are some rumors that some info could be revealed tonight at the Bitcoin New Year’s Eve Bash down on Broad Street (yes, this is an actual thing). But it is worth noting that Fortress earlier this year acquired Koru Ventures, a provider of patent-backed loans to tech companies, in order to launch an IP finance group. Among Koru’s principals (and new Fortress employees) was Steven Waterhouse (ex-CTO of RPX Corp.), whose LinkedIn profile yesterday said that he had just become a partner on an unnamed Bitcoin fund. After I sent Waterhouse an email requesting more info – and also placing a call with Fortress – the Bitcoin mention disappeared from his LinkedIn page (replaced only with “TBD”).
My understanding, however, is that the Fortress effort will be something like a currency ETF (similar to Bitcoin Investment Trust), but that Fortress also may raise a separate vehicle to back Bitcoin-related startups. And there likely is some relationship to a new Bitcoin-related fund raised by Pantera Capital, a San Francisco-based hedge fund whose clients are known to include several Fortress executives. Pantera founder Dan Moorehead declined to discuss his Bitcoin efforts or relationship to Fortress – including if his effort and the Fortress fund were one in the same – but an SEC filing indicates that he already has raised around $150 million, and Pantera recently participated in a VC round for crypto-currency payment network Ripple Labs. Moreover, calls to Pantera’s main number are now met with a voicemail that only identifies the firm as “Pantera Bitcoin.”
UPDATE: Official link:
submitted by twobitidiot to Bitcoin [link] [comments]

Why the NYDFS regulations will be the next catalyst to bring us to the moon.

There has been a lot of speculation regarding this current rise in price, and what will happen next. We -should- see a slow rise in price for the next few weeks, until we have some news that sends things parabolic.
Lawsky will have regulations out by the end of the second quarter (as stated here multiple times):
A lot of people on here don't understand how much of this works...
Yes, there will be your exchanges like Buttercoin, Circle and others that pop up for regular day to day users once regulations are released. These have already started to launch and accept limited users and don't necessarily have to wait for the NYDFS regulations before starting up. Lawsky has clearly stated that these types of "exchanges" can apply for their bitlicense, even before there is an actual application (all at the above link).
BUT... there are also an entirely different side to the "exchange" argument. In the traditional finance world (and soon to be in Bitcoin world), there are other exchanges that work behind the scenes as liquidity providers, or exchanges that exchanges/hft/wall street will connect into. An example of this is:
What is an ATS?
These will not go into operation until NYDFS has CLEARLY laid out the regulations in this area. Bitcoin is a new technology which clearly creates controversy, the last thing a company would want to do is put their business at risk by running full steam ahead into an unregulated space.
Many big banks and other exchanges will connect into ATS (and similar) exchanges, and we can already see that there are many instances of banks hiring and implementing Bitcoin:
Putting all of these pieces together, I think it is pretty clear what the next steps for BTC are. Couple all of this with the Winklevoss and SecondMarkey ETFs coming online, and I think we are going to see a really interesting summer:
submitted by nycgoat to BitcoinMarkets [link] [comments]

ETF Dynamics

I, and as i think it's generally assumed, thought that the ETFs will drive price growth. However, I rethought this today.
COIN and secondmarket need btc, but haven't they been buying for the past year+? That means there won't be any sort of magical demand growth once it goes live - all the bitcoin buying has already occurred. Now the certificates are just transferred to the retail customers.
I could see some marginal demand as more people are interested in the product, meaning that the ETF operators need to acquire more to meet the customer pool.
Does this all sound correct? Unless demand via ETFs outstrips expected demand, forcing the ETFs to acquire drastically more coin, then where will all this demand come from?
Edit: I can see an immediate bounce just because fundamentals have changed; i.e. the gates to a new market have opened. I can also see how long-term price increases due to demand, the market is open and demand increases. I'm just suggesting that a bubble isn't going to launch with the ETFs because the existing coins will satisfy demand of the new market in the short to mid term.
submitted by jeanduluoz to BitcoinMarkets [link] [comments]

TROUBLING BITCOIN ETF & BAKKT NEWS! Bitcoin ETF Excitement, SBI Crypto Exchange Officially Launches And IBM Stablecoin #TradeTalks: Will a Bitcoin ETF Launch? Bitcoin Winklevoss ETF the Game Changer BITCOIN PUMPING!  VanEck Bitcoin ETF LAUNCHING!?  Bitcoin Dominance Over 70%!!

“I’m excited about today” – Barry Silbert, CEO of SecondMarket. In a personal and passionate email, Barry Silbert, CEO of SecondMarket, announced that his company was launching a new investment vehicle called the Bitcoin Investment Trust (BIT).This trust is available only to institutional and accredited investors and derives its value solely from the price of Bitcoin. The first time VanEck tried to file for an ETF, in August 2017, they based it on the Bitcoin futures and had to withdraw their request as the futures didn’t exist yet. When they filed for a second time in December, they had to withdraw their request again because the SEC raised concerns over the volatility and the liquidity of the asset. SolidX and the Winklevoss twins also failed to ... Various firms like VanEck have tried to push through a Bitcoin ETF, but the SEC cited issues, such as price manipulation as a primary obstacle in getting a cryptocurrency-related fund approved. A company called SecondMarket runs a bitcoin private trust for accredited investors. ETF Trends reports that SecondMarket wants to create an over-the-counter listing and eventually an actual ... Hashdex, a regulated Brazilian fund manager, has agreed with Nasdaq to launch the world’s first crypto asset exchange-traded fund (ETF) on the Bermuda Stock Exchange (BSX).. The stock exchange announced on September 18 that it had approved the Hashdex Nasdaq Crypto Index, revealing that 3 million Class E shares would be issued for trading on the platform.

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