2023-11-16 16:08

NEW YORK - CoinShares, a digital asset investment firm managing over $3 billion, has secured an option to acquire the funds division of Valkyrie Investments. The deal would include a Bitcoin-and-Ether-futures exchange-traded fund (ETF) and a fund focused on Bitcoin miners, with combined assets totaling approximately $57 million. The acquisition option remains open until the first quarter of next year, providing CoinShares with the opportunity to expand its offerings in the United States. Valkyrie's plans to launch a spot Bitcoin ETF are underway, pending regulatory approval. The potential addition of this product is particularly attractive to CoinShares as it aligns with their strategy to strengthen their presence in the US market. Valkyrie will continue to operate independently while CoinShares deliberates on exercising its acquisition option. The move by CoinShares reflects the firm's ambition to be at the forefront of providing innovative digital asset investment vehicles in the burgeoning cryptocurrency market. InvestingPro Insights According to real-time data from InvestingPro, CoinShares currently manages $3 billion in assets, while the funds division of Valkyrie Investments, which CoinShares has an option to acquire, has assets totaling approximately $57 million. This potential acquisition aligns with CoinShares' strategy to expand its offerings and presence in the US market. InvestingPro offers two relevant tips for investors considering this news. First, it's important to monitor regulatory developments, as Valkyrie's planned launch of a spot Bitcoin ETF is still pending approval. Second, CoinShares' potential acquisition could provide investors with more diverse digital asset investment options, underlining the importance of diversification in investment strategies. For more insights like these, consider exploring the wide range of tips available on InvestingPro. https://www.investing.com/news/cryptocurrency-news/coinshares-considers-acquisition-of-valkyries-funds-division-93CH-3236743

2023-11-16 16:00

Copyrighted Image by: Reuters NEW YORK - In a mixed day for digital assets and tech stocks, Uniswap emerged as a notable gainer among cryptocurrencies, while NVIDIA Corp (NASDAQ:NVDA). and Amplify Transformational Data Sharing ETF registered declines. The cryptocurrency market saw a divergence in performance today, with Dogecoin and Cardano experiencing significant upticks. Uniswap joined this upward trend, marking a positive note for the decentralized finance sector. On the other hand, Solana and Bitcoin faced downturns, reflecting the volatile nature of the crypto market. In the realm of technology companies, several firms witnessed their share prices fall. Notably, NVIDIA Corp., a major player in the graphics processing unit (GPU) market, saw its stock price decrease. This came amidst broader losses that included companies such as Coinbase (NASDAQ:COIN) Global Inc., MicroStrategy Inc., Marathon Digital (NASDAQ:MARA) Holdings Inc., Block Inc., PayPal Holdings Inc (NASDAQ:PYPL)., Ebang International Holdings Inc., and Riot Platforms (NASDAQ:RIOT). Electric vehicle giant Tesla (NASDAQ:TSLA) also contributed to the downward movement. Despite the general downtrend in tech stocks, Advanced Micro Devices (NASDAQ:AMD) stood out with its shares moving up, going against the grain of its industry peers. Investment funds tied to digital assets did not escape the day's volatility either. Grayscale Bitcoin Trust and Bitwise Crypto Industry Innovators ETF both experienced drops. Amplify Transformational Data Sharing ETF, which invests in blockchain-related companies, particularly felt the impact with a notable decline. Today's market movements underscore the ongoing fluctuations in both the cryptocurrency space and technology sector, with investors closely watching for any signs of stabilization or further shifts in momentum. https://www.investing.com/news/cryptocurrency-news/uniswap-climbs-as-nvidia-and-amplify-etf-face-declines-93CH-3236736

2023-11-16 15:29

NEW YORK - At the recent Ripple Swell Conference, Ripple CEO Brad Garlinghouse expressed criticism towards the U.S. Securities and Exchange Commission (SEC), accusing the regulatory body of straying from its core mission of protecting investors. This critique comes amid Ripple's ongoing legal battle with the SEC, which has seen a series of legal victories for the blockchain-based digital payment network. The company's successes in court have positively influenced the price of its native cryptocurrency, XRP, leading to a 1.84% increase in value. Investors and analysts are closely monitoring this situation, as the future trajectory of XRP seems to be linked with regulatory developments, particularly the SEC's stance on a Bitcoin exchange-traded fund (ETF). The approval of such an ETF is anticipated to have a significant impact on the broader cryptocurrency market. Market analysts are optimistic about XRP's prospects, forecasting that its price could ascend to $0.8 by the first quarter of 2024. This prediction is based on expectations of heightened institutional investment flowing into the cryptocurrency space. In related news from the crypto sector, VC Spectra (SPCT), an innovative AI-powered decentralized asset management protocol, has garnered considerable interest from investors during its presale stages. The protocol issues BRC-20 standard tokens, which confer a range of benefits to holders, including quarterly dividends and exclusive access to select blockchain ventures. During Stage 4 of VC Spectra's presale, its token price reached $0.066, translating to a substantial 725% profit for early-stage investors. Projections indicate that the token's value could surpass $0.08 by Stage 6 of the presale. This performance suggests a promising future for VC Spectra's tokens once they become available on major cryptocurrency exchanges. https://www.investing.com/news/cryptocurrency-news/ripple-ceo-criticizes-sec-xrp-price-sees-uptick-93CH-3236663

2023-11-16 15:00

Copyrighted Image by: Reuters NEW YORK - Tether Holdings Ltd., the company behind the widely-used USDT stablecoin, is making a strategic pivot with a substantial $500 million investment into the Bitcoin mining sector. Paolo Ardoino, the incoming CEO, announced that the funds will be allocated over the next six months to develop new mining facilities and acquire stakes in existing companies. The investment follows Tether's acquisition of shares in Frankfurt-based Northern Data AG (ETR:NB2) and the extension of a $610 million credit facility to the same company back in September 2023. Ardoino highlighted Tether's dedication to becoming a significant player in the Bitcoin mining ecosystem, outlining their ambitious plans for new substations and sites. Tether's venture into mining represents a diversification from its core business of managing the USDT stablecoin's reserves, which include $87 billion in US Treasury bills and other assets. The company's reserves have generated approximately $3.2 billion in excess cash as of September 30. So far this year, Tether has invested over $800 million in industry research and development, with a focus on Bitcoin. The company is actively building mines in Latin America, with locations in Uruguay, Paraguay, and El Salvador, each with capacities ranging from 40 to 70 megawatts. Jaran Mellerud, CEO at MinerMetrics, noted that achieving a 1% share of the total computing power on the Bitcoin network would likely place Tether among the top 20 global Bitcoin mining firms. Despite recent industry challenges, including bankruptcies from Compute North and Core Scientific due to liquidity issues, Bitcoin's price has seen a rebound above $37,000. Tether is also preparing for an upcoming 'halving' update to Bitcoin’s code that is expected to significantly reduce mining revenue next year. In addition to evaluating a potential 300-megawatt capacity site, Tether has earmarked around $150 million for direct involvement in mining opportunities. The company's operations are already turning a profit thanks to rising Bitcoin prices and have adopted innovative strategies such as housing facilities inside relocatable containers to capitalize on fluctuating electricity costs. As Tether aims for growth amidst record-breaking mining difficulties experienced this year, its strategy involves leveraging its financial strength for counter-cyclical investments and taking a measured approach rather than rushing to become the largest miner in the field. https://www.investing.com/news/cryptocurrency-news/tether-holdings-invests-500-million-in-bitcoin-mining-expansion-93CH-3236633

2023-11-16 14:36

Copyrighted Image by: Reuters. TOKYO - Rintaro Tamaki, who served as Japan's Vice-Minister of Finance for International Affairs from 2009 to 2011, reflected on past interventions in the currency market, particularly during the tumultuous period following the March 2011 earthquake and the Fukushima disaster. He highlighted these interventions aimed at stabilizing markets but also underscored the limitations of such measures in addressing fundamental economic issues. Tamaki pointed out that the current weakness of the yen is partly due to the interest rate differentials between Japan and the United States, as well as Japan's deteriorating fiscal health. He acknowledged that while interventions such as dollar-selling and yen-buying could have a psychological impact on markets, they are unlikely to rectify underlying structural problems or provide long-term support for the yen. Despite this, Tamaki expressed that measures designed to slow down the yen's decline could be seen as acceptable. His reflections come at a time when market participants are closely monitoring Japan's currency policies and their effectiveness in the face of ongoing economic challenges. https://www.investing.com/news/forex-news/rintaro-tamaki-discusses-yen-intervention-limits-amid-currency-weakness-93CH-3236574

2023-11-16 14:29

Copyrighted Image by: Reuters. NEW YORK - Enzyme has teamed up with Swell to enhance the Ethereum staking landscape by integrating its novel Lido unstaking feature into Swell's Super swETH Vault. This collaboration aims to incentivize staking participants, bolster Ethereum's security, and promote fairness across the network. Swell, a significant DeFi entity since April 2023, is known for its non-custodial liquid staking method that incorporates rigorous security protocols, including Sigma Prime audits and Chainlink Proof of Reserves. The partnership between Enzyme and Swell targets concerns about the concentration of power within the liquid staking market, reinforcing the principles of decentralization and anti-censorship that are foundational to Ethereum. Swell's token, swETH, is widely adopted, with more than 40 integrations. The Super swETH Vault powered by Enzyme technology has attracted over 360 depositors and boasts a total value locked (TVL) exceeding $9 million. This vault offers multiple incentives for stakeholders: Enzyme's contribution to this initiative comes in the form of its non-custodial smart contracts that allow for real-time tracking of the total amount locked in the system. This feature is crucial for maintaining transparency and trust among participants in the decentralized finance ecosystem. The partnership is an essential step toward decentralizing the Ethereum staking ecosystem further and providing stETH holders with enhanced income opportunities while maintaining robust security features. https://www.investing.com/news/cryptocurrency-news/enzyme-partners-with-swell-to-boost-ethereum-staking-93CH-3236556