2024-01-11 15:44
Circle Internet Financial (Circle), the issuer of stablecoin USDC, announced Thursday that it has confidentially filed for an initial public offering in the U.S. The company submitted a draft registration statement on Form S-1 with the Securities and Exchange Commission (SEC). USDC is a cryptocurrency pegged to the U.S. dollar. Circle controls the issuance and governance of the crypto. The company, which is also the issuer of EURC, said the number of shares to be offered and the price range for the proposed offering have not yet been determined. However, the Boston-based firm expects the initial public offering to take place after the SEC completes its review process, subject to market and other conditions. https://www.investing.com/news/cryptocurrency-news/usdc-issuer-circle-files-for-ipo-432SI-3272693
2024-01-11 15:43
Copyrighted Image by: Reuters. DENVER - Vortex Brands Co. (OTC: VTXB) has announced its ongoing efforts to enhance its Bitcoin mining capabilities through the acquisition of additional mining units. The company, which operates within the cryptocurrency sector with a focus on Bitcoin Mining, is actively increasing its hash power to meet the rising demand for digital assets and strengthen its presence in the market. The acquisition process is in progress, with Vortex Brands Co. committed to keeping shareholders and the public informed of the developments. Details on the number of mining units and their expected impact on the company's operations will be disclosed following the completion of the transaction. The information provided in this article is based on a press release statement from Vortex Brands Co. https://www.investing.com/news/cryptocurrency-news/vortex-brands-co-expands-bitcoin-mining-operations-93CH-3272685
2024-01-11 14:55
Copyrighted Image by: Reuters. NEW YORK - Invesco Ltd. (NYSE: IVZ), a global investment management firm, in collaboration with Galaxy Asset Management, has launched the Invesco Galaxy Bitcoin ETF (NYSE Arca: BTCO), which began trading on the Cboe BZX Exchange today. The ETF provides investors with access to the performance of bitcoin's market price, measured by the Lukka Prime Bitcoin Reference Rate. Invesco has waived the entire management fee of BTCO for the first six months for assets up to $5 billion, setting the total expense ratio at zero basis points during this period. The company has the discretion to extend this fee waiver. Brian Hartigan, Global Head of ETFs Investments at Invesco, highlighted the partnership with Galaxy Asset Management as a key differentiator for BTCO, citing the combination of ETF innovation and digital asset expertise. Steve Kurz, Global Head of Galaxy Asset Management, emphasized the benefits of their partnership, including their experience in managing crypto ETPs in various international markets and their direct experience with a cash create bitcoin ETF in Canada. BTCO's bitcoin holdings are secured in institutional-grade storage through a custody agreement with Coinbase (NASDAQ:COIN). This ETF structure aims to alleviate the operational challenges of direct bitcoin investment, such as custodial duties and security. Galaxy Asset Management, not affiliated with Invesco, acts as the execution agent for BTCO, managing the buying and selling of bitcoin for cash. The firm oversees $5.3 billion in assets under management as of November 30, 2023, and is known for its conservative, fiduciary-first approach. This news is based on a press release statement. https://www.investing.com/news/cryptocurrency-news/invesco-and-galaxy-launch-zerofee-bitcoin-etf-93CH-3272601
2024-01-11 14:29
Copyrighted Image by: Reuters. NEW YORK - The foreign exchange market experienced notable movements today as the Euro initially strengthened against the US dollar, only to pare gains following the release of US inflation data. The EUR/USD exchange rate climbed early in the day to 1.0985, but later declined to $1.0964 after the US reported an unexpected inflation high of 3.4%. The British pound also showed potential for significant movement, trading near 1.2770, with the chance to hit a five-month peak depending on the outcome of US economic data and equity market trends. Investors and traders are currently assessing the likelihood of a Federal Reserve rate cut in March, with decisions hinging on forthcoming data. This speculation follows comments made yesterday by New York Fed President Williams, who hinted at the possibility of future rate evaluations. Supporting a more robust economic perspective, US initial jobless claims fell to a two-month low of 202,000, signaling a strengthening labor market. Despite these developments, jobless claims are anticipated to rise to approximately 209,000. The European Central Bank's economic bulletin presented a mixed picture for the Eurozone, acknowledging a recent technical recession but also forecasting a potential recovery. Moreover, markets are keeping a close eye on upcoming UK GDP data and China’s annual inflation figures, which could further influence global financial trends. https://www.investing.com/news/forex-news/euro-strengthens-then-dips-as-us-inflation-data-impacts-markets-93CH-3272579
2024-01-11 14:27
Copyrighted Image by: Reuters NEW YORK - The U.S. Securities and Exchange Commission (SEC) has given the green light to Bitcoin Exchange-Traded Funds (ETFs), a move that has positively influenced cryptocurrency market sentiment. This regulatory nod has paved the way for the introduction of novel crypto assets, including meme-inspired ETF tokens. Following the SEC's endorsement, the crypto community witnessed the creation of several Solana-based meme coins. Notably, an "Electric Turkey Frier"-themed ETF token and another named BTCETF have entered the market. Both tokens debuted to considerable fanfare and quickly garnered significant trading volumes. The "Electric Turkey Frier" ETF token was launched on the Raydium Automated Market Maker (AMM) platform. Enthusiasm around this quirky asset was evident as it saw its price soar shortly after its 9 pm UTC launch. Similarly, BTCETF experienced a notable surge in value post-launch, reflecting the heightened interest from investors and traders. In the wake of these developments, Bitcoin's price experienced a substantial uptick, momentarily reaching the $47,000 threshold. This price movement underscored the broader market's reaction to the SEC's decision, which many investors perceived as a legitimizing force for cryptocurrencies. Despite the initial excitement and trading activity, both the "Electric Turkey Frier" ETF token and BTCETF have since confronted challenges. The market has observed a sharp downturn in their market capitalization and liquidity, a common occurrence in the volatile crypto market, especially after a period of intense hype. https://www.investing.com/news/cryptocurrency-news/sec-approval-of-bitcoin-etfs-sparks-meme-coin-launches-93CH-3272576
2024-01-11 14:22
BOSTON - Circle Internet Financial, the Boston-based fintech company known for its USDC stablecoin, has taken a significant step towards going public by filing a confidential draft registration statement with the Securities and Exchange Commission (SEC). The move towards an initial public offering (IPO) comes after the company's planned merger with a special-purpose acquisition company (SPAC) was called off in December 2022. The previous merger, which was supposed to value Circle at $9 billion, did not materialize. However, Circle is pressing on with its ambitions to enter the public market. The company, led by CEO Jeremy Allaire, has not disclosed the number of shares or the price range for the proposed offering at this time. Circle's USDC stablecoin boasts a market capitalization of $25 billion, securing its position as the second-largest stablecoin by market cap, trailing only behind Tether. Stablecoins like USDC are digital currencies designed to maintain a stable value relative to a specific asset, often the US dollar, making them a vital component in the cryptocurrency market for traders and investors seeking to avoid volatility. The confidential draft S-1 filing with the SEC is a preliminary step that companies often take before going public. It allows them to work with regulators to address any concerns before making their financial information public and officially launching the IPO process. Circle's move towards an IPO signifies a growing trend of cryptocurrency-related businesses seeking to tap into the public equity markets, despite the recent turmoil in the crypto space. https://www.investing.com/news/cryptocurrency-news/circle-internet-financial-files-for-ipo-following-spac-deal-collapse-93CH-3272566
