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What lesson is Kraken taking from Coinbase’s direct listing?

Is the mixed response to Coinbase’s direct listing forcing other crypto-exchanges to take a step back before going public? A recent development would suggest so. Kraken, at the time of writing, wa

The post What lesson is Kraken taking from Coinbase’s direct listing? appeared first on AMBCrypto.

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Is the mixed response to Coinbase’s direct listing forcing other crypto-exchanges to take a step back before going public? A recent development would suggest so.

Kraken, at the time of writing, was the 3rd largest exchange when ranked by volume. However, its plans to go public via a direct listing might be on hold. At least for the time being.

The same was alluded to during a recent interview with Fortune by Kraken CEO Jesse Powell.

Direct listing v. IPO

According to Powell, Kraken is now taking a harder look at going public, especially when it comes to a direct listing.

“An IPO is looking a little more attractive in light of the direct listing’s performance.”

He added,

“I would say we’re looking at it more seriously now having the benefit of seeing how the direct public offering played out for Coinbase.”

A traditional IPO might look more attractive than a direct listing, after Coinbase’s tumultuous results, but what happened?

Coinbase’s struggles post-direct listing

Coinbase saw its initial valuation cut by roughly a third, going public at over $68B to a present-day valuation of $48B. Per share, Coinbase’s stock COIN launched with a price of around $327 on 14 April. However, despite the associated enthusiasm, its performance has seen a steep decline of around 32.4%, pushing it to trade at around $221 on the 11th of June.

Source: Nasdaq

One of the main reasons could be the sale of nearly $5 billion in COIN stock shortly after its listing.

According to the Kraken exec,

“Not having lock-ups, having billions of dollars of insiders be able to dump their shares, you know, on day one […] I think it has a dampening effect on the market.”

The CEO also went on to highlight other reasons as well which could have signaled the same.

“I think you might be seeing people just facing this cognitive dissonance of becoming increasingly aware of the impending doom that’s coming to the legacy financial system.”

Can Kraken crack this?

Irrespective of their previous results, however, can the firm go public, and if so then how?

Even though Brian Armstrong, the CEO of Coinbase saw public listing as appropriate, Kraken CEO didn’t fall in line with it.

“The roadmap is still not entirely clear- we’ll see how the market looks in the second half of next year, before deciding on which method to take for a public listing.”

That being said, he didn’t pinpoint his options in the said interview. An IPO? SPAC? Direct listing later down the line? Powell didn’t give any clues.

It’s worth noting, however, that he did signal a thumbs down for SPAC, or special purpose acquisition companies, in a CNBC interview earlier this year.

“If Kraken would decide to go public, it would do so through a direct listing and not through a SPAC as we are too big to go that route.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/what-lesson-is-kraken-taking-from-coinbases-direct-listing

Blockchain

SEC Delays VanEck Bitcoin ETF Application—Again

The SEC has delayed another Bitcoin ETF hopeful this week, this time pushing the deadline back until as late as August.

Published

on

In brief

  • The SEC has again delayed the VanEck Bitcoin Trust filing, this time asking the public several key questions about the market.
  • An approved Bitcoin ETF has been heralded as a key milestone for the leading cryptocurrency.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on VanEck’s Bitcoin exchange-traded fund (ETF), called the VanEck Bitcoin Trust. 

This is the second time this week that the Commission has pushed back a decision on a Bitcoin ETF. On June 15, the SEC postponed its decision on Kryptoin’s ETF filing.

The SEC has yet to approve any Bitcoin ETF, with chairpeople frequently citing manipulation and a lack of transparency in the crypto market as key reasons. A Bitcoin ETF has been heralded as crucial for the continued acceptance of the asset class. It would offer traditional investors less familiar with cryptocurrencies a regulated and conventional means of gaining exposure to Bitcoin. 

On this occasion, the SEC has also asked the public to comment on several key questions related to the VanEck filing. 

The Commission asks whether the filing would be vulnerable to manipulation; if the public believes the cryptocurrency industry has changed since 2016; if VanEck’s filing has curtailed any possibility of manipulation; and if Bitcoin is transparent.

The public has the next 20 days to file any comments on the above. Commenters can make submissions electronically via the Commission’s portal. Post and email are also accepted means, according to the SEC.

VanEck’s Bitcoin ETF journey

VanEck’s first filing came in June 2018 with its VanEck SolidX Bitcoin trust. The company eventually withdrew this filing in September 2019. 

The New York-based investment manager refiled a new application in December 2020, called the VanEck Bitcoin Trust. In March 2021, VanEck then proposed an amendment to the filing. 

The SEC delayed this filing in April 2021, according to a statement from the Commission. Yesterday’s announcement is the second delay of the same filing.

The VanEck Bitcoin Trust would trade shares that reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate. This rate is a U.S. dollar value that tracks the median price of Bitcoin across five exchanges. These kinds of price aggregators are often used whenever a fund manager or exchange is looking to build a financial product and needs a reliable price tracker. 

Shares of the trust would trade on the Cboe BZX Exchange, according to the filing. The filing did not cite a specific custodian that would hold the underlying Bitcoin in the Trust. 

Though many have said 2021 would be the year the SEC approves a Bitcoin ETF, the Commission continues to proceed with extreme caution. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/73817/sec-delays-vaneck-bitcoin-etf-application-again

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Blockchain

SEC Delays VanEck Bitcoin ETF Application—Again

The SEC has delayed another Bitcoin ETF hopeful this week, this time pushing the deadline back until as late as August.

Published

on

In brief

  • The SEC has again delayed the VanEck Bitcoin Trust filing, this time asking the public several key questions about the market.
  • An approved Bitcoin ETF has been heralded as a key milestone for the leading cryptocurrency.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on VanEck’s Bitcoin exchange-traded fund (ETF), called the VanEck Bitcoin Trust. 

This is the second time this week that the Commission has pushed back a decision on a Bitcoin ETF. On June 15, the SEC postponed its decision on Kryptoin’s ETF filing.

The SEC has yet to approve any Bitcoin ETF, with chairpeople frequently citing manipulation and a lack of transparency in the crypto market as key reasons. A Bitcoin ETF has been heralded as crucial for the continued acceptance of the asset class. It would offer traditional investors less familiar with cryptocurrencies a regulated and conventional means of gaining exposure to Bitcoin. 

On this occasion, the SEC has also asked the public to comment on several key questions related to the VanEck filing. 

The Commission asks whether the filing would be vulnerable to manipulation; if the public believes the cryptocurrency industry has changed since 2016; if VanEck’s filing has curtailed any possibility of manipulation; and if Bitcoin is transparent.

The public has the next 20 days to file any comments on the above. Commenters can make submissions electronically via the Commission’s portal. Post and email are also accepted means, according to the SEC.

VanEck’s Bitcoin ETF journey

VanEck’s first filing came in June 2018 with its VanEck SolidX Bitcoin trust. The company eventually withdrew this filing in September 2019. 

The New York-based investment manager refiled a new application in December 2020, called the VanEck Bitcoin Trust. In March 2021, VanEck then proposed an amendment to the filing. 

The SEC delayed this filing in April 2021, according to a statement from the Commission. Yesterday’s announcement is the second delay of the same filing.

The VanEck Bitcoin Trust would trade shares that reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate. This rate is a U.S. dollar value that tracks the median price of Bitcoin across five exchanges. These kinds of price aggregators are often used whenever a fund manager or exchange is looking to build a financial product and needs a reliable price tracker. 

Shares of the trust would trade on the Cboe BZX Exchange, according to the filing. The filing did not cite a specific custodian that would hold the underlying Bitcoin in the Trust. 

Though many have said 2021 would be the year the SEC approves a Bitcoin ETF, the Commission continues to proceed with extreme caution. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/73817/sec-delays-vaneck-bitcoin-etf-application-again

Continue Reading

Blockchain

SEC Delays VanEck Bitcoin ETF Application—Again

The SEC has delayed another Bitcoin ETF hopeful this week, this time pushing the deadline back until as late as August.

Published

on

In brief

  • The SEC has again delayed the VanEck Bitcoin Trust filing, this time asking the public several key questions about the market.
  • An approved Bitcoin ETF has been heralded as a key milestone for the leading cryptocurrency.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on VanEck’s Bitcoin exchange-traded fund (ETF), called the VanEck Bitcoin Trust. 

This is the second time this week that the Commission has pushed back a decision on a Bitcoin ETF. On June 15, the SEC postponed its decision on Kryptoin’s ETF filing.

The SEC has yet to approve any Bitcoin ETF, with chairpeople frequently citing manipulation and a lack of transparency in the crypto market as key reasons. A Bitcoin ETF has been heralded as crucial for the continued acceptance of the asset class. It would offer traditional investors less familiar with cryptocurrencies a regulated and conventional means of gaining exposure to Bitcoin. 

On this occasion, the SEC has also asked the public to comment on several key questions related to the VanEck filing. 

The Commission asks whether the filing would be vulnerable to manipulation; if the public believes the cryptocurrency industry has changed since 2016; if VanEck’s filing has curtailed any possibility of manipulation; and if Bitcoin is transparent.

The public has the next 20 days to file any comments on the above. Commenters can make submissions electronically via the Commission’s portal. Post and email are also accepted means, according to the SEC.

VanEck’s Bitcoin ETF journey

VanEck’s first filing came in June 2018 with its VanEck SolidX Bitcoin trust. The company eventually withdrew this filing in September 2019. 

The New York-based investment manager refiled a new application in December 2020, called the VanEck Bitcoin Trust. In March 2021, VanEck then proposed an amendment to the filing. 

The SEC delayed this filing in April 2021, according to a statement from the Commission. Yesterday’s announcement is the second delay of the same filing.

The VanEck Bitcoin Trust would trade shares that reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate. This rate is a U.S. dollar value that tracks the median price of Bitcoin across five exchanges. These kinds of price aggregators are often used whenever a fund manager or exchange is looking to build a financial product and needs a reliable price tracker. 

Shares of the trust would trade on the Cboe BZX Exchange, according to the filing. The filing did not cite a specific custodian that would hold the underlying Bitcoin in the Trust. 

Though many have said 2021 would be the year the SEC approves a Bitcoin ETF, the Commission continues to proceed with extreme caution. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/73817/sec-delays-vaneck-bitcoin-etf-application-again

Continue Reading

Blockchain

SEC Delays VanEck Bitcoin ETF Application—Again

The SEC has delayed another Bitcoin ETF hopeful this week, this time pushing the deadline back until as late as August.

Published

on

In brief

  • The SEC has again delayed the VanEck Bitcoin Trust filing, this time asking the public several key questions about the market.
  • An approved Bitcoin ETF has been heralded as a key milestone for the leading cryptocurrency.

The U.S. Securities and Exchange Commission (SEC) has delayed its decision on VanEck’s Bitcoin exchange-traded fund (ETF), called the VanEck Bitcoin Trust. 

This is the second time this week that the Commission has pushed back a decision on a Bitcoin ETF. On June 15, the SEC postponed its decision on Kryptoin’s ETF filing.

The SEC has yet to approve any Bitcoin ETF, with chairpeople frequently citing manipulation and a lack of transparency in the crypto market as key reasons. A Bitcoin ETF has been heralded as crucial for the continued acceptance of the asset class. It would offer traditional investors less familiar with cryptocurrencies a regulated and conventional means of gaining exposure to Bitcoin. 

On this occasion, the SEC has also asked the public to comment on several key questions related to the VanEck filing. 

The Commission asks whether the filing would be vulnerable to manipulation; if the public believes the cryptocurrency industry has changed since 2016; if VanEck’s filing has curtailed any possibility of manipulation; and if Bitcoin is transparent.

The public has the next 20 days to file any comments on the above. Commenters can make submissions electronically via the Commission’s portal. Post and email are also accepted means, according to the SEC.

VanEck’s Bitcoin ETF journey

VanEck’s first filing came in June 2018 with its VanEck SolidX Bitcoin trust. The company eventually withdrew this filing in September 2019. 

The New York-based investment manager refiled a new application in December 2020, called the VanEck Bitcoin Trust. In March 2021, VanEck then proposed an amendment to the filing. 

The SEC delayed this filing in April 2021, according to a statement from the Commission. Yesterday’s announcement is the second delay of the same filing.

The VanEck Bitcoin Trust would trade shares that reflect the performance of the MVIS CryptoCompare Bitcoin Benchmark Rate. This rate is a U.S. dollar value that tracks the median price of Bitcoin across five exchanges. These kinds of price aggregators are often used whenever a fund manager or exchange is looking to build a financial product and needs a reliable price tracker. 

Shares of the trust would trade on the Cboe BZX Exchange, according to the filing. The filing did not cite a specific custodian that would hold the underlying Bitcoin in the Trust. 

Though many have said 2021 would be the year the SEC approves a Bitcoin ETF, the Commission continues to proceed with extreme caution. 

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://decrypt.co/73817/sec-delays-vaneck-bitcoin-etf-application-again

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