As bitcoin, ethereum and other cryptocurrencies get increasing attention from investors, Wall Street and its traditional banks continue to adjust to the shift. Catch up on this week’s top stories highlighting the intersection of these old guard and new school areas of finance with this recap compiled by The Fly.
ARK INVESTMENT TO LAUNCH BITCOIN ETF: Cathie Wood’s ARK Investment announced in a Monday regulatory filing the ARK 21Shares Bitcoin ETF, an exchange-traded fund that issues common shares of beneficial interest that trade on the Cboe BZX Exchange, Inc. The Trust’s investment objective is to seek to track the performance of bitcoin, as measured by the performance of the S&P Bitcoin Index, adjusted for the Trust’s expenses and other liabilities. S&P Dow Jones Indices LLC is the publisher and index administrator for the Index. The Index is designed to reflect the performance of bitcoin in U.S. dollars. In seeking to achieve its investment objective, the Trust will hold bitcoin and will value its Shares daily based on the Index. 21Shares US LLC is the sponsor of the Trust, Delaware Trust Company is the trustee of the Trust, and Coinbase Custody Trust Company, LLC is the custodian for the Trust, and will hold all of the Trust’s bitcoin on the Trust’s behalf. ARK Investment Management LLC provides assistance in the marketing of the Shares, according to the filing.
HIVE BLOCKCHAIN BEGINS NASDAQ TRADING: HIVE Blockchain (HVBT) announced Tuesday it would begin trading the company’s common shares on the Nasdaq’s Capital Markets Exchange on Thursday, July 1. The company announced on Thursday that it had joined the NVIDIA (NVDA) Partner Network Cloud Service Provider program and entered into purchase agreements for NVIDIA GPU’s with a total contract value of more than $66. These cards will be delivered over the remaining months of calendar 2021 with deliveries arriving each month, the company said. Additionally on Friday, HIVE announced its long-term high performance computing strategy beyond Ethereum 2.0. The company said, “HIVE’s current ethereum production is over 3,000 Gigahash per second and has the potential to almost double after card upgrades of over 5,500 GH/s by the end of December 2021, and our current bitcoin production is 544 Petahash per second, which we expect to double by early September 2021 to 1.0 Exahash per second and double again by Christmas 2021 to 2.3 EH/s. Based on current ETH and BTC prices and difficulty in mining our revenue could be $30M per month when we have all our machines installed and mining.”
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