Eclipse CEO Steps Down Amid Sexual Misconduct Allegations
According to reports Eclipse founder and CEO Neel Somani steps back from his position amid sexual misconduct allegations.
One of the leading financial institutions Grayscale, is excited at the prospect of potentially transforming Grayscale Bitcoin Trust (GBTC) into a Bitcoin ETF. This would reduce more than 8% of the discount on Bitcoin, bringing the price of GBTC’s price much closer to the value of Bitcoin. As a trust, this would offer a more representative asset for investors.
This comes according to Grayscale’s chief legal officer Craig Salm and chief financial officer Edward McGee. They released the details, noting that a spot Bitcoin ETF in the United States is not a matter of “if”, but rather a matter of “when”. The GBTC’s transition to a Bitcoin ETF is currently waiting on approval from the United States Securities Exchange Commission (SEC). Not only would the move align the price of the asset closer to Bitcoin’s, but it would also serve as a more seamless process for investors to redeem their shares.
“GBTC investors do not have to take any action. When investors look at their GBTC holdings following the uplisting to NYSE Arca, they will simply see the shares listed on NYSE Arca instead of being quoted on OTCQX… Redemptions of GBTC shares are expected to be conducted in reliance on Regulation M relief previously granted by the SEC with respect to products sharing similar characteristics. “
According to Eric Balchunas, a Bloomberg ETF analyst, the dependence on Regulation M (Reg M) is worth paying attention to. He notes that the SEC might use Reg M to hinder or delay procedures in the ETF and allow the change.
Fair point, it def can’t hurt, but few caveats: 1) that’s if they make starting gate 2) the $20b won’t show up as flows or volume like ARKB’s fresh BYOA injections will 3) the 2% fee arguably offsets any advantage, but they could lower bf launch, we’ll see.. https://t.co/iSkU4YCkDh
— Eric Balchunas (@EricBalchunas) November 30, 2023
According to reports Eclipse founder and CEO Neel Somani steps back from his position amid sexual misconduct allegations.
The partnership between Mastercard and the significant banking giants in the US is aimed at streamlining multiple asset-class settlements.
After 7 years of operations serving the XMR community Monero’s version of LocalBitcoins announced that it is closing.
The sudden rise in Ore mining transaction, combined with the recent meme coin mania were behind Solana’s April congestion issue.