First Bitcoin Fund in the Middle East Approved for Listing on Nasdaq Dubai

First Bitcoin Fund in the Middle East Approved for Listing on Nasdaq Dubai

3iQ, a Canadian digital asset management firm, has received regulatory clearance for the listing of the Bitcoin Fund, QBTCu.TO, on Nasdaq Dubai. This makes it the first indexed crypto-based fund in the Middle East. Last year, it was listed on the Toronto Stock Exchange.

“The idea is bitcoin trades 24 hours a day … so our interest is to bring a regulated product to the Dubai market in their time hours,” said Frederick Pye, chairman, and CEO of 3iQ.

According to Pye, the Bitcoin Fund has roughly $1.5 billion in assets under management, and they will likely double this next year.

Dubai-based Dalma Capital, an alternative investment firm, was 3iQ’s syndicate manager for the fund’s Middle East expansion.

According to Zachary Cefaratti, CEO of Dalma, institutional investors, including sovereign wealth funds, have expressed interest in the listing.

“There’s just been a lot of grassroots demand for it.”

Cefaratti further noted that there is also a “huge shift and a huge change” in the traditional world where previously regional banks would close the accounts of their clients who invested in Bitcoin.

The shares of the fund are expected to start trading on Nasdaq Dubai in the second quarter.

“We believe that this is the opportune moment to expand this unique investment opportunity into the Middle East region,” said Pye.

But Dubai is just the beginning as 3iQ is also in talks with the US, Sweden, Taiwan, and Singapore to launch the products into these markets as well.

Read Original/a>
Author: AnTy

UK Hedge Fund Brevan Howard Plans to Invest 1.6% of $5.6B Capital in Cryptocurrencies

UK Hedge Fund Brevan Howard Plans to Invest 1.6% of $5.6B Capital in Cryptocurrencies

European hedge fund Brevan Howard Asset Management is reportedly planning to invest part of its capital in Bitcoin, according to Bloomberg.

Hedge Fund Joins League of Institutional Investors

Per the report, the firm is set to invest up to 1.6% of its $5.6 billion capital in cryptocurrencies. This translates to about $84 million soon to be allocated into digital assets.

Co-founders of crypto investment firm Distributed Global, Johnny Steindorff and Tucker Waterman, will oversee the crypto purchase for Brevan Howard.

Brevan Howard plans to have a diversified portfolio of cryptocurrencies; not just Bitcoin (BTC) and Ethereum (ETH).

The billionaire co-founder, Alan Howard has been investing in cryptocurrencies with his personal investments. He joins the likes of wall street heavyweights backing cryptocurrencies.

Howard owns a significant stake in European cryptocurrency asset manager CoinShares. He has also led and participated in many funding rounds for crypto startups. These include European companies such as Komainu and Nextmarkets.

More To Come, Less To Go

With the increasing debut of institutional investors in cryptocurrencies across the world, experts believe that more will come in and less will go because of the rising value of Bitcoin. At press time, Bitcoin trades at $61,896, still down 1.6% in the last 24 hours.

A survey report conducted by Glassnode showed that there was about 4 million Bitcoin in circulation, a feat that has never happened before.

The report added that the sharp rise in the demand for digital assets might lead to a massive supply squeeze in the meantime, which is capable of pushing the price higher.

As a result, the coins being mined are not even enough to meet the people’s demand. Most experts believe the short squeeze is also a factor driving crypto prices.

Read Original/a>
Author: Jimmy Aki

Hedge Fund Giant, Millennium Management, Exposed to Bitcoin Through Grayscale’s GBTC

Hedge Fund Giant, Millennium Management, Exposed to Bitcoin Through Grayscale’s GBTC: Report

$48 billion hedge fund Millennium is the latest to enter the Bitcoin market through Grayscale Bitcoin Trust (GBTC) and appears to be the largest hedge fund firm yet to join the GBTC trade

Multi-strategy hedge fund operator Millennium Management was exposed to the late March fall of the net asset value of GBTC, reported TheStreet citing sources with knowledge of the matter.

GBTC is currently trading at a discount to the Bitcoin price and has been throughout March and now in April as well. It first started in late February when the popular and much-coveted GBTC premium collapsed and went negative.

It is, however, unclear if the New York-based fund booked any loss on the crowded trade.

While GBTC trade wasn’t consequential for the firm, Millennium’s entry into the market is another bullish sign.

Run by founder Izzy Englander, Millennium has $48.3 billion of assets under management.

Grayscale is a closed-end fund, not having a redemption option requiring the participants to maintain their GBTC exposure for at least six months.

The fund announced this week that it is 100% committed to convert the trust into a Bitcoin exchange-traded fund (ETF) and bring down the management fee, which is currently at 2%.

Read Original/a>
Author: AnTy

CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund

CI Global Asset Management Launches Bitcoin Mutual Fund, Also Files for Ether ETF & Mutual Fund

CI Global Asset Management has launched North America’s first mutual fund, CI Bitcoin Fund, to provide dedicated exposure to the leading cryptocurrency.

The Fund provides access to the Bitcoin market at an “industry-low” management fee of 0.40%, which has an initial minimum investment limit of just $500. Kurt MacAlpine, Chief Executive Officer of CI Financial Corp., the parent company of CI GAM said,

“As investor interest in digital assets continues to grow, it was a natural next step for CI to extend our bitcoin investment capabilities to a mutual fund platform, in addition to the CI Galaxy Bitcoin ETF.”

The firm’s CI Galaxy Bitcoin ETF is already trading on the Toronto Stock Exchange under the ticker BTCX. They are also working on merging their other product, a closed-end investment fund, CI Galaxy Fund (BTCG), launched in Dec. 2020 with BTCX.

The Bitcoin Fund is available to Canadian retail investors in Series A, F, and P units, with Series A carrying a management fee of 0.90% and Series F, a 0.40% the same as that of BTCX.

Mike Novogratz’s Galaxy Digital provides the segregated cold storage system for the secure storage of bitcoin holdings.

Besides Bitcoin, the firm is also working on launching Ethereum products and has obtained receipts for the preliminary prospectuses of CI Galaxy Ethereum ETF (the “Ether ETF”) and CI Ether Fund, a mutual fund. The Ether ETF will be investing directly in Ether, while CI Ether Fund will invest in the Ether ETF units.

Read Original/a>
Author: AnTy

Force DAO, A DeFi Hedge Fund, Loses Over $375k in xFORCE Token Exploit

Force DAO, A DeFi Hedge Fund, Loses Over $375k in xFORCE Token Exploit

The decentralized finance hedge fund, ForceDAO, confirmed the protocol suffered an attack on Sunday at around 7.06 AM UTC. According to a blog post by the ForceDAO team, the attack was instituted by five black hat attackers, with one of the attackers returning the funds.

On Sunday, DeFi hedge fund, ForceDAO announced an attack on its protocol – specifically the xFORCE contract. In a post mortem report from the ForceDAO team, a total of 183 ETH (~$367,000) was drained and liquidated on the contract exploit.

The attack was noticed first by a white-hat hacker, who started draining funds from the xFORCE contract and later returned the funds to the ForceDAO multisig wallet. Explaining the exploit, Polymath’s Mudit Gupta said the FORCE token transfer functions return false rather than reverting when the sender doesn’t have enough balance in their wallet.

“The xFORCE contract assumes FORCE will revert and does not handle the returned value,” Gupta explains.

This means anyone can deposit the synthetic FORCE tokens, xFORCE, even if they do not have any FORCE tokens. Hence, the attackers could mint fresh xFORCE tokens without the xFORCE contract locking up any FORCE tokens.

Four black hat hackers did not return their funds but rather sold them on the open market totaling $367,000 in losses for the xFORCE contract. Here is a complete list of addresses the hackers used to drain the funds.

According to the post, Force, xForce, and Force/ETH LPs on UniSwap and SushiSwap were all affected. The team has since removed all xFORCE tokens from the contract to prevent further hacks. Alberto Cevallos, the founder of ForceDAO, confirmed they would be refunding any affected parties in the hack and reward the white hat hacker.

“I can confirm that there will be a snapshot and new token,” Cevallos said. “We’ve begun internal re-structuring and will be announcing a plan over the coming days making any affected FORCE holders and LPs whole.”

Read Original/a>
Author: Lujan Odera

More Bitcoin Supply Ready to be Sucked Out of the Market

With more than $1 billion tied up in hedge fund arbitrage-shorts, they need long-spot positions to hedge further, driving the supply shortage, notes Charles Edwards of Capriole Investments.

Bitcoin currently trades around the all-time high, coinciding with a weekly resistance level. On the lower timeframe, as the downward trend pattern breaks, we could see the continuation to new highs.

The $6 billion Bitcoin futures and options expiry last Friday also suggests that downward pressure on the price has eased. “In the past months, Bitcoin has set local bottoms around important option expiration dates,” noted Charles Edwards of Capriole Investments.

The growing interest in these products means they can have a significant impact on BTC price.

In the futures market, contracts are trading at significantly higher prices than the underlying asset. And by buying spot Bitcoin and shorting the futures, the delta between the two can be locked in as a risk-free trade.

This is exactly what hedge funds are doing, as evident from their massive short position in Bitcoin in the recent month, which

“is a big endorsement for Bitcoin, as it shows that Bitcoin is becoming a serious asset class.”

Currently, there are more than $1 billion tied-up in hedge fund arbitrage shorts, which is growing fast. This means, “all these shorts require long-spot positions to hedge risk, so more and more Bitcoin supply is being sucked out of the market just to maintain these short positions.”

image1

Overall, Bitcoin is “skewed bullish” in all timeframes, but still, it will be a daily close above $60k that will provide a good technical breakout buy signal for the short term, said Edwards.

“Historically, April is the second-best month for Bitcoin returns. With an average return of over 20%, the 70Ks are on the cards.”

While Bitcoin’s exponential rally is showing some healthy signs of consolidation over the last few months, the underlying network is strong as ever. Addresses with non-zero balance are hitting new all-time highs, and the number of active addresses is also near its ATH.

The fact that in recent weeks, over 3-year-old coins have started moving indicates that we are about halfway through this bull market.

Read Original/a>
Author: AnTy

$350M New Zealand Retirement Fund, KiwiSaver, Jumps Into Bitcoin With 5% Allocation

$350M New Zealand Retirement Fund, KiwiSaver, Jumps Into Bitcoin With 5% Allocation

  • Local reports confirm a $350 million New Zealand pension fund invests 5% in Bitcoin (BTC).

KiwiSaver Growth Strategy, a multi-million New Zealand-based pension fund, has reportedly invested 55 of its total assets to Bitcoin (BTC). The 350 million dollar pension fund becomes one of the first of its kind to dip its toes into cryptocurrencies, showing the extensive investment trail from institutions.

James Grigor, the chief investment officer at New Zealand Funds Management, stated the similarities between gold and Bitcoin as the main reason to take up the digital asset. In March, Bitcoin joined the shiny metal as a trillion-dollar asset as the price set new all-time highs of $61,000.

“If you are happy to invest in gold, you can’t really discount bitcoin,” Grigor said in an interview with a local financial news outlet, Stuff, adding the company is focusing on new BTC products in the future.

KiwiSaver Growth Strategy is a New Zealand-based savings firm that allows low-income workers to contribute up to 10 percent of their monthly income. The savings firm automatically directs the specified savings from your paycheck even in switching jobs.

The company mainly focuses on traditional financial investments and asset classes. However, as opportunities arise, the firm will take them, he added.

“Our KiwiSaver is majority built up through traditional assets classes, your bonds, and shares, and they will always be the asset classes that compound over time to give people the best retirement they can get.”

Grigor confirmed the firm invested in Q4 2020, buying BTC at an average price of $10,000 per coin, meaning the pension fund is sitting on massive BTC profits. The company’s Bitcoin holdings (assuming 5% of its $350 million) are worth about $100million at current prices.

Earlier this year, Grayscale CEO Michael Sonnenshein stated the demand from institutions, including rare funds such as endowments and pension funds, is rapidly reaching a fever pitch as institutions massively stack up sats. He added the digital asset are becoming more scarce, adding to their hard-coded scarcity.

Read Original/a>
Author: Lujan Odera

Soros Fund Investing in Crypto Infrastructure Says CEO; Bitcoin Is Taking Gold’s ‘Firebase Away’

Soros Fund Investing in Crypto Infrastructure Says CEO; Bitcoin Is Taking Gold’s ‘Firebase Away’

In her “mysterious response,” Dawn Fitzpatrick refused to answer if she owns any BTC.

Soros Fund Management Chief Investment Officer Dawn Fitzpatrick revealed that the fund is making investments in the cryptocurrency industry as it sees an “inflection point” for Bitcoin and other crypto-assets.

In an interview with Bloomberg, when asked if she owns any Bitcoin, Fitzpatrick replied with a “mysterious” – “I’m not gonna answer that.”

While she didn’t reveal her personal Bitcoin holdings, she talked about her views on the cryptocurrency industry.

“We think the whole infrastructure around crypto is really interesting. We’ve been making some investments into that infrastructure, and we think that is at an inflection point. I’d say it’s everything from kind of exchange asset managers custodians to the mundane like tax reporting on your crypto gains and everything in between. We think that’s interesting.”

She further discussed how the Federal Reserve’s money printing is the factor behind Bitcoin’s success.

“We’re at a really important moment in time in that something like Bitcoin might have stayed a fringe asset. But for the fact that over the last twelve months, we’ve increased money supply in the US by 25 percent. So there is a real fear of debasing of fiat currencies.”

According to her, Bitcoin is not a currency but a commodity that’s easily storable and transferable. The IRS also classifies it as a physical asset that has a finite amount of supply. The fact that Bitcoin’s limited supply halves every four years is “interesting” to her.

“By the way when you look at gold price action in the context of a fairly robust inflation narrative of late, it’s struggled getting traction. I think that’s because Bitcoin is taking some of its firebase away.”

Regarding the central bank launching their own digital currencies (CBDC), Fitzpatrick said they are going to be here and even “quicker than people expect.” China is currently leading the race for CBDC as it has already run several digital yuan trials for a while now.

“There are some strategic reasons why they are going to be a first mover. And I do think from a geopolitical perspective; they want to use that digital currency too. They want that to be used around the world. And it is a potential threat to other bitcoin and crypto.”

While she thinks CBDCs are a “real threat” to crypto, it will only be “temporary,” as they won’t be successful in “permanently destabilizing Bitcoin,” she said.

Read Original/a>
Author: AnTy

Lolli Raises $5 Million From Reddit Founder’s VC Fund to Accelerate Bitcoin Adoption

Lolli Raises $5 Million From Reddit Founder’s VC Fund to Accelerate Bitcoin Adoption

Bitcoin rewards company Lolli has raised $5 million in the latest funding round led by Seven Seven Six, the venture capital fund headed by Alexis Ohanian, the founder of Reddit.

“This is an exciting time and opportunity to accelerate adoption and increase accessibility to bitcoin,” said Alex Adelman, CEO, and Co-founder of Lolli.

This funding will be used towards the development of the mobile app, facilitating a seamless shopping experience for a growing user base, and Lolli’s international expansion.

The company raised $3 million in its Seed Round led by PathFinder and investors like Ashton Kutcher and Guy Oseary’s Sound Ventures, beauty mogul Michelle Phan, Digital Currency Group, and Bain Capital.

Founded in 2018, Lolli offers up to 30% and an average of 7% Bitcoin-back rewards at over 100 retailers. To date, its users have earned more than $3 million in BTC rewards.

“Lolli first launched on Product Hunt in 2018 & won a Golden Kitty + earned #5 Product of the Day,” tweeted Product Hunt, a website to share and discover new products.

In its official announcement, Seren Williams, on behalf of the investment from Serena Ventures, called this a “step towards financial inclusivity for all people.” Ohanian, who was also an early investor in Coinbase said,

“Lolli is leading the way for bitcoin adoption. They have a unique chance to engage with an entirely new Bitcoin user base. As someone who has closely followed and participated in the industry, I see this as a crucial turning point to drive value and create opportunity for the mainstream.”

Read Original/a>
Author: AnTy

“It is Worth $1 Billion,” says The Largest NFT Fund That Bought Beeple’s “The First 5000 Days”

“It is Worth $1 Billion,” says The Largest NFT Fund That Bought Beeple’s “The First 5000 Days”

Metapurse, founded by Metakovan, bought it for more than 42k ETH, worth nearly $69.35 million, calling it “the most valuable piece of art for this generation.”

Metapurse was the buyer of the $69,346,250 digital artwork “The First 5000 Days” by artist Mike Winkelman, famously known as Beeple.

An NFT production studio, Metapurse is the largest NFT fund in the world. Metakovan is the pseudonymous founder and financier of the fund that broke the record for the most expensive NFT ever sold by bidding 42329.453 ETH. Metakovan said,

“When you think of high-valued NFTs, this one is going to be pretty hard to beat.”

“And here’s why – it represents 13 years of everyday work. Techniques are replicable, and skill is surpassable, but the only thing you can’t hack digitally is time. This is the crown jewel, the most valuable piece of art for this generation. It is worth $1 billion.”

The auction ended on Thursday, which was hosted by the oldest auction house Christie’s, which had its first purely digital artwork with a unique NFT and also accepted cryptocurrency for it. Around 22 million viewers tuned in to Christies.com for the final moments of bidding, revealed the official announcement. Guillaume Cerutti, CEO of Christie’s said,

“The possibilities for what comes next in this field are inspiring, and we look forward to more collaborative innovations in the near future.”

The digital artwork is the third most valuable artwork ever sold by a living artist.

Twobadour, who operates the NFT fund along with Metakovan, said the sale of Beeple’s artwork had made “history” because this involved a renowned auction house, a contemporary artist, and a wholly digital masterpiece which is acquired by a person of color.

“This certainly is history. We also hope it is the future,” Twobadour said.

Read Original/a>
Author: AnTy