Bitcoin ETF not approved, but SEC was hacked, license for BitGo and Strategy ETF reaches $2 billion

Crypto2Cash
2 min readJan 10, 2024
Photo by Kanchanara on Unsplash

SEC’s X account hacked, no bitcoin ETF approval (yet)

The financial world was rattled last Tuesday when the official X account of the United States Securities and Exchange Commission (SEC) was hacked to post fake news about the approval of a spot bitcoin exchange traded fund (ETF).

This development has raised fresh concerns about whether the market regulator will go ahead with its plans to approve the product as anticipated by the community.

With trust in the SEC’s X account now compromised, it remains uncertain whether today’s projected timeline for spot bitcoin ETF approval is still feasible.

However, Charles Gasparino from Fox Business Network noted that, based on precedent, it would be quite rare for the market regulator to get as far as the stage it is in with bitcoin ETF applications and deny the proposals altogether.

BitGo secures MAS’ preliminary approval in Singapore

BitGo, a decade-old digital asset custody firm, recently announced that the Monetary Authority of Singapore (MAS) granted its subsidiary in-principle approval (IPA). While the platform aspires to offer digital payment services in Singapore, the IPA serves as a path toward a major payment institution license.

Mike Belshe, the CEO of BitGo, acknowledged Singapore’s crypto-friendly atmosphere. He applauded the “sound, clear, and robust” regulatory framework in Singapore that could aid BitGo’s vision of becoming a regulated crypto company. The CEO added:

This in-principle approval from the Monetary Authority of Singapore comes on the heels of obtaining our BaFin license in Germany. We look forward to expanding our global footprint and providing our clients with regulated, secure, and trusted solutions.

Source: Coinedition

ProShares Bitcoin Strategy ETF surpasses $2 billion valuation

While the crypto world is focused on the decision to be made by the United States Securities and Exchange Commission (SEC) regarding spot bitcoin ETFs, there has been significant activity in the exchange-traded futures Bitcoin ETFs.

Accordingly, the value of the futures Bitcoin exchange-traded fund (ETF) ProShares Bitcoin Strategy ETF (BITO) has exceeded $2 billion, reaching an all-time high.

ProShares’ global investment strategist Simeon Hyman stated that the fund’s value reached $2.010 billion at the close of the trading session on January 8th.

Hyman added that BITO’s value grew by 10% in the last week from $1.8 billion on January 2nd and by 18% in the last month from $1.7 billion on December 9, 2023.

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