SEC delays ETF-decision, Cboe to launch margined futures and gaming company invests $100 million in crypto
SEC delays decision over the conversion of the Hashdex Bitcoin futures ETF to spot
The Securities and Exchange Commission has decided it needs more time before deciding on whether or not to allow a Bitcoin futures ETF and an Ethereum futures ETFs to convert to spot ETFs, the agency declared Wednesday in separate filings.
In response to the September filing for the Hashdex Bitcoin futures ETF application, which proposed converting its exchange-traded fund listed on the New York Stock Exchange into a spot product, the SEC said in a filing that it would take another 45 days before coming to a decision on the matter by Jan. 1, 2024.
“The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein,” the SEC said in its statement.
Source: The Block
Cboe to launch margined bitcoin futures trading in 2024
The Chicago Board Options Exchange (CBOE), the largest US options exchange, has announced a move to open a new model of Bitcoin futures trading in 2024: A cryptocurrency-native exchange and clearinghouse that offers margin trading and leveraged derivatives among many planned products.
CBOE Digital announced these plans on November 13, sending ripples through the entire Bitcoin community with a radical list of planned features and trading options. The exchange is offering a wide array of products and services, so that users are not only able to directly invest in these futures contracts, but also to engage in multiple higher-risk methods of increasing their purchasing power.
Margin trading involves using the assets in an account as collateral for a much larger loan from the exchange, to be invested in these futures trades, while leveraged trading allows a user to receive essentially a line of credit to magnify their position, taking gains and losses at several times the amount of their initial investment. CBOE plans to offer both of these functions.
Gaming company Boyaa Interactive seeks approval to buy $100 million in crypto
Boyaa Interactive, a Chinese gaming company listed on the Hong Kong Stock Exchange, unveiled plans this week to potentially buy up to $100 million worth of cryptocurrencies, mostly bitcoin and ether within a year.
“The purchase and holding of cryptocurrencies is a pivotal move for the Group to path its business layout and development in the field of Web3,” the company said in a stock exchange filing released Monday.
“The online gaming business has high compatibility with Web3 technology, and its focus on communities, users and virtual assets may enable an easier and wider application of Web3 technology to the online gaming industry.”
Boyaa outlined a plan to allocate $45 million to acquire BTC, $45 million to ETH and the remaining $10 million to Tether’s and Circle’s stablecoins within a 12-month period. The company said it will fund the purchases with cash and the buys are subject to market conditions.The company’s board is seeking its shareholders’ approval of the plan, and will dispatch details on or before Nov. 30, according to the filing
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