Latest news with #EricBalchunas
Yahoo
2 days ago
- Business
- Yahoo
Spot Crypto ETF Filings for XRP, SOL, DOGE Among Those With Overwhelming SEC Approval Odds: Bloomberg
Odds are stacked that the U.S. Securities and Exchange Commission approves most of the filed crypto exchange-traded funds, including the various XRP ETFs, by their respective deadlines, according to Bloomberg Analysts James Seyffart and Eric Balchunas. 'We are raising our odds for the vast majority of the spot crypto ETF filings to 90% or higher,' Bloomberg Intelligence's James Seyffart said in a post on X. 'Engagement from the SEC is a very positive sign in our opinion.' According to the analysts, ETFs for assets like Litecoin, Solana, XRP, Dogecoin, and Cardano all now sit at or above the 90% mark. These estimates reflect growing optimism from ETF specialists following a wave of 19b-4 acknowledgements and S-1 amendment requests from the Securities and Exchange Commission. Analysts view this back-and-forth process as a signal that the SEC is now more willing to work with issuers. The only asset lagging behind is SUI, filed solely by Canary. Bloomberg assigns it a 60% chance of approval, citing a lack of regulated futures and regulatory uncertainty. Bettors on Polymarket are also feeling optimistic. They are giving a 98% chance that an XRP ETF gets approved this year, and a 91% chance a SOL ETF gets the green light. It's also likely that a DOGE ETF gets a go-ahead, with bettors giving that a 71% chance of happening.
Yahoo
6 days ago
- Business
- Yahoo
Litecoin Climbs Over 2% as Whale Holdings Grow and Price Breaks Key Resistance
Litecoin LTC rallied more than 2% on Monday, gaining ground as investors eye a possible spot exchange-traded fund (ETF) approval and navigate a shaky geopolitical backdrop. LTC rose from $85.05 to $88 in a 24-hour period, an uptrend marked by higher lows and heavy volume. The rise coincides with growing expectations that the U.S. Securities and Exchange Commission (SEC) could greenlight a spot ETF giving investors exposure to LTC. According to Bloomberg ETF analysts Eric Balchunas and James Seyffart, the odds of such an approval now stand at 90%, while traders on Polymarket are weighing a 76% chance. Meanwhile, whales, wallets holding large sums, have increased their LTC holdings from 25.8 million to 27.8 million tokens since mid-April, according to blockchain data firm Santiment. Litecoin's price action over the past 24 hours shows a potential bullish reversal, according to CoinDesk Research's technical analysis data model. Its rise was marked by a pattern of higher lows and higher highs, often associated with growing demand, while significant trading activity accompanied each leg up. Spikes in volume, well above daily averages, suggest steady institutional interest rather than sporadic retail enthusiasm. Support emerged near the $86.50 range, where buyers stepped in repeatedly, and resistance near $87.80 was eventually broken following a concentrated surge in trades, according to the model. Three distinct buying waves pushed LTC past resistance levels. During one burst alone, nearly 28,000 tokens changed hands, helping turn previous resistance into a new support floor just above $88. Selling pressure tapered off following the move. Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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Arabian Post
6 days ago
- Business
- Arabian Post
Trump-Linked Truth Social Submits Bitcoin & Ethereum ETF Filing
Issuing its first formal financial move beyond social media, Truth Social's parent, Trump Media & Technology Group, has filed an S‑1 registration statement with the U.S. Securities and Exchange Commission to launch a Bitcoin and Ethereum exchange‑traded fund under the Truth Social brand. The application outlines plans to list the fund on NYSE Arca, although ticker symbols and fee structures have yet to be disclosed. NYSE Arca initiated the process on 3 June 2025 by submitting a Form 19b‑4 on behalf of TMTG and partner Yorkville America Digital, seeking approval to list the dual‑crypto ETF. The S‑1 filing followed on 5 June and provides deeper insights into structure and risk disclosures. The filings initiate the standard dual‑review process; the SEC has a 45‑day window for initial decision and up to 240 days for final approval. The prospectus confirms that the fund will hold spot Bitcoin and Ethereum—the first dual‑crypto vehicle under the Truth Social banner. Physical custody of assets will be handled by Foris DAX Trust Company, affiliated with which will also serve as execution agent and liquidity provider. Yorkville America Digital, a Florida‑based asset manager that emphasises 'Made‑in‑America' digital‑asset products, is named as the sponsor. ADVERTISEMENT Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted the risk disclosures reference President Trump's crypto‑favourable posture—highlighting regulatory shifts, the SEC's newly launched crypto task force, and a strategic U.S. Bitcoin reserve executive order—marking the first time an ETF filing openly tied a sitting president's actions to fund risk. The launch is part of a broader the strategic pivot by Truth Social into financial services. Earlier this year, Trump Media announced a $2.5 billion Bitcoin treasury initiative and submitted trademark applications under its brand for various crypto‑focused products. The move aligns with similar industry trends—11 spot Bitcoin ETFs have been approved since January 2024 by providers including BlackRock, Fidelity and Grayscale—a venue drawing billions in investor capital. Yet the dual‑crypto ETF enters a saturated market, and analysts caution that without distinctive value, it may not draw substantial flows despite its political branding. Market watchers observe that assets under management in competing spot Bitcoin ETFs are heavily concentrated—with BlackRock's IBIT holding approximately $69 billion, followed by Fidelity's fund at around $21 billion. The filings also highlight potential conflicts of interest. Yorkville America has financial ties with TMTG, including advising on and investing in both the firm's stock and private placement used to bolster the Bitcoin treasury. The application explicitly acknowledges these links may pose risks to investors. Timing is politically significant, with the SEC's current leadership under Paul Atkins perceived as taking a more crypto‑friendly stance. SEC deregulation efforts under President Trump's administration also form part of the context. Should the ETF be approved, it will enable investors to gain regulated exposure to Bitcoin and Ethereum—devoid of managing digital wallets or crypto‑exchange accounts—via traditional brokerage channels. The fund is poised to calculate daily net asset values, with intraday quotations updated every 15 seconds and comprehensive transparency on holdings, premiums and discounts. However, regulatory clarity remains pending. Absent from the filings are critical operational details, including ticker symbols, expense ratios and seed capital levels. Until the S‑1 becomes effective, the ETF cannot be marketed to investors. This marks a strategic landmark in Truth Social's quest to diversify beyond digital media. Its expansion into crypto finance brings together political influence, regulatory momentum and mainstream investor demand, potentially reshaping its corporate identity. At stake is the fund's ability to carve a credible and competitive space among established crypto‑ETF leaders.
Yahoo
14-06-2025
- Business
- Yahoo
Litecoin Price Struggles Despite ETF Optimism as War Tensions Rattle Market
Litecoin LTC fell more than 4.3% over the past week, and is down more than 14% for the last 30-day period, with the latest sell-off coming as part of a wider risk asset sell-off. That sell-off came after Israel attacked Iran in a bid to put an end to its nuclear program and harm its missile capabilities, and Iran later retaliated with a salvo of missiles. The conflict has spooked global markets, reducing the total cryptocurrency market capitalization by more than $150 billion. LTC was severely affected by the sell-off. As the dust settled, Litecoin attempted a fragile rebound, climbing back above $86. But the recovery has stalled under mounting technical resistance. The $97.80 level, coinciding with the 23.6% Fibonacci retracement according to to CoinDesk Research's technical analysis data model, has proven difficult to breach. Momentum indicators like RSI at 43.46 and a flat MACD histogram show limited energy behind the move, suggesting a phase of consolidation. Volume tells a similar story. Litecoin's trading activity dropped 42% following the initial plunge, even as it briefly surged through the $85.90 resistance level during a high-volume spike late Friday. That breakout, however, was quickly met with profit-taking that brought it back down to $85. Looming in the background is hope for a spot litecoin ETF. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance of approval. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-06-2025
- Business
- Yahoo
BlackRock's Bitcoin Fund Becomes Quickest ETF to Top $70 Billion
BlackRock, Inc. (NYSE:BLK) is one of the best stocks for a . The company's iShares Bitcoin Trust (IBIT), the biggest Bitcoin ETF available, has reached $70 billion in assets faster than any ETF before it, marking another major achievement. According to Bloomberg analyst Eric Balchunas, IBIT, the leading option among the 12 Bitcoin ETFs currently on the market, hit the milestone on June 9, 341 days after its launch. Balchunas noted on X that IBIT reached that level '5x faster than the old record held by GLD of 1,691 days,' referring to State Street's well-known gold ETF. Though firms like Fidelity and VanEck also offer Bitcoin ETFs, none match BlackRock's in size. Fidelity's FBTC holds $20 billion, while Grayscale's GBTC trails slightly with just under $20 billion. IBIT and ten other Bitcoin ETFs made their debut early last year following long-awaited approval from the Securities and Exchange Commission. Their launch highlighted strong investor interest in gaining exposure to Bitcoin's price, with IBIT pulling in over $1 billion in assets during its first four days. By November, BlackRock, Inc. (NYSE:BLK)'s Bitcoin ETF had outpaced its gold ETF in assets, becoming the largest among the firm's 1,400 global funds. While we acknowledge the potential of BLK as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: and Disclosure. None. Sign in to access your portfolio
