The founder of Matrixport has clarified that his firm’s controversial report on spot Bitcoin ETF approval wasn’t intended for mass circulation. Meanwhile, Michael Saylor has started selling nearly $216 million worth of his shares in MicroStrategy., Fidelity and Galaxy have reportedly set trading fees for their spot Bitcoin exchange-traded funds, while Bitcoin surged above $45,000 on New Year’s Day, days out from a potential spot Bitcoin ETF approval by the SEC.
Matrixport founder clarifies release of Bitcoin ETF report
The price of Bitcoin plunged on Jan. 3 amid concerns that the U.S. Securities and Exchange Commission (SEC) will once again reject spot BTC trading. Those concerns may have emanated from a report from Matrixport, a crypto financial services firm that believes regulators won’t approve any of the spot Bitcoin ETF filings.
Jihan Wu, Matrixport’s founder, clarified that the report, which included the firm’s a with the firm’s analysis wasn’t intended for widespread consumption. The dissemination of the report “was not planned by Matrixport and is beyond our control,” he said.
Matrixport’s analysts operate independently, expressing their opinions without any influence or interference from management. They are employed for their superior analytical skills compared to mine and other management team. I have only briefly glanced at the title of the report,…
— Jihan Wu (@JihanWu) January 3, 2024
Wu also threw cold water on the notion that his firm’s report was responsible for Bitcoin’s sudden flash crash on Jan. 3. “Looking at Bitcoin’s history and its future prospects, the current volatility and the potential approval uncertainty of a Bitcoin ETF in January 2024 are ultimately of no importance,” he said.
Michael Saylor starts selling $216 million worth of MicroStrategy shares
Michael Saylor, the co-founder and executive chairman of the software company MicroStrategy has begun a four-month process of selling $216 million worth of his personal shares in the firm, according to a Jan. 2 filing with the United States SEC.
In the filing, Saylor disclosed that he had already sold 5,000 of his total 315,000 stock options awards, which were first granted to him in April 2014.
Saylor previously said in a Q3 earnings call, that he planned to sell 5,000 MSTR shares every day for the next four months. The proceeds of the share sales will go towards addressing his private financial obligations and as well as purchasing more Bitcoin for his personal portfolio.
MicroStrategy holds the largest amount of Bitcoin of any publicly traded company. On Dec. 27, MicroStrategy purchased an additional 14,620 Bitcoin for $615 million, bringing the firm’s total Bitcoin holdings grow to a staggering 189,150 BTC — worth $8.5 billion at current prices.
Fidelity, Galaxy set Bitcoin ETF fees
Asset managers Fidelity Investments and Galaxy/Invesco have set their fees for spot Bitcoin ETF trading — that is, assuming their applications are approved.
According to Fortune, Fidelity will charge holders of its proposed Wise Origin Bitcoin Trust 0.39% annually. Meanwhile, Galaxy and Invesco will charge holders of the BTCO fund 0.59% annually. In the case of Galaxy and Invesco, the fees will be waived for the first six months of the fund’s operation.
Invesco/Galaxy is in and here’s a whopper: it will be waiving fee for first six months AND for first $5b in assets, APs named as well, Virtu and JPMorgan (again lol). Another horse in. Are we having fun yet? pic.twitter.com/mDUOOSnA29
— Eric Balchunas (@EricBalchunas) December 29, 2023
While the U.S. Securities and Exchange Commission has rejected several spot Bitcoin ETF applications, analysts believe the odds of approval are growing after Grayscale’s legal victory against the regulator in August.
The SEC’s official approval window on the various ETF proposals opens on Jan. 4.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
This article was originally published by a cointelegraph.com . Read the Original article here. .
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