BlackRock IncBLK
▼ NegativeCapitalrelevance
BlackRock's iShares Bitcoin Trust saw $212.17 million in daily outflows, indicating investor capital withdrawal.
Impact on stocks 2
Digital Finance & Tokenization▼ · 2 stocks
BlackRock Inc
Fidelity National Information Services IncFIS
▼ NegativeCapitalrelevance
Fidelity Wise Origin Bitcoin Fund had $27.91 million in daily outflows, reflecting capital exit.
Theme Impact 2
Off-coverage companies
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Grayscale Files 3-for-1 Forward Split for Zcash ETF ZCSH
Grayscale has filed with the U.S. Securities and Exchange Commission for a 3-for-1 forward share split of its Zcash ETF, ticker ZCSH, making shares 300% more accessible to retail investors. Shareholders of record at the close of trading on Sept. 28 will receive two extra shares for every one they already hold, with the new shares paid out after market close on Sept. 29 and split-adjusted trading beginning before the market opens on Sept. 30 under the same ticker ZCSH and the same CUSIP number. Grayscale said the forward split is expected to decrease the price per share of the fund with a proportionate increase in shares outstanding, leaving the net asset value per share at roughly one-third of its pre-split level. The move follows a month of heavy inflows: ZCSH has pulled in more than $233 million since it started trading on Aug. 25, including a $46.6 million day this week and a single $112 million day on Sept. 8, with net assets around $890 million as of Sept. 17. ZCSH is the world's first spot exchange-traded fund to hold Zcash's token, ZEC, directly, born from a conversion of Grayscale's older Zcash Trust, which already held roughly $313 million in ZEC when it began trading on NYSE Arca, and it follows ZEC's more than 2,800% rise over the last year.
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Bitcoin Rallies to Two-Week High Above $80,000 as Altcoins Outperform
Bitcoin rallied to a two-week high on Friday, climbing back above the psychologically important $80,000 level, with the broader crypto market joining the advance. According to Bitget Wallet research analyst Lacie Zhang, US spot ETF inflows and short covering helped push it through the psychologically important $80,000 level. The surge came despite a Fed rate hike earlier in the week and the failure of the Clarity Act, legislation that would have created a federal framework for the broader digital asset industry; after the measure failed to advance in the Senate, the Securities and Exchange Commission stepped in on Thursday with a conditional exemption allowing the trading of certain tokenized stocks on blockchains for the next five years. While bitcoin led the move, ether, binance and solana have outperformed over the past month, gaining 35%, 25% and 41% respectively, and rotation into alternative tokens and tokenized versions of Nvidia, Tesla and the S&P 500 helped lift the total crypto market capitalization to $2.66 trillion, according to CoinMarketCap. Fundstrat's Sean Farrell said crypto has absorbed a fairly aggressive hawkish repricing without much damage, while Compass Point's Ed Engel last week upgraded Coinbase to Neutral from Sell, citing that BTC is recovering from a cyclical bottom.
▼impact 4
ECB President Personally Intervened to Block Binance's MiCA Approval, WSJ Reports
European Central Bank President Christine Lagarde personally intervened to stop crypto exchange Binance from obtaining authorization within the European Union, the Wall Street Journal reported on September 18. Binance had applied for authorization under the EU's Markets in Crypto-Assets regulation, MiCA, through the Hellenic Capital Market Commission, but withdrew its application on June 24 and indicated it would seek approval in another EU member state. MiCA's transition period ended on July 1, and unauthorized operators are in principle required to stop accepting or soliciting new customers, yet as of September 4 Binance remained unauthorized while continuing to serve some EU customers, citing the reverse solicitation exemption. According to the WSJ report, Greek authorities told Binance by late May that the application process was complete, and the company, expecting approval, was preparing an announcement, but officials later said Lagarde intended to hold off on a decision until a reform transferring authority over crypto firm licensing to the European Securities and Markets Authority is realized. Approval in Greece was seen as important because it would open access to the entire EU market through MiCA Article 65's EU passporting regime, and although licensing decisions rest with each member state's competent authority and the ECB has no formal power, Lagarde was reportedly concerned that Binance's EU expansion would spread the use of dollar-denominated stablecoins and hinder adoption of the digital euro and euro-denominated payment methods.