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SEC Approves Listing and Trading Options for BlackRock's Spot Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has approved BlackRock's proposal to list and trade options for its iShares Bitcoin Trust (ticker IBIT) spot bitcoin ETF. While spot Bitcoin ETFs were approved earlier in the year, this marks the first time options trading has been authorized for these products. Nasdaq ISE will handle the listing and trading of the options. Other firms, such as Grayscale and Bitwise, are also seeking approval for options on their Bitcoin ETFs. Analysts expect the approval to boost liquidity and attract more investors to the Bitcoin ETF market.
Bitfarms and Riot Platforms Reach Settlement in Takeover Dispute
Bitfarms and Riot Platforms have reached a settlement, ending Riot's hostile takeover attempt of the Bitcoin mining firm. Under the agreement, Riot is restricted from acquiring more than 20% of Bitfarms without board approval. Riot’s nominee, Amy Freedman, will join Bitfarms' board, replacing co-founder Andres Finkielsztain. The settlement also includes standstill provisions until Bitfarms' 2026 annual meeting. Riot, Bitfarms' largest shareholder with a 19.9% stake, may review its investment but cannot exceed the 20% threshold unless it pursues another formal takeover.
Australia Proposes Licensing Requirement for Crypto Firms Under Corporations Law
The Australian Securities and Investments Commission (ASIC) plans to require licensing for crypto firms, not just exchanges, under the Corporations Act, as it considers most major crypto assets fall within its scope. ASIC will issue an update to clarify how certain crypto products should be treated by November. The Australian Treasury has also proposed requiring crypto exchanges holding significant assets to obtain financial licenses, though the timing of legislation remains uncertain. These efforts reflect growing concerns about the risks of crypto platforms, with ASIC having taken down thousands of scam websites, including many related to crypto.
Trading Desk Insights
The market remained largely unchanged over the weekend, coinciding with the conclusion of two major crypto events: Token 2049 and Solana's Breakpoint, both held in Singapore. In the past 24 hours, liquidations spiked to $170 million, predominantly affecting long positions. While Solana has yet to see significant price appreciation post-conference, there is notable activity in the options market. Call options on Deribit are currently 2.5x larger than put options, indicating a strong bullish sentiment among market participants.
On the ETF front, Friday saw $92 million in inflows for Bitcoin, with Fidelity leading the way, contributing $26.1 million. Ethereum saw more modest interest, attracting just $2.9 million.
Among the top 20 cryptocurrencies by market cap, NEAR has outperformed, rallying 18% since Friday, while BNB and ETH also posted gains of 5% each.
The likelihood of a 25 basis point rate cut by the Federal Reserve at its November meeting is currently reflected at 54%, a view shared by both the futures market and Polymarket.
Recent filings reveal that increased regulatory scrutiny on banks serving crypto firms in early 2023 played a significant role in Silvergate’s decision to consider winding down operations.
In U.S. political news, Vice President and Democratic nominee Kamala Harris addressed crypto for the first time in a speech to donors in New York City, as reported by Bloomberg. She emphasized the importance of fostering innovation in AI and digital assets while ensuring consumer and investor protection through clear and consistent regulations. Meanwhile, Republican nominee Donald Trump made headlines for purchasing burgers with Bitcoin at PubKey, a crypto-themed bar in New York.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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