{"id":2422,"date":"2021-10-11T00:00:00","date_gmt":"2021-10-11T00:00:00","guid":{"rendered":"https:\/\/xcoins.com\/institutions-boost-prices-as-sec-takes-huge-step-toward-bitcoin-etf\/"},"modified":"2022-11-02T14:52:06","modified_gmt":"2022-11-02T14:52:06","slug":"institutions-boost-prices-as-sec-takes-huge-step-toward-bitcoin-etf","status":"publish","type":"post","link":"https:\/\/xcoins.com\/en\/blog\/institutions-boost-prices-as-sec-takes-huge-step-toward-bitcoin-etf\/","title":{"rendered":"Institutions Boost Prices as SEC Takes Huge Step Toward Bitcoin ETF"},"content":{"rendered":"\r\n<p>Institutional interest swelled in the cryptocurrency markets last week as bitcoin ETF speculation bubbled over. Bullish promise pushed bitcoin clear of September highs and up to $55,000. CEO of the Soros Fund confirmed the firm held investments in cryptocurrencies. Bank of America published a \u2018too large to ignore\u2019 report on the cryptocurrency ecosystem, and Dogecoin holders were treated to an early surprise from AMC Theatres.\u00a0<\/p>\r\n\r\n\r\n\r\n<ul class=\"wp-block-list\">\r\n<li>Volt Equity gains approval for ETF of US stocks with exposure to bitcoin\u00a0<\/li>\r\n<li>The Soros Fund confirms investment in cryptocurrencies<\/li>\r\n<li>Bank of America\u2019s Global Cryptocurrency team publishes first report<\/li>\r\n<li>AMC Theatres begin accepting DOGE for gift card payments<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-sec-approves-etf-for-bitcoin-exposed-stocks\"><strong>SEC approves ETF for bitcoin-exposed stocks\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Last week marked one of the best weeks on record for bitcoin, with the digital asset experiencing a 15% increase in price. After ongoing speculation that a bitcoin ETF may be on the way for October, last week the Security and Exchange Commission (SEC) <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/bitcoin-etf-exchange-traded-fund-sec-cryptocurrency-volt-sec-gensler-2021-10\">approved an ETF<\/a> that closely tracks the value of stocks with significant exposure to bitcoin.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>While analysts continue to speculate a true bitcoin ETF is coming, for now, investors may be able to gain exposure via an ETF that tracks the value of US stocks that are closely linked with the leading cryptocurrency. The new ETF has been created by Volt Equity and will be called the Volt Crypto Industry Revolution and Tech ETF.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The companies selected for the ETF will either hold the majority of net assets in bitcoin or capture the majority of profits from bitcoin-related activities, such as mining. Contenders for the ETF so far include MicroStrategy, Marathon Digital Holdings, and Bitfarms.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Tad Pak, the CEO of the fund, commented on the approval during an interview with Insider:<\/p>\r\n\r\n\r\n\r\n<p>&#8220;I&#8217;m a strong believer in bitcoin and was excited about launching an ETF that could take advantage of the coming bitcoin revolution. We can get exposure to bitcoin without necessarily holding the coin, especially with options positions.&#8221;<\/p>\r\n\r\n\r\n\r\n<p>Meanwhile, the battle for a true bitcoin ETF continues, with more than two dozen companies waiting for the go-ahead. The SEC has so far not approved a bitcoin ETF but upon doing so may release a torrent of new investment into the cryptocurrency sector.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>While currently unable to approve a bitcoin ETF the SEC Chair, Gary Gensler, did say that he was more amenable to a bitcoin futures ETF. <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-10-08\/wall-street-could-get-four-bitcoin-futures-etfs-by-end-of-month\">Four bitcoin futures ETFs<\/a>, are being evaluated before month\u2019s end. They will become a focal point for attention for the remainder of October.<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-soros-fund-confirms-cryptocurrency-investments\"><strong>Soros Fund confirms cryptocurrency investments<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Cryptocurrency momentum was accelerated last week thanks to the news that the Soros Fund, established by billionaire hedge fund manager, George Soros, had invested in leading cryptocurrencies.<\/p>\r\n\r\n\r\n\r\n<p>Bitcoin prices climbed above September highs as the CEO and Chief Investment Officer of Soros Fund Management, Dawn Fitzpatrick, confirmed the news on Tuesday. In an <a href=\"https:\/\/www.youtube.com\/watch?v=d8XVT6-0apw\">interview with Bloomberg<\/a> at the Bloomberg Invest Global Summit she said:<\/p>\r\n\r\n\r\n\r\n<p>\u201cI am not sure bitcoin is only viewed as an inflation hedge here. I think it\u2019s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There\u2019s 200 million users around the world. So, I think this has gone mainstream from our perspective.\u201d\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The CEO went on to detail that although the fund owns digital coins, they are not held in significant quantities. She also commented that the coins themselves were not too exotic.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The latest announcement confirmed suspicions that the fund had already invested in cryptocurrencies. A suspicion that had been circling as early as 2018. During July this year, it was reported that the family office had allowed the commencement of bitcoin trading.\u00a0<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter wp-image-3919\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/soros-1024x683.jpg\" alt=\"George Soros at the London School of Economics Alumni Dinner\" width=\"1024\" height=\"683\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/soros-1024x683.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/soros-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/soros-768x512.jpg 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/soros.jpg 1500w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\r\n<figcaption><em>George Soros at the London School of Economics Alumni Dinner, Ritz Carlton hotel December 15, 2006 in Kuala Lumpur, Malaysia.<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-bank-of-america-releases-promising-crypto-report\"><strong>Bank of America releases promising crypto report<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Last Monday, Bank of America (BoA) released its <a href=\"https:\/\/markets.businessinsider.com\/news\/currencies\/bank-america-bofa-digital-assets-cryptocurrency-report-debut-transformative-blockchain-2021-10?utm_source=markets&amp;utm_medium=ingest\">first report on cryptocurrencies<\/a> titled \u2018Digital Assets Primer: Only the first inning\u2019. The report, which is the company\u2019s first into the cryptocurrency sector, stated that the digital asset ecosystem has become \u2018too large to ignore\u2019.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Covering smart contract applications, stablecoins, central bank digital currencies (CBDCs), and NFTs, the report estimated that 221 million users traded cryptocurrencies within June 2021. It also highlighted that digital asset-focused venture capital investment had increased to $17 billion during the first half of 2021 &#8211; compared with $5 billion during the whole of 2020.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>The report was supplied by BoA\u2019s Global Cryptocurrency and Digital Asset Strategy team, which was founded by the bank in July this year. The head of the team, Alkesh Shah commented on the findings during the week:<\/p>\r\n\r\n\r\n\r\n<p>\u201cBitcoin is important but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries including finance, technology, supply chains, social media, and gaming.\u201d<\/p>\r\n\r\n\r\n\r\n<p>The head of BoA\u2019s Global Research, Candace Browning, further commented on the potential for the cryptocurrency ecosystem during an interview with Bloomberg TV:<\/p>\r\n\r\n\r\n\r\n<p>\u201cIf you look at the number of corporates mentioning crypto on their earnings calls, that\u2019s gone from about 17 last year to about 147 in the most recent quarter. This is growing, this is mainstream, and it\u2019s not just bitcoin \u2026 this is digital assets and it\u2019s creating a whole ecosystem of new companies, new opportunities, and new applications.\u201d<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" class=\"aligncenter wp-image-3841\" src=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/BofA1300-1024x682.jpg\" alt=\"Bank of America\" width=\"1024\" height=\"682\" srcset=\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/BofA1300-1024x682.jpg 1024w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/BofA1300-300x200.jpg 300w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/BofA1300-768x512.jpg 768w, https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/BofA1300.jpg 1300w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\r\n\r\n\r\n\r\n<p>&nbsp;<\/p>\r\n\r\n\r\n\r\n<h2 class=\"wp-block-heading\" id=\"h-amc-starts-accepting-dogecoin-for-gift-card-payments\"><strong>AMC starts accepting Dogecoin for gift card payments\u00a0<\/strong><\/h2>\r\n\r\n\r\n\r\n<p>Although announcing that AMC would begin accepting cryptocurrencies as a form of payment before the end of 2021, the movie theatre company fast-tracked plans for Dogecoin last week. The CEO of the movie exhibition company, Adam Aaron, <a href=\"https:\/\/twitter.com\/CEOAdam\/status\/1445538907324497920\">tweeted<\/a> about the exciting news on Tuesday:<\/p>\r\n\r\n\r\n\r\n<p>\u201cHuge news dogecoin fans! As we work to accept online crypto payments, now you can buy AMC Theatres digital gift cards (up to $200 per day) with dogecoin and other cryptocurrency using a Bitpay Wallet. Accepted on our website, mobile app, and in theatres.\u201d<\/p>\r\n\r\n\r\n\r\n<p>To make a purchase, users need to utilize Bitpay\u2019s browser extension and Bitpay Wallet.\u00a0<\/p>\r\n\r\n\r\n\r\n<p>Although DOGE can only be used for gift cards, the belief is that soon both DOGE, BTC, ETH, and potentially other altcoins, will be used as payment for tickets. DOGE, which was not originally on the list of intended cryptocurrencies was later added after a Twitter poll highlighted the need to accommodate Dogecoin holders.<\/p>\r\n\r\n\r\n\r\n<figure class=\"wp-block-image\"><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/lh4.googleusercontent.com\/1D2WvXJw9yYY5caoHIVtrc1FbstXf0fT-2BAppZJ3Nih27DPCyAEdY62aLrHL5RJjYFiIcjoKKt4c7yZWucmEh44sxceVkTdLERO29hwMEB7Rz1j61fvtTNKnYf-v6avhNI_m47O=s0\" alt=\"Tweet from Adam Aron announcing AMC Theatres will accept Dogecoin payments\" width=\"618\" height=\"697\" \/>\r\n<figcaption><em>Tweet from the CEO of AMC Theatres, Adam Aron, outlining the use of Dogecoin for AMC Theatre gift cards.<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n<p><em>To stay up to date on all things crypto, like Xcoins on <\/em><a href=\"https:\/\/www.facebook.com\/xcoinsofficial\"><em>Facebook<\/em><\/a><em>, follow us on <\/em><a href=\"https:\/\/twitter.com\/realxcoins\"><em>Twitter<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.instagram.com\/xcoins.hq\/\"><em>Instagram<\/em><\/a><em>, <\/em><a href=\"https:\/\/www.linkedin.com\/company\/54161996\/\"><em>LinkedIn<\/em><\/a><em>, and sign up at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin soars as bitcoin-exposed US stock ETF is approved. Soros Fund confirms cryptocurrency investment. Bank of America backs cryptocurrencies and AMC accepts Dogecoin.<\/p>\n","protected":false},"author":17,"featured_media":915,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-2422","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Institutions Boost Prices I SEC Steps Toward Bitcoin ETF I Xcoins<\/title>\n<meta name=\"description\" content=\"SEC approves ETF for bitcoin-exposed stocks, Soros Fund confirms cryptocurrency investments, while BoA releases promising crypto report.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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