Feb.23 -- Lucid Motors Inc. agreed to merge with a blank-check company that values the combined entity at a pro-forma equity value of $24 billion. Radio Free Mobile Founder Richard Windsor examines the deal on “Bloomberg Surveillance Early Edition.”
Feb.23 -- Lucid Motors Inc. agreed to merge with a blank-check company that values the combined entity at a pro-forma equity value of $24 billion. Radio Free Mobile Founder Richard Windsor examines the deal on “Bloomberg Surveillance Early Edition.”
European stocks fell on Friday as investors booked profits in high-flying technology shares due to concerns over rising inflation and interest rates on the back of a jump in bond yields. London's FTSE 100 slipped 0.2% and Germany's DAX lost 0.1%, both well off session lows. "Equity markets across the U.S. and Europe are quite expensive now and with bond yields constantly rising, the fixed income market is proving to be more attractive than the riskier equity market," said Roland Kaloyan, a strategist at SocGen.
(Bloomberg) -- Taiwan Semiconductor Manufacturing Co. is set to sell local currency bonds Thursday, as it prepares for a spending blitz amid a global chip shortage.The world’s largest maker of chips for other companies plans to price about NT$16 billion ($575 million) of notes in three parts in an auction, though the actual issuance size may change. The manufacturer will have to contend with a recent rise in rates globally that has sent many corporate bond yields up from record lows in the past few weeks.The debt offering comes at a promising time for the semiconductor industry as the world scrambles its way through the shortfall for the key components in everything from smartphones to TVS and cars. U.S. President Joe Biden’s administration has pressed Taiwan, home to the largest semiconductor manufacturing sector in the world, to help resolve the shortfall for auto chips that has idled some car plants.Read more about the global semiconductor crunch hereTSMC announced in January that its outlay for capital expenditure this year could total as much as $28 billion, up from $17 billion last year. The staggering sum would help expand its technological lead and fund construction of a planned $12 billion plant in the southwestern U.S. state of Arizona. The company’s board approved a plan this month to raise up to NT$120 billion of unsecured corporate bonds in Taiwan, as well as the provision of a guarantee to a unit for dollar note issuance up to $4.5 billion.“TSMC needs funds for building its U.S. factory,” and it may decide later in the year to increase its debt issuance plans, according to Baker Tu, a trader at Capital Securities Corp. Concerns about extra future bond supply from the company could dampen demand for Thursday’s offering, he said.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The U.S. House votes Friday on a bill to give you a third payment. Could there be another?
As of Feb. 19, only 8 full days into the 2021 filing season, the IRS received 34.69 million individual returns.
Here's what still has to happen, including the big vote scheduled for Friday.
(Bloomberg) -- The world’s largest Bitcoin fund is selling off faster than the cryptocurrency itself as investors rush to the exits.The $31.6 billion Grayscale Bitcoin Trust (ticker GBTC) plunged 21% this week, outpacing a 18% decline in the world’s largest cryptocurrency. That’s evaporated GBTC’s once-massive premium to the Bitcoin it holds, with the price of GBTC closing 3.8% below the value of its underlying holdings on Thursday -- a record discount, according to data compiled by Bloomberg.It’s an unusual situation for GBTC, which has persistently traded at a premium to its net asset value since the fund’s launch in 2013. That figure soared to 40% in late 2020, with investors willing to pay a markup for exposure to Bitcoin‘s dizzying rally. That avalanche of inflows swelled the number of GBTC shares outstanding to a record 692 million. However, GBTC doesn’t allow redemptions -- meaning that shares can only be created, but not destroyed. With Bitcoin’s climb now stalling, that’s created a supply and demand imbalance as participants in the trust seek to find buyers in the secondary market.“It’s more indicative of the fact that there are so many shares are available, and it indicates demand for Bitcoin at these prices is falling off,” said Bloomberg Intelligence analyst James Seyffart.Bitcoin surged to a record of over $58,000 last weekend, but has stumbled since. The cryptocurrency fell another 4% on Friday, on track for its worst weekly pullback in a year. The wider Bloomberg Galaxy Crypto Index, tracking Bitcoin, Ether and three other cryptocurrencies, is down 23% this week.Bitcoin’s lurch lower is part of a broader risk asset stumble, as spiking Treasury yields rattle the market’s more speculative fringes. High-flying tech stocks have been hammered as investors reassess loft valuations, with the Nasdaq 100 on track for its worst week since March.Among those hit the hardest is Cathie Wood’s lineup of Ark Investment Management ETFs. The flagship ARK Innovation ETF is on track for a fifth consecutive day of declines, and is poised to erase its year-to-date gains after a nearly 150% surge in 2020. Ark Investment is the fourth-largest holder in GBTC.Michael Sonnenshein, chief executive officer of Grayscale Investments, acknowledged the risk of GBTC’s premium disappearing while speaking in a panel for the Bloomberg Crypto Summit on Thursday.“It’s certainly a risk, no question about it, but ultimately price discovery in GBTC every day is driven entirely by market forces,” Sonnenshein said.A host of new entrants could also be challenging GBTC’s command of the competitive landscape. The Bitwise 10 Crypto Index Fund, the Osprey Bitcoin Trust and the SkyBridge Bitcoin Fund LP have all launched within the past three months. Meanwhile, two Bitcoin ETFs -- a structure yet to be approved by U.S. regulators -- began trading this month in Canada.“Since the beginning of the year, we’ve seen the launch of multiple competing products,” said Nate Geraci, president of the ETF Store, an advisory firm. “The unpleasant truth for GBTC investors is that competition erodes demand for the product, which can lead to a collapsing premium or even a discount.”(Adds record low discount amount in the second paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Ark Investment Management’s miserable week showed signs of easing on Friday, as its flagship exchange-traded fund battled to avoid a fifth day of declines.The ARK Innovation ETF (ticker ARKK) fluctuated as of 11 a.m. in New York, after earlier sliding as much as 2.7%. The fund has tumbled more than 15% this week amid a technology selloff that was triggered by rising Treasury yields, putting pressure on high-flying stocks. One of those shares is electric-car maker Tesla Inc., which remains as the ETF’s biggest holding.The last time Ark founder Cathie Wood suffered a run this bad was almost a year ago, during the worst of the Covid-fueled mayhem. Her main fund is now 11 times larger than it was then. It got close to erasing its gains for 2021 this week after soaring as much as 26% since the end of December.Assets in the ETF have slumped by $4.9 billion this week to $23.3 billion, according to data compiled by Bloomberg. The figure doesn’t include flows from Thursday, when ARKK dropped 6.4% for its worst day in almost six months. Investors pulled about $200 million from the fund in Wednesday trading. That brings total weekly outflows to $638 million, on pace to be the worst on record.“Money that is ‘easy come’ tends to be money that is ‘easy go’,” said Ben Johnson, Morningstar’s global director of ETF research. “You’re going to see similar, if not potentially greater, market impact on the way down, especially given that this is an actively managed ETF and a fully transparent one. The market is hanging on their every move, they’re watching their every move.”Bearish bets against the ETF continue to grow, with short interest now accounting for more than 4% of available shares, according to data from IHS Markit Ltd.Michael Purves, chief executive officer at Tallbacken Capital Advisors, said in a note Thursday that his firm is taking profits on ARKK puts, but “will look to re-enter a second bearish trade on a bounce.”Ark Investment slipped to the eighth place among the largest exchange-traded fund issuers in the $5.9 trillion industry, after becoming the seventh biggest earlier this month. Total ETF assets for the company are now just shy of $53 billion, down from more than $60 billion at the prior peak.Wood’s $10.6 billion ARK Genomic Revolution ETF (ARKG) is now flat for the year and lost $154 million on Wednesday for its third straight day of outflows. At the same time, traders pulled another $48 million from ARK Next Generation Internet ETF (ARKW).For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
CNBC host Jim Cramer said Thursday that GameStop Corporation (NYSE: GME) could justify its share price by turning into a cryptocurrency play. What Happened: The “Mad Money” host made references to other companies like Paypal Holdings Inc (NASDAQ: PYPL) and Nvidia Corporation (NASDAQ: NVDA), both of which are linked in some way or the other to cryptocurrency at the present. “If GameStop were to turn itself into a 5,000-store introduction to crypto, make it so that they sell $1 billion worth of stock ... and buy crypto with it, and then make it so it’s an international gaming place where you win bitcoin, I think you can justify the stock price,” theorized Cramer. “I have not been able to come up with anything else, but this works. And it doesn’t have to be bitcoin. We can make it crypto.” See also: How to Buy GameStop (GME) Stock Cramer said if GameStop turns itself into a “crypto information place” and has worldwide games with no latency it would add to the credibility of GameStop investor and Chewy Inc. (NYSE: CHWY) co-founder Ryan Cohen. The former hedge fund manager also pointed to the upcoming resignation of GameStop CFO Jim Bell and said, “CFOs, they tend not to have bitcoin on their balance sheet. Perhaps Jim Bell, that’s what he didn’t want.” Cramer called Cohen a “big thinker” and said “I have a feeling that this is the way to get this stock higher. I can’t come up with another way.” Why It Matters: GameStop, AMC Entertainment Holdings Inc (NYSE: AMC), BlackBerry Ltd (NYSE: BB), and Nokia Oyj (NYSE: NOK) shares were buoyed in a short squeeze carried out by Reddit forum r/WallStreetBets. A notable poster on the forum — “Deep F---ing Value” — who has been credited by forum members for pointing out the short squeeze opportunity told U.S. lawmakers that he likes GameStop stock. “As far as I can tell, the market remains oblivious to GameStop’s unique opportunity within the gaming industry,” said the poster whose real name is Keith Partick Gill. On Wednesday, Cramer called the over 103% rise in the shares of GameStop “a mockery,” and questioned, “Where is the government?” Alma Angotti, a former Securities and Exchange Commission enforcement attorney said that heightened interest from regulatory bodies could be expected. “I think both Congress and the SEC will be studying that balance between orderly markets and letting people invest what they want to invest for whatever reasons they want to invest even if it doesn’t make sense to us,” CNBC reported. Price Action: GameStop shares closed nearly 18.6% higher at $108.73 on Thursday and fell 2.51% to $106 in the after-hours session. For news coverage in Italian or Spanish, check out Benzinga Italia and Benzinga España. Photo courtesy: EPIC via Wikimedia See more from BenzingaClick here for options trades from BenzingaTesla Stock Performance And WallStreetBets Mentions Have A 'Real' Connection: BarclaysWhy AMC Shares Spiked 20% Today© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Munger says the argument for diversification should be called 'diworsification.'
(Bloomberg) -- Shares of GameStop Corp. doubled yesterday and jumped another 19% today. Options traders think the stock can do much better than that.The most-active option traded on the stock Thursday was a contract betting that GameStop shares would spike to $800 on Friday. Some 52,000 contracts changed hands during the session betting on this one-day gain of 636%For other options traders, it was a question of when GameStop would hit the $800 mark, not if. The seventh and eighth most-active contracts were call options wagering that the stock would reach $800 by next Friday or in three weeks. It’s hard to say whether the contracts were mainly bought or sold, two traders said.“It’s speculation gone wild, pure and simple,” said Steve Sosnick, chief strategist at Interactive Brokers LLC. “It is Exhibit A in the nuttiness that is associated with GameStop.”GameStop’s Reddit-driven roller-coaster ride that roiled markets last month is continuing this week, with shares more than doubling in the final 90 minutes of trading on Wednesday and rising as much as 101% on an intraday level on Tuesday. The rally came as popular tech names from Tesla Inc. to Zoom Video Communications Inc. were battered after U.S. 10-year Treasury yields spiked to 1.6%.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Tax refunds are flowing into pocketbooks — and the overall economy — much slower this season after a late start.
What Happened: The largest crypto exchange in Southeast Asia, Philippines-based PDAX, experienced a technical failure that led to Bitcoin trading at $6,000 – an 88% discount to its current price. Following the incident, PDAX asked its customers to return their Bitcoins, threatening legal action, a local news outlet Bitpinas has reported. According to the exchange’s CEO, the system error was not due to a hack but a technical “glitch” caused by a massive surge in trading activity. Why It Matters: The initial outage is said to have taken place on February 18; however, since then, reports have surfaced on social media of customers being locked out of their exchange accounts and being asked to “return their Bitcoin.” “After almost 24 hours, they sent me a demand letter and SMS, requesting me to transfer back the BTC, or they “may” be compelled to take legal actions against me.” said one trader who believed his purchase was well within his rights without violating any laws or regulations of the trading platform. See also: How to Buy Bitcoin (BTC) Rafael Padilla, an attorney representing the affected users who are currently locked out of their accounts, commented on the issue on Facebook. “Our client’s trade transaction was legitimate under applicable laws, decided cases, and of course according to PDAX’s very own terms and conditions/user agreement.” According to Padilla, PDAX has opted to lock users out of their accounts because it cannot unilaterally reverse the transactions. An official statement from PDAX claims that 95% of accounts have been restored, but according to the report, many users are still locked out of their accounts. “It’s very understandable that a lot of users will feel upset they were able to buy what they thought an order was there for Bitcoin at very low prices. But unfortunately, the underlying Bitcoins were never in the possession of the exchange, so there’s never really anything there to be bought or sold, unfortunately.”, said PDAX CEO Nichel Gaba in a press conference earlier today. Image: vjkombajn via Pixabay See more from BenzingaClick here for options trades from BenzingaElon Musk's Tweet About Dogecoin Sends Price Up 10% In 30 Minutes AgainMicroStrategy Buys Additional .026B Worth Of Bitcoin, Surpasses Tesla's Bitcoin Holdings© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Bloomberg) -- A chaotic selloff in the Treasuries market was spurred by a massive exodus from popular trades, heightened by liquidity concerns that could inflict more pain in coming days.The exodus happened at a time when traders were already worried about the imminent disappearance of a support beam for the market -- a regulatory exemption that has allowed banks to accumulate more U.S. bonds.Treasury futures open interest across a range of maturities sank by a huge amount Thursday: the equivalent of $50 billion of 10-year notes. It didn’t help that this coincided with the Treasury Department selling $62 billion of seven-year notes, an auction that proved to be a disaster.The month ahead could be rocky, too. Back in April, the Federal Reserve tweaked its rules to exempt Treasuries from banks’ supplementary leverage ratios -- allowing them to expand their balance sheets with U.S. debt. But that relief ends March 31 and what happens next is something of a mystery.“It wasn’t an orderly selloff and certainly didn’t appear to be driven by any obvious fundamental continuation or extension of the reflation thesis,” wrote NatWest Markets strategist Blake Gwinn in a note to clients. A number of more technical factors were in the mix, against a backdrop of a good-old-fashioned buyers strike, he said.Here’s a look at some of the factors driving Thursday’s moves:The ProtagonistThe main protagonist in the bond market was the five-year Treasury note, a maturity often associated with long-term Fed rate expectations, where yields closed 22 basis point higher on the day. The so-called butterfly-spread index -- a measure of how the note is performing against its two- and 10-year peers -- jumped 24 basis points, the worst daily performance for the sector since 2002.The selling was triggered after a U.S. auction of seven-year bonds saw record low demand. The bid-to-cover ratio -- a gauge of investor interest -- came in at 2.04, well below the recent average of 2.35. That sent five-year yields surging through 0.75%, a crucial technical level watched by investors as a signal that any bond selloff could worsen.Unwind RushThe yield spike sent traders scurrying to manage their positions, in particular those linked to the popular reflation trade. Bets on a steeper yield curve were hit as the curve flattened thanks to heavy losses in shorter-dated bonds.Preliminary open interest in Treasury futures across the curve -- a measure of outstanding positions -- collapsed by an amount equivalent to $50 billion in benchmark 10-year notes. While there may be some muddiness to the data given potential contract rolls, it does suggest a significant unwind of positions.The selloff paused in Asia trading hours and remained calm during Friday in New York. Some Asian traders said they had worked through New York hours right through much of Friday.The 10-basis-point spike and subsequent retreat in benchmark Treasuries when they touched 1.5% also suggests some traders were hit with stop-losses on their long positions.Fundamental DecouplingThe bond market’s divergence from a fundamental backdrop was most evident at the shorter-end of the curve. Eurodollar contracts -- which are priced off Libor -- collapsed in record volumes as traders repriced their expectations for the path of Fed rates with few obvious catalysts.Markets now see a Fed hike by March 2023 compared to mid-2023 previously, and have priced in rates over 50 basis points higher by 2024.But in remarks this week, Fed Chairman Jerome Powell offered reassurance that policy would continue to be supportive and look beyond a temporary pick-up in inflation, especially from a low base. While Fed Vice Chair Richard Clarida expressed cautious optimism on the outlook, he said it would “take some time” to restore the economy to pre-pandemic levels.“Today’s market dynamics look to have been fueled by technical factors and the Fed may want to let the dust settle before it judges whether there is anything really problematic here,” said Evercore ISI’s Krishna Guha and Ernie Tedeschi. “But a change of tone at least seems warranted in our view and possibly more.”Liquidity DroughtA lack of bond market liquidity, just when traders needed it most, can also be at fault.“We think that a steep decline in market depth contributed to the outsized moves in yields,” wrote JPMorgan Chase & Co. strategist Jay Barry in a note to clients. Barry showed how the share of high-frequency traders in the Treasury market -- which has been on an increasing trend -- tends to retreat rapidly as volatility spikes.U.S. 3-month 10-year swaption volatility -- a gauge of price swings in the rates market -- jumped to highest in over a year on Thursday, having risen steadily all month.“Given the natural feedback loop between volatility and liquidity, it’s likely that a steep decline in depth contributed to the outsized moves in yields,” added Barry.Regulatory PurgatoryBond traders were already on edge as they waited for Fed guidance ahead of next month’s expiry of a regulation that has encouraged banks to buy Treasuries. Neither Powell nor Randal Quarles, the vice chair for supervision, gave an answer as to whether the measure would be extended, which likely helped extend a clearing of positions in the swaps market.Credit Suisse strategist Zoltan Pozsar said clarity on this situation is one of the things needed to calm long-term Treasury yields.No matter what the Fed decides, “both would offer clarity and direction to the rates market,” he said.(Updates with concerns from first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- State Street’s $786 million exchange-traded fund investing in retailers was only just recovering from its last brush with GameStop Corp. Now it’s all happening again.The SPDR S&P Retail ETF (ticker XRT) is being distorted by the bricks-and-mortar seller of video games for a second time, just a few weeks after losing 80% of its assets in January’s meme-stock drama.GameStop is on another tear, surging roughly 50% on Thursday after a 104% gain the previous day. That’s a problem for XRT because it’s supposed to hold an equal amount of each stock, but it doesn’t rebalance swiftly enough to counter GameStop’s jump.The company now makes up about 5.9% of the fund. It should be more like 1%.Last time around, GameStop’s weighting eventually ballooned to 20% of XRT, prompting an exodus from the fund. It took about three weeks for assets to recover -- they hit the highest level since 2018 on Tuesday, just before the latest bout of meme-stock madness.With GameStop’s sudden revival, there could be more pain ahead of the passive fund’s March rebalance, according to CFRA Research’s Todd Rosenbluth.“Investors in XRT have seen this movie before, with GameStop quickly dominating the normally equally weighted portfolio before falling sharply,” said Rosenbluth, CFRA’s director of ETF research. “With no limits on position sizes and the rebalance nearly a month away, the risk is high that the stock will drive performance up and down. Some may not want to stick around to see if the sequel is any better.”Of course, GameStop’s rally in January was on a different scale -- it soared 1,600%, powering XRT to monthly gains of about 37%. That was a record for the normally staid ETF. But when the retailer plunged, the ETF was hit, and XRT remains around 5% lower in February despite a boost from GameStop this week.Such whiplash may dim XRT’s appeal as a portfolio hedging tool, according to Citigroup Inc.’s Scott Chronert.“When you have a stock-specific circumstance like this one, it might mess up how the hedging aspect is working,” Chronert said in an interview earlier this month. “If you’re looking to hedge a long book of retail or consumer names, the weighting impact on the broader sector ETF might not be a very good hedge because it’s dominated by a single name.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
Argo Blockchain said it installed 4,500 cryptocurrency mining machines from Celsius Network.
Borrowers are backing off, mortgage demand is falling — but what if rates go even higher?
Higher bond yields have arrived. Now investors have to consider what, if any, changes to make to their portfolios.
(Bloomberg) -- YieldStreet Inc., the online firm that offers esoteric investments to affluent individuals, is exploring options including a sale, while also weighing setting up a special purpose acquisition company of its own, according to people with knowledge of the matter.The New York-based company is working with an adviser to solicit interest from potential buyers including blank-check firms, and separately, is in early discussions with potential co-sponsors for its own SPAC, said the people, who requested anonymity because the talks are private. Merging with a SPAC is an increasingly popular way to go public, and some closely held companies have also sought to raise vehicles of their own.Representatives for YieldStreet declined to comment.YieldStreet, started in 2015 and led by founder and Chief Executive Officer Milind Mehere, pitches itself as a source of passive income for investors who have at least $1 million in net worth or make $200,000 or more a year. It helps provide access to loan deals backed by assets including commercial real estate, litigation financing and art. Venture capital firms including Greycroft and Raine Ventures have invested in YieldStreet, as has Soros Fund Management.A number of financial technology companies including Social Finance Inc., Payoneer Inc., MoneyLion and Bakkt have agreed to go public through mergers with blank-check firms.Meanwhile, Figure, a blockchain lending startup led by former SoFi CEO Mike Cagney, this month raised $287.5 million for a SPAC. In its initial public offering filing, which lists Mike Vranos’s Ellington Management Group as a sponsor, the Figure SPAC said it’s seeking a target that can benefit from Figure’s technology platform built on Provenance blockchain.Almost 250 new U.S. SPACs have announced plans to go public in 2021, seeking a combined $74 billion, according to Bloomberg data. That compares with around 230 that collectively raised $78 billion in 2020.(Updates with potential sale starting in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- The Federal Reserve and other bank regulators are flashing a new warning sign for the U.S. economy: Businesses ravaged by Covid-19 are sitting on $1 trillion of debt and a high percentage of it is at risk of going bust.Watchdogs flagged 29.2% of complex corporate lending as troubled in 2020, up from 13.5% in 2019, according to a report released Thursday by the Fed and other agencies. Real estate, entertainment, transportation, oil and gas, and retail were cited as particular problem areas. A “disproportionate share” of the riskiest loans were held by nonbanks, such as investment funds that engage in leveraged lending, insurers and pension funds, the regulators added.“While risk has increased, many agent banks have strengthened their risk management systems since the prior downturn and are better equipped to measure and mitigate risks associated with loans in the current environment,” the Fed, Federal Deposit Insurance Corp. and Office of the Comptroller of the Currency said in a statement that accompanied the release of their Shared National Credit Review.Still, banks’ share of the weakest loans has also been rising, with some of their holdings -- particularly those associated with oil and gas -- facing credit downgrades during the pandemic, the report found. Banks’ percentage of borrowings deemed below the standards preferred by regulators increased to 45% from 35% a year earlier.For their report, the Fed and other agencies evaluated $5.1 trillion in complex lending involving multiple firms, with half of it representing leveraged loans. Real estate, entertainment, transportation, oil and gas, and retail represented 21.6% of the lending that the regulators examined.The 29.2% of “non-pass loans” highlighted in the report represent those the agencies categorize as meriting “special mention,” being substandard or at risk of triggering losses for lenders.During the pandemic, the debt load involving leveraged lending -- borrowings by the riskiest companies -- has been on the upswing. In so-called syndicated loans backing U.S. acquisitions, leverage surged to at least a five-year high in the fourth quarter, according to Covenant Review.Though bank regulators once insisted on limits for leveraged lending, those standards are no longer enforced. Nonbanks were never required to comply with the restrictions because such firms aren’t directly regulated by the Fed, FDIC and OCC.(Updates with data from Fed report starting in first paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
The Purpose Investments Bitcoin ETF is seeing massive inflows after launching last week.