“Shark Tank” investor Kevin O’Leary says he “will never buy” the newly approved Bitcoin spot ETFs because he already holds Bitcoin and doesn’t want to pay the extra fees. .
He spoke to Fox Business:
“If you are a purist and only hold Bitcoin long term as digital gold like me, I would never buy an ETF. Why do I have to pay these fees? That’s completely unnecessary and they don’t bring any value to me.”
However, he said the introduction of a spot Bitcoin ETF represents “a step forward” for the cryptocurrency industry which he hopes will “energize the US Congress” to consider the systems. digital payments involving “US dollar-based USDC, for example”.
He noted the still underdeveloped state of the cryptocurrency industry.
“Now we have this big event, it’s amazing. But we’re too early, we’re in the first round,” O’Leary said.
Although the U.S. Securities and Exchange Commission (SEC) has approved 11 Bitcoin ETFs, he predicts not all will last.
“I bet giants like Fidelity and BlackRock will be at the top because they have huge sales forces,” O’Leary said.
CoinShares has chosen to acquire Valkyrie Funds, which was approved by the SEC last week as the issuer of a spot Bitcoin ETF, a European cryptocurrency investment firm indicate in a statement.
According to CoinShares, the decision is a direct result of the SEC approval and is in line with “positive developments in the US regulatory landscape and CoinShares’ strategy to expand its technical asset offerings numbers in the US market.
CoinShares CEO Jean-Marie Mognetti said:
“Exercising the Valkyrie Funds acquisition option aims to expand our European success in the United States, providing unparalleled access to managed digital asset products for investors. from the United States. This decision to expand is a clear statement of our desire to make acquisitions to support our ambition to become a global leader in the digital assets space.”
When completed, the deal is expected to increase CoinShares’ total assets under management (AUM) by approximately $110 million from the current $4.5 billion.
The acquisition process is pending due diligence, legal agreements and board approval.
South Korea warns about US Bitcoin ETF brokerage
Brokering newly approved US Bitcoin spot ETFs may be illegal in local markets, the South Korean Financial Services Commission (FSC) said.
“For domestic securities firms, any brokerage activities related to overseas-listed spot Bitcoin ETFs may violate the government’s current position on virtual assets and the Federal Trade Act. Capital Markets Law,” the FSC said, emphasizing that it will continue to review the legal landscape surrounding investing in a spot Bitcoin ETF.
