Last week saw the trend of Bitcoin’s penetration into the publicly traded sphere continue.
Most significant was the New York Stock Exchange (NYSE) rolling out its bitcoin index, which tracks the traded price of bitcoin. Initially following prices on the recently launched exchange of Coinbase, in which NYSE is now an investor, the index is envisioned to eventually account for data from several select exchanges. The feature will cater to investors looking for a higher level of transparency in the crypto markets from an established name.
Trading commenced in the world’s first bitcoin instrument to be listed on a fully regulated venue. Bitcoin Tracker One, an exchange traded note (ETN) traded on the Stockholm Stock Exchange, saw its units priced on par with bitcoin’s value.
Moving closer to fair value were shares in Bitcoin Investment Trust (BIT), traded as GBTC on the US OTC Markets, which fell by as much as 28.5%. They ended the week at $31.90, a 33% premium to the bitcoin price.
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Trading in BitGold, recently launched on the TSX Venture Exchange, ended the week on a wild note. Shares doubled to $8.00 within a 24-hour span, only to give up nearly all gains, ending the week at $4.65. At their peak, the startup’s valuation was nearly $300 million, leading some to believe that shares were in a post-IPO bubble that had attracted crypto and gold bugs alike.
FinTech startup InvestYourWay added bitcoin as an asset class, which will be available for its users and those of its partner, UK-based CFD and FX broker IG Markets.
Bitcoin trading in the “traditional” sense suffered another hiccup after leading USD-based exchange Bitfinex reported that its hot wallet was likely compromised.
21 Inc, the previously secretive startup who won the greatest funding round in crypto history, unveiled a grand vision whereby everyday devices are outfitted with specialized chips to secure the bitcoin mining network and generate a continuous stream of digital currency.