Harvard’s Bitcoin ETF Position in Its Investment Portfolio 

Harvard Management Co Inc. manages the university’s investment portfolio. By the end of Q2 2025, the value of Harvard’s shares in BlackRock’s spot Bitcoin ETF reached $117 million. This amount is roughly $3 million more than its holdings in Alphabet shares. Harvard’s largest investment remains Microsoft shares, valued at $310 million. The Bitcoin ETF investment, however, stands out with its rapid growth. 

Growing Institutional Interest in Bitcoin ETFs 

BlackRock’s spot Bitcoin ETF continues to gain popularity among institutional investors. An Abu Dhabi-based asset fund held over $500 million worth of shares in this ETF by the end of Q1 2025. BlackRock currently manages $84 billion in assets. Other institutional investors, such as the Michigan State Retirement System, are also turning to Bitcoin ETFs. By the end of Q2, Michigan State Retirement System reported holding about $11 million worth of ARK 21Shares Bitcoin ETF shares. 

Harvard’s investment in BlackRock’s Bitcoin ETF competes with major tech company holdings in its portfolio. This highlights the growing importance of crypto assets within institutional portfolios. Additionally, BlackRock’s Bitcoin ETF stands out with its market value and investor interest, fueling rising corporate demand for digital assets every day. 

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21Shares has announced that it will initiate a 3-for-1 stock split of its flagship Bitcoin ETF, ARKB, on June 16. The move aims to reduce the per-share price and attract a broader base of retail investors.

Lower Price, Wider Access

The share split will not affect the ETF’s investment strategy or the amount of Bitcoin it holds. Its total net asset value will also remain unchanged. The split means each share will be divided into three, lowering the per-share price without altering the total value of an investor’s holdings.

As of June 2, ARKB shares closed at $104.25. After the split, the price per share is expected to be just under $35.

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Share splits are commonly used to enhance accessibility and trading efficiency, particularly when high prices might deter new investors from entering the market.

ARKB Faces Outflows But Still Holds Strong Position

Despite the stock split announcement, ARKB has recently seen six consecutive trading days of net outflows totaling $430 million. On June 2 alone, $74 million exited the fund, according to CoinGlass.

However, the ETF still holds its ground as the third-largest spot Bitcoin ETF in the U.S., with $2.37 billion in aggregate inflows. With $4.8 billion in assets under management and a year-to-date return of 7.35%, ARKB remains a significant player.

This strategic move could reinvigorate retail investor interest and reposition the fund for more active trading in the coming months.

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Court Ruling in Mango Markets Case 

U.S. District Judge Arun Subramanian overturned fraud and market manipulation convictions against Avraham Eisenberg, accused of a $110 million fraud in Mango Markets. The court ruled there was insufficient evidence that Eisenberg made serious misrepresentations to the platform. This weakens the government’s case and acquits Eisenberg of one charge. Eisenberg had inflated the MNGO token price by over 1300% in a short time and used those gains as collateral to withdraw $110 million from Mango Markets. 

Record Inflows into Bitcoin ETFs 

U.S.-based spot Bitcoin ETFs recorded a total inflow of $2.75 billion this week, about 4.5 times the $608 million inflow the previous week, according to Farside data. BlackRock’s IBIT fund notably saw $430.8 million daily inflows for eight consecutive days. In contrast, Grayscale’s GBTC fund experienced outflows of $89.2 million, and ARK 21Shares’ ARKB fund saw $73.9 million withdrawn. 

Trump’s Crypto Dinner Under Investigation 

Thirty-five members of the U.S. House of Representatives sent a letter on May 22 to the Department of Justice requesting an investigation into Trump’s memecoin investors dinner. They asked Edward Sullivan to probe whether the event violated federal bribery laws or the U.S. Constitution’s “Foreign Emoluments Clause.” 

Most attendees were reportedly foreign nationals linked to crypto exchanges, according to Bloomberg. The letter stated: 

“U.S. law prohibits foreign persons from contributing to U.S. political campaigns. However, the $TRUMP memecoin, including the promotion of a dinner promising special access to the president, opens the door for foreign governments to buy influence with the president without disclosing their identities.” 

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The post What Happened in the Crypto Market? Key Developments appeared first on Coin Engineer.

BlackRock’s iShares Bitcoin Trust (IBIT) saw its largest daily outflow since launching a year ago. After the New Year holiday, trading resumed in the U.S., and on January 2, IBIT experienced a record outflow of $332.6 million, according to data from Farside Investors.

This outflow marks the highest amount since the product’s launch in January 2024, surpassing the previous record of $188.7 million set on December 24. Additionally, it highlights a new record of three consecutive trading days of outflows for this BTC investment product. Over the past week, IBIT has seen a total outflow of $392.6 million.

BlackRock ETF Outflows Accelerate

The latest outflows can be seen as a minor fluctuation in the broader picture. According to Bloomberg data shared by senior ETF analyst Eric Balchunas, BlackRock’s fund ranked third among all exchange-traded funds in the United States in 2024, with inflows totaling $37.2 billion.

The leading ETF for the year was Vanguard 500 Index Fund, with inflows of $116 billion, while iShares Core S&P 500 ETF came in second with $89 billion in inflows.

Bitcoin pioneer Adam Back commented, “Maybe in 2025, Bitcoin ETFs will take the top spot with more inflows and higher prices.”

Top ETFs in the U.S. by Inflows in 2024

On January 2, despite the outflow trend from BlackRock’s spot Bitcoin ETF, Bitwise, Fidelity, and Ark 21Shares saw inflows of $48.3 million, $36.2 million, and $16.5 million, respectively. Grayscale’s Bitcoin Mini Trust also saw a small inflow of $6.9 million, while its larger GBTC fund experienced an outflow of $23.1 million.

The total net outflow for the day came to $242 million, as BlackRock’s outflows offset the inflows of its competitors.

On the same day, ETF Store President Nate Geraci shared some predictions for crypto ETFs in 2025.

These include the merging of spot Bitcoin and Ether ETFs, the trading of spot ETH ETF options, in-kind creation and redemption options for spot BTC and ETH ETFs, staking for spot Ether funds, and the approval of a spot Solana ETF.

Geraci commented, “Actually, all of these will happen.”

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Details of the Ads

According to a report by Sina Finance on December 12, some Alipay users in mainland China noticed promotional ads about spot Bitcoin ETFs on their homepages. The ads included slogans such as:

“Global investment, cryptocurrency soaring, minimum investment of 10 yuan—get on board now!”

The advertisements directed users to Huabao Overseas Technology C (QDII-FOF-LOF), a fund that allegedly has indirect exposure to Coinbase stock and the ARK 21Shares Bitcoin ETF.

Investment Limits and Observations

Prominent Chinese market analyst Colin Wu commented on X (formerly Twitter) that mainland users can currently purchase up to 1,000 yuan ($137) worth of the fund daily, with a minimum investment of 10 yuan ($1.40).

Wu noted that the fund indirectly invests in Coinbase stock and the ARK Bitcoin ETF through Cathie Wood’s fund. He also pointed out that Huabao Technology and other QDIIs are running similar crypto-related ads on Alipay.

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The ads have sparked speculation among some users, with one stating:

“The next step might be buying Bitcoin directly with Alipay.”

Potential Implications

According to Yifan He, CEO of blockchain firm Red Date Technology, Alipay’s parent company, Ant Financial Services Group, already offers US ETF trading services, so featuring a Bitcoin ETF might not be unexpected.

He suggested that the ads are likely third-party promotions rather than direct offerings from Alipay, adding:

“As long as the yuan cannot be moved out of the country illegally, regulators are unlikely to see this as a significant risk.”

He also predicted that the ads would disappear soon, labeling them as the result of third parties exploiting loopholes.

Regulatory History and Context

Alipay officially banned Bitcoin-related transactions in 2019, aligning itself with the Chinese government’s anti-crypto policies. Since 2017, mainland China has prohibited crypto exchanges, with a sweeping crackdown on cryptocurrencies enforced in 2021.

Despite the government’s firm stance, crypto assets have been repeatedly recognized as legal properties protected under Chinese law.

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In an interview held on Friday morning, Gensler was asked whether about ten companies applying for the spot Ethereum product, including Grayscale, are considering a summer court decision as a “precedent”.

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Gensler said, “I don’t want to approach any application with prejudice and as you said, we have 10 applications ahead of us.”. “So a news alert, I will not be prejudiced about this. However according to your question, we are considering the facts, conditions, and what’s ahead of us.”

Giant firms like BlackRock and Fidelity applied for spot Ethereum ETFs in November, and these have been followed by Franklin Templeton, Ark 21Shares, VanEck and Grayscale.

Experts consider that the SEC Chairman may approve Ethereum ETFs

Some experts, considering that Ether futures ETFs are currently trading, are optimistic that the SEC may approve a spot Ethereum ETF and say that Grayscale’s victory against the SEC in court last year could tip the balance.

After the decision issued by the DC court in the summer term that gave the three judges the authority to reassess Grayscale Investments’ spot bitcoin ETF offer, SEC approved spot bitcoin ETFs. However, Gensler said that the agency’s decision to approve spot bitcoin ETFs should exactly be accordingly.

SEC Chairman, who in the past stated that many cryptocurrencies are securities and has been calling for companies to register with the SEC, said in an interview conducted on Friday that “all crypto space is faced with challenges.”

SEC Chairman Gensler said, “The whole area is fraught with abuse and fraud”. “Look at the series of bankruptcies in 2022 and 2023 where investors cannot get necessary disclosures from intermediaries in the market. In the meantime, this is not such a decentralized situation for the observing public.” He said.

The post SEC Chairman Avoids Questions About Ether ETFs! appeared first on Coin Engineer.

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Franklin Templeton, a large investment firm with $1.5 trillion in assets under management, has officially announced its filing for a spot Ethereum ETF.

The U.S. Securities and Exchange Commission (SEC) has already approved a spot Bitcoin ETF. Now, all eyes are on the approval of Ethereum ETF, and investors believe it will happen soon.

The approval is expected to come by May 23rd, which is also the deadline for the SEC to review VanEck’s Ethereum ETF application.

Bloomberg ETF analysts and Standard Chartered (British bank) analysts believe that there is a 70% chance of Ethereum ETF approval.

They also reference the mass acceptance of Bitcoin ETFs in January and believe that the same will happen for Ethereum ETFs. They predict that the Ethereum price could reach $4,000 if this happens.

Current Market Data for ETH shows that the price is around $2657.

Companies That Have Filed for Spot Ethereum ETF

• BlackRock
• Fidelity
• ARK 21Shares
• Grayscale, Invesco
• VanEck
• Hashdex
• Franklin Templeton

The post Franklin Templeton Files for Spot Ethereum ETF, Joining the Race appeared first on Coin Engineer.

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Changes to the Spot Ethereum ETF

• The spot Ethereum ETF (exchange-traded fund) application will be changed to adopt a cash creation model similar to the approved spot Bitcoin ETF.
• ARK 21Shares also plans to generate additional income by staking a portion of the ETF’s Ether holdings.

• In December 2023, ARK 21Shares and BlackRock were among the first issuers to convert their spot Bitcoin ETFs.
• These changes were due to the shift of Bitcoin ETFs to a cash creation and redemption model following meetings with the U.S. Securities and Exchange Commission (SEC).
• ARK 21Shares initially proposed an in-kind redemption model for spot Ether.

HERE WE GO AGAIN: ARK/21Shares has just filed an amended S-1 for their spot Ether ETF, looks like they updated to be only cash creations and some other things that bring it in line w the recently approved spot btc etf prospectus.. pic.twitter.com/clN2oZmA6I

— Eric Balchunas (@EricBalchunas) February 7, 2024

Cash Creation Model

• ARK 21Shares will now purchase Ether equivalent to the order amount and deposit the acquired Ether into the trust’s account with the custodian.
• Shares of the spot Ether ETF will then be created.
• Bloomberg ETF analyst Eric Balchunas stated that with the details provided in the latest Form S-1 amendment filed on February 7th, ARK 21Shares is now “aligned” with the approved spot Bitcoin ETFs.

Staking

• The Cathie Wood-led firm acknowledges that the cash creation model could negatively impact arbitrage opportunities for authorized participants and aims to keep the share price closely linked to Ether.

All the TradFi people are going to absolutely salivate over the real yield that a staked spot ETH ETF can offer

You don't own enough ETH

— sassal.eth/acc (@sassal0x) November 10, 2023

• The firm’s latest S-1 filing also proposes adding a staking component to the spot Ether ETF.
• “The Sponsor may from time to time stake a portion of the Trust’s assets through one or more qualified third-party staking service providers.”
• ARK 21Shares plans to stake Ether from the trust’s cold wallet balance, which would allow the trust to earn staking rewards that are considered income.

Interesting, adding a staking component (in brackets): https://t.co/x8uhHZPxJX pic.twitter.com/dOilIKEyrs

— Scott Johnsson (@SGJohnsson) February 7, 2024

Risks of Staking

• ARK 21Shares acknowledges that staking activities carry risks such as the slashing of ETH and that staked ETH may be locked up for extended periods in some cases.

SEC’s Decision on Spot Ethereum ETF

• Bloomberg ETF analyst James Seyffart stated that the SEC’s base case is that it will not allow staking for spot Ether ETFs.
• However, he added that this could become clearer over time.
• According to Seyffart, the probability of spot Ether ETF approval has recently decreased from 70% to 60%.
• This was highlighted by a statement made by Bloomberg ETF analyst Eric Balchunas on January 30th.
• The SEC has until May 23rd to decide on the applications of filers like VanEck, ARK 21Shares, Hashdex, Grayscale, and Invesco.
• Fidelity and BlackRock have deadlines of August 3rd and 7th, respectively, for their applications to be decided upon.

Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don’t forget to follow us on Telegram, YouTube and Twitter for the latest news and updates

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10 Years Since the First Application

More than 10 years have passed since the first application to the Securities and Exchange Commission (SEC). On January 10, 2023, the SEC again approved the first regulated spot Bitcoin exchange-traded fund (ETF).

The approval of the Bitcoin ETF was a historic milestone for crypto, but the road was not smooth.

July 1, 2013 (Bitcoin Spot ETF)

It took 4 years to get this application approved. It all started on July 1, 2013, when Gemini co-founders Cameron and Tyler Winklevoss filed the first application for a spot Bitcoin ETF in the United States. However, despite the twins’ efforts and the back-and-forth with the SEC, the agency ultimately denied the application in 2017.

Everyone agreed: Bitcoin was in no way ready for the mainstream.

Grayscale 2017

In 2017, Grayscale launched an investment vehicle called GBTC, an open-ended, private trust for accredited investors. It had already received approval from the Financial Industry Regulatory Authority (FINRA) to trade publicly in 2015. However, it was not an ETF. Today, it is the first publicly traded Bitcoin fund in the United States and is eventually expected to be converted to a spot-based ETF.

Re-Application: The Winklevoss Brothers

The Winklevoss brothers, not to be deterred by their first rejection by the SEC, made a second attempt to get Bitcoin ETF approval. Again, the SEC denied the application, citing the largely unregulated nature of Bitcoin.

Hopes Always Rested on Canada 2021

For years, many people wondered if a spot ETF approval for Bitcoin could ever be achieved until Canada took the lead. According to Bloomberg ETF analyst Eric Balchunas:

• Fidelity Canada launched a spot Bitcoin ETF in 2021, making them the largest asset manager with a Bitcoin ETF at the time.

Companies Sue the SEC 2022

The companies prepared again and applied to the SEC again in 2022. The companies that applied at that time were:

• SkyBridge
• Fidelity
• Bitwise
• Grayscale

The spot Bitcoin ETF applications from the companies’ managers were again rejected by the SEC. In response, Grayscale Investments filed a lawsuit against the SEC after its application to convert GBTC to a spot-based ETF was denied.

ETF Race 2023

In 2023, asset managers BlackRock and ARK Invest joined the race for a Bitcoin ETF. This further increased the hopes that the new Bitcoin investment vehicle would eventually be approved.

August 29, 2023 was the first turning point. US District Court Judge Neomi Rao of the US Court of Appeals ordered the SEC to accept Grayscale’s petition for review.

This was seen as a victory for Grayscale. While the decision did not guarantee the ultimate listing of Grayscale’s spot Bitcoin ETF, it gave the community hope that a spot Bitcoin ETF was on the way.

SEC Response 2024

There were many disputes between the applicant companies and the SEC. By the beginning of January 2024, everything was ready. All the requested files were in the SEC’s possession in a complete manner. On January 9, the SEC’s official X (Twitter) account posted a message stating that the commission had approved the spot BTC ETF applications. However, SEC Chairman Gary Gensler immediately denied the announcement, saying that the SEC had not yet approved the listing and trading of the ETFs, and said that the SEC’s X account had been hacked.

January 10, the Final Day (Bitcoin ETF)

On January 10, Cboe BZX Exchange submitted a letter to the SEC. The letter stated that the BTC ETF proposals for the companies:

• ARK 21Shares
• Invesco Galaxy
• Fidelity
• VanEck
• WisdomTree
• Franklin Templeton

had been approved. At this time, the SEC’s full approval was still pending. This fueled speculation that the SEC could approve multiple proposals from asset managers at the same time.

Approval Time

On the same day, the SEC finally approved the 19b-4 applications from the asset managers. This paved the way for the first regulated spot.

The post Bitcoin ‘s Spot ETF Victory appeared first on Coin Engineer.

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According to a report in Fox Business, BlackRock, the world’s largest asset manager and one of the firms seeking to launch a Spot Bitcoin ETF, expects its application to be approved on Wednesday.

BlackRock is one of several companies that filed updated 19b-4 filings on Friday, along with their proposed Spot Bitcoin ETFs. Other companies that have filed applications include Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco. The Cboe BZX exchange also filed forms last week for VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton.

The approval of spot Bitcoin ETFs is being eagerly anticipated by crypto advocates. Those who bet that these funds could bring billions of dollars in new funds to the crypto sector have seen market excitement for the possibility of exchange-traded products that hold Bitcoin directly, not just through futures contracts on price, with Bitcoin’s price rising rapidly in recent months.

Meanwhile, crypto skeptics have argued that Bitcoin is too volatile and unregulated and therefore cannot support a healthy market. Better Markets, a non-profit, nonpartisan organization that lobbies for increased financial regulation, sent a letter to the SEC stating that approval of spot bitcoin ETFs would be a “regulatory mistake of historic proportions.”

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