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21Shares Listed Bitcoin and Ethereum ETNs on Nasdaq Stockholm

The Swiss-based investment product issuer – 21Shares – listed its first two physically-backed Exchange-Traded Notes (ETNs) on Nasdaq Stockholm. The underlying assets of the financial products are respectively Bitcoin and Ethereum.

First Issuer of ETNs on Nasdaq Stockholm

According to a recent press release, Nasdaq released a new segment for ETNs, a type of debt securities that track specific assets and trade on a major exchange like a stock. Exchange-Traded Notes are similar to bonds but do not have periodic interest payments.

21Shares – a Swiss organization that enables people to invest in various cryptocurrencies through conventional ETPs – became the first issuer of physically-backed crypto ETNs on Nasdaq Stockholm with Bitcoin (ticker symbol: ABTC) and Ethereum (AETH) as underlying assets.

As of November 2021, 21Shares managed nearly $3 billion in 20 European cryptocurrency exchange-traded products and 82 listings. The CEO – Hany Rashwan – commented on the most recent initiative:

“We are excited to become the first issuer of physically-backed ETNs for Nasdaq Stockholm, one of the most tech-forward global exchanges. Our partnership is a strong endorsement of 21Shares’ mission to make cryptos more accessible in a simple and regulated manner.”

In 2015, Nasdaq Stockholm became one of the first trading venues to trade exchange-listed products with bitcoin as an underlying asset. Helena Wedin – European Head of ETPs at the global marketplace – explained more about ETNs and 21Shares’ move:


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“Exchange-Traded Notes provide access to alternative investments while maintaining the transparency of a regulated marketplace, and we are happy to launch this new segment at Nasdaq Stockholm with 21Shares as the first issuer.”

21Shares Offers Crypto ETPs for Saving Accounts

Earlier this year, 21Shares partnered with the German online retail platform – Comdirect – to bring its cryptocurrency exchange-traded products to the latter’s savings plan program (Spar plan). Following the development, Comdirect’s nearly three million customers were allowed to gain digital asset exposure in their savings accounts.

Rashwan highlighted his firm’s previous endeavors on the German market, saying that 21Shares was the first crypto issuer to list a “fully collateralized, 100% physically-backed bitcoin ETP” on most German exchanges back in 2019.

Marco Infuso – Managing Director of Business Development of the DACH region (the countries of Germany, Austria, and Switzerland) – described this collaboration as a “milestone in democratization crypto investments.” In his opinion, many investors have been considering purchasing BTC, but until now, they did not have the proper investment tools to store the asset in a savings plan.

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Bitcoin Miner TeraWulf Eyes NASDAQ Listing Following a $200 Million Fund Raise

TeraWulf – an American bitcoin mining company – raised around $200 million in debt and equity financing from a group of individual and institutional investors. As a result, the firm expects to achieve a mining capacity of 6 exahash per second or 200 megawatts by the second part of 2022.

Furthermore, TeraWulf eyes public listing on Nasdaq through a business merger with the tech company IKONICS Corporation.

TeraWulf Aims High

As part of the $200 million financing, TeraWulf entered into an approximately $123.5 million three-year senior secured term loan. The bitcoin miner also signed agreements with investors to buy newly issued shares of the company’s common stock for an aggregate purchase price of $76.5 million.

“TeraWulf’s ability to raise private capital underscores the attractiveness of bringing a new paradigm for cryptocurrency mining to the public markets,” said Paul Prager, Chairman and Chief Executive Officer at the company.

He added that his firm aims to become bigger than any other public bitcoin mining organization. TeraWulf also intends to produce BTC powered by “100% zero-carbon energy.”

Earlier this year, the entity revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX). The merge is supposed to be completed later this month, after which TeraWulf will enter the global marketplace under the symbol “WULF.”


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Some of the giants in the field, such as Riot Blockchain and Marathon Digital, already have their shares traded on Nasdaq. The former trades under the ticker “RIOT,” while the latter under “MARA.”

Griid Infrastructure Has The Same Intentions

A few days ago, Griid Infrastructure – another American bitcoin mining company – and the blank check firm – Adit EdTech Acquisition Corp. (ADEX) – announced their merger. As a result, the latter will acquire Griid Holdco LLC – a newly formed holding organization and parent of Griid. Upon finalizing the transaction, the new entity expects to be listed on the New York Stock Exchange (NYSE).

The newly formed company will have a combined value of about $3.3 billion and will trade as “GRDI.”

Similar to TeraWulf, Griid is also orientated towards green bitcoin mining. Throughout its history, it has secured low-cost power pipelines focusing on carbon-free generation partners. David Shrier – CEO of the company – stated:

“Griid’s combination of a large pipeline of low-cost, carbon-free power, distinctive access to next-generation ASIC’s, and market-leading execution position them to generate attractive profitability and growth.”

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Aussie Green Bitcoin Miner Iris Energy Files with SEC to Go Public on Nasdaq

The number of cryptocurrency-related companies aiming to go public continues to increase, with the latest example being Iris Energy Pty. The firm, focused on green Bitcoin mining, has filed with US regulators for a direct listing on Nasdaq this year.

  • Based in Sydney, Australia, Iris Energy is a Bitcoin mining firm that “owns and operates real assets, including data center infrastructure, powered by renewable energy.”
  • According to a press release dated August 18th, the company has “confidentially” filed the US Securities and Exchange Commission to make a debut on Nasdaq.
  • By submitting a draft Registration Statement on Form F-1 with the Commission, the firm has outlined its plans to have its shares listed on the popular exchange by the fourth quarter of 2021.
  • As with all listings, Iris Energy will be “subject to SEC review as and market and other conditions.”
  • Interestingly, the company has chosen to go live on Nasdaq through a direct listing instead of the more traditional way of an initial public offering (IPO).
  • The direct listing approach – also known as direct placement or direct public offering – eliminates the necessity of intermediaries (underwriters – typically banks). In this case, the firm sells outstanding shares directly to the public.
  • With IPO, the intermediary charges a commission for facilitating the process and underwriting the newly-created shares. It’s typically regarded as the safer option.
  • Previously, the largest US-based cryptocurrency exchange, Coinbase, also chose to go public on Nasdaq through a direct listing.
  • Back in April this year, the firm’s share traded at around $400, and the total valuation exceeded $100 billion.
  • Since then, other companies that presented plans to go public included Bakkt, eToro, Kraken, and even Binance hinted at something similar.
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Crypto Mining Company Core Scientific to Go Public on Nasdaq With a $4.3B Valuation

Core Scientific, a digital asset mining firm, aims to be the next company from the crypto space in line to become publicly traded at a $4.3 billion evaluation. Instead of an IPO, Core will merge with a SPAC called Power & Digital Infrastructure Acquisition Corp.

  • As reported on July 21st, Core Scientific, a crypto miner with operations in several US states, plans to go public on Nasdaq through a merger with Power & Digital Infrastructure Acquisition Corp – a special purpose acquisition company (SPAC).
  • After the deal, both parties’ estimated valuation should skyrocket to just over $4 billion.
  • However, the company has failed to provide more details about when precisely it aims to become public or what would be the ticker.
  • According to Darin Feinstein, co-founder and co-chairman of Core, the company’s “blockchain infrastructure business is unparalleled, backed by more than 70 blockchain and infrastructure-related patents and applications.”
  • Core’s CEO, Mike Levitt, indicated that his firm had mined more than 3,000 bitcoins so far this year. Additionally, he outlined significant demand for its products as the capacity is “basically sold out through 2022.”
  • Should Core indeed become a publicly traded company, it will join a growing number of digital asset representatives available for trading on giant exchanges.
  • Perhaps the biggest name to do so earlier this year was Coinbase. The largest US crypto trading venue went public on Nasdaq with a valuation of $100 billion.
  • As Coinbase was preparing for the move, other crypto-affiliated firms like Bakkt, eToro, and Kraken highlighted similar plans.
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$157B Asset Manager Victory Capital Partnered with Nasdaq to Enter the Cryptocurrency Space

Victory Capital Holdings has outlined plans to enter the cryptocurrency market through its wholly-owned investment adviser, Victory Capital Management. To do so, the branch has partnered with Nasdaq and crypto-focused asset manager Hashdex.

  • Founded in 2013, Victory Capital Holdings is a US-based asset manager with nearly $160 billion in AUM as of April 30th, 2021.
  • According to a press release shared on June 9th, the firm’s investment adviser, Victory Capital Management, has “established exclusive agreements” with Nasdaq and Hasdex to enter the digital asset space.
  • The asset manager will serve as the exclusive sponsor of private placement funds and other products for US-based investors. They will be based on the Nasdaq Crypto Index (NCI), which was developed by Nasdaq and Hashdex.
  • Apart from the private fund, which will be available for accredited investors only, Victory Capital will offer other products tracking the Nasdaq Bitcoin Reference Price index and the Nasdaq Ethereum Price Index soon.
  • “We continually strive to provide our clients with the forward-thinking choices they want and believe cryptocurrency is a viable asset class that can be part of a well-diversified portfolio.” – commented Mannik Dhillon, CFA, CAIA, and President of VictoryShares and Solutions.

  • Sean Wasserman, Vice President and Global Head of Index and Advisor Solutions at Nasdaq, said these products could have been expected as the digital asset space has “seen a developing maturity” lately.
  • Dhillon added that investors will be able to see returns that “align with the cryptocurrency market in a diversified manner” through the products tracking the NCI.
  • It’s worth noting that Victory Capital is not the first large US-based institution to dip its toes into the crypto space. Numerous American banks, including Goldman Sachs, JPMorgan, Morgan Stanley, and BNY Mellon, recently announced similar plans with products ranging from custodial services to actively managed funds.
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Cathie Wood’s Ark Funds Now Hold Over One Million Coinbase Shares 

Cathie Wood’s Ark funds has purchased a total of $352 million worth of Coinbase shares, two days after making its debut on the Nasdaq stock exchange under the ticker, COIN. 

Ark Funds’ COIN Acquisition Spree

Citing data received by email, Bloomberg reports today that Wood’s funds, including the Ark Innovation ETF, Ark Fintech Innovation ETF, and Ark Next Generation ETF together added 341,186 COIN to their holdings yesterday. 

This is the second investment in a roll that Wood’s Funds have made in Coinbase. Ark’s funds earlier purchased 749,205 Coinbase shares moments after it went live on Nasdaq. The shares were acquired at approximately $250 million, with each unit priced around $333.67. 

With the latest acquisition, Wood’s funds now hold a combined 1,090,388 Coinbase shares, valued at around $352 million, at the time of writing. 

According to Bloomberg, the emailed data suggests that Ark funds sold some of its stake in New York Stock Exchange owner Intercontinental Exchange for two consecutive sessions. 


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Wood Receives Indirect Bitcoin Exposure

Despite its large purchase of Coinbase shares, Tesla stock (TSLA) remains the top holdings of Wood’s funds even after selling about $170 million worth of shares of the electric car company. 

Ark funds’ investments in Coinbase and Tesla, increase their indirect exposure to bitcoin and other cryptocurrencies. 

As reported, the American electric car company had purchased $1.5 billion worth of bitcoin in February 2021, thus boosting the cryptocurrency’s popularity among various institutional investors and wealth managers. 

Coinbase Performance on Nasdaq

Coinbase has continued to gather attention globally following its direct listing on Nasdaq on Wednesday. Even after getting a reference price of $250 for a unit of its share, COIN opened at $381 and subsequently surged to $429.54, before retracing back to $310. 

The share closed around $328.28 on Wednesday, which saw the popular crypto trading firm’s market cap set at $85.8 billion. 

Unfortunately, the stock slumped further on Thursday and closed 1.7% lower, bringing the exchange’s value below 43% of the $112 billion it hit in its debut.

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Coinbase COIN Starts Trading at a Price Around $400 and Over $100 Billion Valuation

Coinbase finally started trading on Nasdaq today. The leading US-based cryptocurrency exchange became the first major exchange to have its shares publicly traded.

  • Coinbase’s direct listing on Nasdaq was undoubtedly one of the most highly anticipated events in the entire cryptocurrency industry and the fintech world alike.
  • It took place moments ago, and according to the official website of Nasdaq, COIN shares had a debut price of $381.
  • At the time of this writing, however, the shares are trading at around $400, which means that the company is currently valued at above $1 billion.
  • It’s also worth noting that the opening price was significantly higher than the reference price of $250 that we saw earlier. It represents a difference of around 50%.

The story is developing.

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Binance to Add Tradable Coinbase Stock Token After the Nasdaq Listing

With the crypto and perhaps the entire financial world focused on Coinbase’s direct listing scheduled to occur today, Binance announced it will list the stock token after the Nasdaq public listing is complete.

Binance to List COIN/BUSD

CryptoPotato reported the latest initiative from the world’s leading crypto exchange Binance in which the company introduced zero commission tradable stock tokens. The so-called Binance Stock Tokens enable holders to qualify for economic returns on the underlying shares, including potential dividends.

The exchange said the first such token to see the light of day would be Elon Musk’s Tesla. It seems as the initiative has enjoyed a rapid adoption from users as the trading volume has neared $7 million in a matter of days.

Consequently, Binance has decided to expand its portfolio of available stock tokens by introducing a second one, which will also be settled with the exchange’s native stablecoin – BUSD.

“Binance will list the Coinbase Stock Token (COIN) on 2021-04-14 (UTC), during which the COIN/BUSD trading pair will be open. Users will be able to trade fractional Coinbase stock on the Binance website.”

It’s worth noting, though, that the Binance Stock Tokens are not available for everyone. Users based in Mainland China, Turkey, the US, and other restricted jurisdictions are prohibited from trading them.


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Coinbase’s Nasdaq Listing

All eyes are on the largest US-based cryptocurrency exchange today as its direct listing on Nasdaq Global Select Market is scheduled to complete by the end of the working day.

Coinbase averted from using the more traditional IPO process, which requires the usage of intermediaries called underwriters (usually banks) to facilitate the listing. Instead, the company chose the direct listing approach (also known as a direct public offering (DPO)). With it, Coinbase will be able to start selling shares directly to the public without the employment of intermediaries.

The community has outlined numerous potential evaluations ranging from about $90 billion to over $150 billion. The precise number will become known upon the official listing.

Nevertheless, Coinbase going public is highly essential news for the entire cryptocurrency industry as it validates the growth experienced in the past decade or so. Additionally, it opens the door for other firms from the space to follow along, with Kraken, Bakkt, and eToro announcing similar plans.

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Save the Date: Coinbase Going Public on April 14

Coinbase, the largest cryptocurrency exchange in the U.S., has announced a date for its highly expected direct listing following approval from the U.S. Securities and Exchange Commission (SEC).

  • In a blog post published on Thursday (April 1, 2021), Coinbase revealed that the direct listing of its Class A common stock would go live on Nasdaq Global Select Market in less than two weeks from today. According to the crypto exchange giant, trading would start on April 14, under the ticker symbol “COIN.”
  • Coinbase announced the date after the U.S. SEC approved the company’s proposal for a direct listing yesterday.
  • Prior to the current development, the crypto exchange company was looking to go public in March. However, as reported by CryptoPotato, the company decided to move the date to April 2021.
  • The postponement happened shortly after Coinbase agreed to pay a $6.5 million fine to the Commodity Futures Trading Commission (CFTC). The CFTC accused the exchange of engaging in illegal wash trading practices for three years.
  • With the date already announced, Coinbase could be the first crypto exchange to be listed on Nasdaq, which would be a major milestone for the entire cryptocurrency industry.
  • Coinbase initially revealed plans back in December 2020 to go public with an initial public offering (IPO). But the U.S.-based crypto exchange giant changed direction, stating that it would go for a direct listing.
  • Meanwhile, the company gave a caveat, stating:

“This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.”

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Coinbase Targets Direct Nasdaq Listing of its Class A Common Stock

After the confidential submission of a draft registration statement to become a publicly-traded company announced last year, Coinbase has taken a major step to be listed on the giant US stock exchange – Nasdaq.

  • CryptoPotato reported earlier that Coinbase had submitted a confidential draft registration statement to the US Securities and Exchange Commission (SEC) to go public via a direct listing instead of an IPO. Initial estimations suggested that the potential valuation was at about $28 billion. 
  • Earlier today, the company announced that it had filed a registration statement on Form S-1 with the Commission “relating to a proposed public direct listing of its Class A common stock.” 
  • This signifies a vital step towards becoming a publicly-traded company. Coinbase plans to list its Class A common stock on the Nasdaq Global Select Market under the ticker symbol “COIN.” 
  • It’s worth noting, though, that while the registration statement has been filed, it has yet to become effective. As the company explained it:  
  • “These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.” 

  • Furthermore, Coinbase asserted that its filing doesn’t “constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.” 
  • The company reported that its net revenue results for 2020 were substantially larger than the 2019 numbers – $1.1 billion against $483 million. The expenses had also increased from $580 million in 2019 to nearly $870 million last year. 
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