Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.
- Global financial services firm BTIG analyst Mark Palmer gave Coinbase a buy rating after its Nasdaq debut, setting a price target of USD 500, Bloomberg reported. At 15:12 UTC, COIN trades at around USD 332. Additionally, Ark Investment Management bought about USD 246m worth of the stock for three of its funds.
- Canadian Horizons ETF releasing a fund (BITI) – the first inverse Bitcoin (BTC) exchange-traded fund (ETF), that will allow investors to be short bitcoin futures, and it will debut Thursday on the Toronto Stock Exchange, according to Bloomberg. Horizon’s BetaPro Inverse Bitcoin ETF will provide up to 100% of the inverse daily performance of an index that “replicates the returns generated over time through exposure to long notional investments in Bitcoin futures.”
- Digital asset investment firm CoinShares announced the launch of a new exchange-traded product (ETP), CoinShares Physical XRP (XRPL), which is its eighth investment product and its fourth new product launch in 2021. XRPL has been built using CoinShares’ institutional-grade ETP platform, CoinShares Physical. Each unit of XRPL is backed with XRP 40 at launch, providing investors with passive exposure to the Ripple-related XRP coin. The ETP will initially be listed on the SIX Swiss Exchange.
Climate change and inflation risk are bigger concerns for BlackRock’s institutional clients than cryptocurrencies, CEO Larry Fink told CNBC. “We’re studying it. We make money on it, but I’m not here to tell you that we’re seeing broad-based interest by institutions worldwide,” he said.