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Jacobi Launches Physically Settled Bitcoin ETF while Square Dives into Mining- Weekend Roundup




ETF Excitement

Heading in to the weekend, there was a sizable amount of excitement over belief that a futures based Bitcoin ETF would be approved by the SEC in the coming days.  Naturally, this led to a jump in prices, which for the most part held strong over the weekend.

It is important to remember that the various ETFs expected to launch in the United States are not the ‘end all be all’.  The world is a large place, with many regulators and markets.  For investors outside of the United States, Jacobi Asset Management has just announced the approval and launch of its own Bitcoin ETF.

Expected to launch on Cboe Europe, the Jacobi Bitcoin ETF does have a key difference between itself and those expected to be approved by the SEC.  Jacobi Asset Management Chairman Roy McGregor states that, “It will provide investors with the opportunity to participate directly in physically-settled Bitcoin.” The key difference is that these are physically-settled, rather than a futures based ETF settled in USD. 

Square Considers Delving into Mining

Further fueling excitement surrounding BTC heading in to the weekend was news of Square considering delving into BTC mining.

Square CEO Jack Dorsey elaborated on the company’s initial thoughts heading in, listing the following as key hurdles which need to be addressed.

  • Decentralization
  • Efficiency
  • Accessibility
  • Vertical integration
  • Silicon research and development

If Square is able to develop a solution, which addresses even a few of these issues currently hanging over the mining industry, the resulting product will no doubt be a success.

Outside of the aforementioned dive in to mining, Square is one of the most active and invested companies in Bitcoin.  For proof, just look towards its recent decision to develop an open-source ‘assisted custody’ hardware wallet.  Between publicly endorsing Bitcoin, growing integration of BTC within Twitter, investing in BTC through company treasuries, and the development of various products (wallets and miners), Dorsey and his various companies are arguably doing more to forward the world of digital assets than any other.

Market Reaction

While there was some clear profit taking heading in to the weekend, markets stayed relatively stable over the past few days.  During this time, BTC remained fairly range-bound between $60,000 and $62,000.

With this recent price action, many who keep close watch on the oft referenced ‘stock-to-flow’ model may have noticed a slight divergence from the projected trajectory of BTC pricing.  This divergence was short lived however with its creator, PlanB, indicating that everything is back on track – meaning $100,000 BTC is still in play by the end of the year.

Further fueling the expectation for a $100,000 BTC in the near future is the recent outflow funds from major exchanges such as Binance and Coinbase.  One transaction in particular stands out, with $6,319,003,600 USDC withdrawn from Binance to an external wallet.

Many investors watch for notable deposits/withdrawals at such exchanges, as it sheds light on the mindset of industry ‘whales’.  The train of thought is that if funds are being removed from an exchange, the owner has no intent on trading/selling in the short term, and is removing their funds for safe keeping in anticipation of a rise of in prices.

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