CryptoFly.us | CRYPTOCURRENCY BITCOIN SHIRTS CLOTHING APPAREL HATS

CRYPTO NEWS

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

The first bitcoin exchange-traded fund (ETF) launched in the United States and smashed records on Tuesday, capturing close to $1 billion in total volume. Eric Balchunas, the senior ETF analyst for Bloomberg said that the Proshares Bitcoin Strategy ETF (BITO) definitely “defied expectations.”

Proshares Bitcoin ETF Commands Serious Volume

Proshares Bitcoin Strategy exchange-traded fund (BITO) did well on its first day, as it closed the day at 4:00 p.m. (EDT) at $41.94 per unit. Meanwhile, the price of bitcoin (BTC) soared on Tuesday, tapping a high of $64,367 on the crypto exchange Bitstamp fifteen minutes after the closing bell on Wall Street.

As the ETF shares swapped hands on the New York Stock Exchange (NYSE), BITO reached a daily high of over $42. Bloomberg Intelligence analyst James Seyffart tweeted at the end of the day: “Looks like the final tally is gonna be right around ~$990 million in trading for BITO on its first day trading.”

Eric Balchunas, the senior ETF analyst for Bloomberg, also tweeted about the action the Proshares Bitcoin Strategy ETF saw on Tuesday. “BITO just about $1 [billion] in total volume today (curr $993m but trades still trickling in),” Balchunas said. “Easily the biggest Day One of any ETF in terms of ‘natural’ volume. It also traded more than 99.5% of all ETFs ([including] some big [ones] like DIA, ARKK, SLV). It [definitely] defied our expectations.” The analyst added:

If we don’t exclude ETFs where their Day One volume was literally one pre-planned giant investor or BYOA (not natural), it still ranks #2 overall. Here’s that list. The reason some of these shouldn’t be included IMO is they don’t really represent grassroots interest.

While the Proshares bitcoin ETF had a decent day, bitcoin (BTC) spot markets also rampaged on October 19. BTC’s market cap swelled over $1.2 trillion on Tuesday and there’s been $42.4 billion in global trade volume throughout the day.

Balchunas stressed that the result of today’s first bitcoin ETF performance in the U.S., “makes life that much harder for the next in line ETFs to succeed.” He added: “Every day counts [because] once an ETF gets [known] as ‘the one’ and has tons of [liquidity], it’s virtually imposs to steal (see SPY, GLD).” Balchunas concluded:

What does this mean for assets? My guess is about half of this volume will end up as flows next two days. [Probably] looking at $750 [million] by end of week, something like that. Tomorrow’s volume will be interesting and how much it comes down to Earth vs [staying] high.

What do you think about the Proshares Bitcoin Strategy ETF (BITO) performance on Tuesday? Let us know what you think about this subject in the comments section below.

Crypto whitehat security firm CertiK bags $1 billion valuation after Sequoia raise

CertiK today announced the completion of an $80 million Series B2 financing round. This investment is led by Sequoia, with participation from existing investors including Tiger Global, Coatue Management, and GL Ventures (Hillhouse Capital’s VC arm). This not only sets the bar for the largest single round of fundraising in the blockchain security space but::Listen

CertiK today announced the completion of an $80 million Series B2 financing round. This investment is led by Sequoia, with participation from existing investors including Tiger Global, Coatue Management, and GL Ventures (Hillhouse Capital’s VC arm).

This not only sets the bar for the largest single round of fundraising in the blockchain security space but now brings CertiK’s valuation to nearly $1 billion. This is the third round of capital raised by CertiK within four months, altogether totaling just over $140 million.

There has been a substantial increase in demand for blockchain security in the past few years – mostly driven by recent blockchain hacks, and stolen cryptocurrency. In 2021, $1.3 billion in cryptocurrency was lost to hacks, exploits, and scams – a large increase from the over $500 million dollars lost in 2020.

CertiK posts record growth

CertiK has experienced incredible growth over the past year, increasing its revenues by 20x and its headcount by 4x. To date, CertiK has provided security products and services to over 1,800 clients, detected over 31,000 vulnerabilities in blockchain code, and protected over $310 billion worth of digital assets. 

“Blockchain security is an indispensable link in the commercial value chain overall,” said a Sequoia spokesperson. “We are very proud to invest in CertiK, which is deeply involved in this field. This is an important addition to our global blockchain investment landscape. We believe that CertiK can create synergies with other companies we have invested in. Our goal is that Sequoia can provide CertiK with resources to jointly develop the blockchain security market.” 

In addition to blockchain and smart contract auditing and formal verification through its Security Leaderboard platform, CertiK launched Skynet, the first 24/7, active-monitoring platform. Skynet monitors and protects smart contracts as well as blockchains against sophisticated security threats.

As the security threat landscape continues to evolve, Skynet’s strategy is to utilize large amounts of on-chain and off-chain machine learning data. With this data Skynet can adapt and evolve, to protect smart contracts and blockchains against new threats. Both Security Leaderboard and Skynet are seeing incredible growth. Since the end of 2020, Skynet’s booked revenue has grown 2,300%, and the total number of users on the Security Leaderboard has grown 2,000%. 

The newly raised capital coupled with revenue generated from both Skynet and Security Leaderboard will be used for the development and operation of more innovative products. “Smart contract auditing and formal verification are the first steps in a blockchain security service,” CertiK Co-founder, Professor Ronghui Gu pointed out.

CertiK strives to create a leadership team composed of the best talent. Dr. David Tarditi, who recently joined CertiK as Vice President of Engineering, has over 16 years of experience growing and leading engineering and research teams at Microsoft.

The post Crypto whitehat security firm CertiK bags $1 billion valuation after Sequoia raise appeared first on CryptoSlate.

Proshares Bitcoin Strategy ETF Debut Captures Close to $1 Billion in Volume

Shopping cart
There are no products in the cart!
Continue shopping
0