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SEC Delays Franklin Templeton’s Spot Bitcoin ETF application, JPMorgan Tests Tokenized Assets

By
Paul Ugbede Godwin
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0

The US Securities and Exchange Commission (SEC) has postponed its decision on the spot Bitcoin exchange-traded fund (ETF) proposal filed by Franklin Templeton, one of the world’s largest asset managers with over $1.5 trillion in assets under management. The SEC announced on Monday that it will extend the 45-day review period for the Franklin Templeton Bitcoin ETF by another 45 days, pushing the deadline to January 3, 2024.

The Franklin Templeton Bitcoin ETF, if approved, would be the first of its kind in the US to track the performance of Bitcoin directly, rather than through futures contracts or other derivatives. The fund would hold Bitcoin in cold storage and use a third-party custodian to ensure the security and integrity of the assets. The fund would also use a proprietary index to calculate the net asset value (NAV) of the ETF, based on the prices of Bitcoin across multiple exchanges.

The SEC has been cautious about approving spot Bitcoin ETFs, citing concerns over market manipulation, fraud, custody, liquidity, and investor protection. The regulator has rejected several applications for spot Bitcoin ETFs in the past, while approving four Bitcoin futures ETFs in October. However, some experts argue that spot Bitcoin ETFs would be more beneficial for investors, as they would offer lower fees, more transparency, and more exposure to the underlying asset.

The SEC’s delay on the Franklin Templeton Bitcoin ETF comes amid a growing demand for crypto-related products and services from institutional and retail investors. According to a recent report by Fidelity Digital Assets, 90% of institutional investors surveyed expect to have an allocation to digital assets by 2026, while 52% already have some exposure. Moreover, a survey by Franklin Templeton itself found that 40% of financial advisors are interested in adding crypto to their clients’ portfolios.

The SEC’s decision on the Franklin Templeton Bitcoin ETF could have a significant impact on the crypto market, as it could set a precedent for other spot Bitcoin ETF applications that are pending or in the pipeline. Some of the other firms that have filed for spot Bitcoin ETFs include VanEck, Valkyrie, WisdomTree, NYDIG, and Galaxy Digital. The approval of a spot Bitcoin ETF could also boost the adoption and legitimacy of Bitcoin as an asset class, as well as increase its liquidity and price discovery.

Trading in Bitcoin Options listed on Deribit

If you are looking for a way to profit from the volatility of the cryptocurrency market, you might want to consider trading in bitcoin (BTC) options listed on the cryptocurrency exchange Deribit. Bitcoin options are contracts that give you the right, but not the obligation, to buy or sell bitcoin at a specified price and time. By trading in options, you can hedge your exposure to price movements, speculate on future trends, or generate income from your holdings.

Deribit is one of the leading platforms for trading in bitcoin options, offering a variety of contracts with different strike prices and expiration dates. Deribit also has a high level of liquidity, security, and reliability, making it a preferred choice for many traders. According to data from Skew, Deribit accounts for more than 80% of the global bitcoin options market share and has seen a surge in trading volume and open interest in recent months.

One of the reasons why trading in bitcoin options on Deribit is more popular than ever is the introduction of the Deribit Perpetual Index (DPI), which tracks the price of bitcoin across multiple spot exchanges. The DPI allows traders to trade in options that are settled in cash, rather than in physical bitcoin. This means that traders do not have to worry about storing or transferring their bitcoin, and can avoid the risks of hacking, theft, or loss. The DPI also enables traders to use leverage, which can amplify their profits or losses.

Another reason why trading in bitcoin options on Deribit is more popular than ever is the innovation and diversity of the products offered by the platform. Deribit constantly adds new features and functionalities to its platform, such as the ability to trade in European-style options, which can only be exercised at expiration, or American-style options, which can be exercised at any time before expiration. Deribit also offers exotic options, such as binary options, which pay out a fixed amount if a certain condition is met, or barrier options, which are activated or deactivated when the price reaches a certain level.

Trading in bitcoin options on Deribit is not without risks, however. Options are complex and sophisticated instruments that require a high level of knowledge and experience to trade effectively. Options traders also have to pay attention to various factors that affect the price of the contracts, such as volatility, time decay, and implied interest rate. Moreover, trading in options involves fees and commissions that can eat into your profits.

If you are interested in trading in bitcoin options on Deribit, you should do your own research and due diligence before entering any position. You should also be aware of the rules and regulations of your jurisdiction regarding cryptocurrency trading and taxation. Trading in bitcoin options on Deribit can be a rewarding and exciting activity, but it is not for everyone. You should only trade with money that you can afford to lose.

JPMorgan tests tokenized assets with Avalanche blockchain as BlackRock submits S-1 Application

JPMorgan, one of the largest banks in the world, has announced that it is testing tokenized portfolios on the Avalanche blockchain platform. The bank said that it is exploring the potential of using blockchain technology to create and manage portfolios of digital assets, such as stocks, bonds, commodities, and cryptocurrencies.

The bank is using its own proprietary platform, called JPM Coin, to issue and redeem tokens that represent the underlying assets. The tokens are then transferred and settled on the Avalanche network, which claims to offer high scalability, low latency, and low fees. The bank said that this approach could reduce operational costs, improve liquidity, and enhance transparency for both the bank and its clients.

The bank also said that it is working with several partners, including ConsenSys, Circle, and Paxos, to provide custody, compliance, and settlement services for the tokenized portfolios. The bank said that it is aiming to launch a pilot program with selected clients in the first quarter of 2024.

The bank’s move is part of its broader strategy to embrace blockchain technology and digital assets. The bank has been investing in blockchain research and development since 2015, and has launched several initiatives, such as the Interbank Information Network (IIN), the Quorum enterprise blockchain platform, and the Onyx digital asset unit. The bank has also been offering exposure to cryptocurrencies through various products, such as Bitcoin futures, exchange-traded notes (ETNs), and investment funds.

BlackRock submits S-1 SEC filing for Spot Ether ETF.

BlackRock, the world’s largest asset manager, has filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for a spot ether exchange-traded fund (ETF).

According to the S-1 filing dated November 17, 2023, the BlackRock Ethereum Trust will invest primarily in ether, the native cryptocurrency of the Ethereum blockchain. The trust will also hold cash and cash equivalents to meet its expenses and other obligations.

The trust’s objective is to provide investors with exposure to the price performance of ether, as well as the opportunity to benefit from the interest income generated by lending out the trust’s ether holdings to third parties.

The trust will not seek to track the performance of any index or benchmark and will not use derivatives or other instruments to hedge its exposure to ether price fluctuations. The trust will also not engage in any active trading of ether, except for rebalancing or liquidating its portfolio as needed.

The trust will issue and redeem shares only in large blocks called “baskets”, which will consist of 50,000 shares each. The shares will trade on the NYSE Arca under the ticker symbol “BETH”. The trust’s sponsor is BlackRock Asset Management North America, Inc., and its custodian is Coinbase Custody Trust Company, LLC.

The filing comes amid growing investor demand for exposure to ether, which has surged more than 800% year-to-date and reached a new all-time high of over $8,000 on November 15, 2023. Ether is the second-largest cryptocurrency by market capitalization, after bitcoin, and powers a wide range of decentralized applications (dApps) and protocols on the Ethereum network.

BlackRock is not the first company to file for a spot ether ETF in the U.S. In October 2023, VanEck and ProShares also submitted their respective filings for similar products. However, none of these proposals have been approved by the SEC yet, as the regulator continues to express concerns about the potential risks and challenges of investing in crypto assets.

The SEC has so far only approved two bitcoin futures ETFs in the U.S., which launched in October 2023 and have attracted over $2 billion in assets under management. A spot bitcoin ETF, which would directly hold the underlying asset, remains elusive.

BlackRock did not disclose the expected launch date or fee structure of its proposed ether ETF in its filing. The filing also stated that the trust’s shares are not registered under the Securities Act of 1933 and are therefore subject to significant restrictions on resale and transferability.

Fuel Subsidy Removal: Nigeria’s Revenue Has Increased to More Than N1tn Monthly – Finance Minister

By
Samuel Nwite
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0

The Minister of Finance, Wale Edun, has disclosed a significant surge in revenue inflow to the Federation Account, soaring from an average of N650 million monthly to over N1 trillion in the last four months following the removal of petrol subsidy.

This revelation came during a retreat for the Federation Account Allocation Committee (FAAC) in Asaba. The retreat was captioned, “Creating a Resilient Economy through Diversification of the Nation’s Revenue”,

Edun said that the government acknowledged the unsustainability of petroleum subsidies, which had previously eroded revenues that could have been directed toward critical expenditures for the public’s welfare. He assured that the administration remains committed to implementing policies oriented towards the people’s well-being.

Part of the government’s objectives includes achieving specific tax revenue targets while avoiding overburdening taxpayers with multiple new taxes. Instead, they aim to broaden the tax base, streamline tax administration, and simplify collection processes.

The administration had previously constituted a Presidential Committee of Fiscal Policy and Tax Reforms, which submitted an interim report highlighting optimistic prospects.

“We all know that achieving tax revenue to Gross Domestic Product (GDP) target of 22 percent and tax to GDP of 18 percent by 2026 are parts of the cardinal objectives of this administration.

”However, in doing that, we appreciate the need not to overburden the taxpayers by introducing so many new taxes,” the minister said, adding that “what is necessary to be done is to broaden the tax base, simplify, and streamline tax administration for ease of collection.”

Edun further said that one of the initial actions taken by this administration upon assuming office was the formation of a Presidential Committee on Fiscal Policy and Tax Reforms.

Acknowledging the hardships faced by Nigerians due to subsidy removal and exchange rate harmonization, the minister emphasized that the government is focused on ensuring that the sacrifices made by citizens will yield positive results. He reassured the public that the administration has implemented structured palliative measures to mitigate the economic consequences of ongoing reforms.

“The government is bent on ensuring that the economy bounces back to normal as we continue to consolidate recovery efforts while focusing on achieving inclusive economic growth and development,” he added.

However, the disclosure of increased revenue has prompted renewed calls for the federal government to curtail borrowing, considering the rising public debt stock.

With a monthly revenue exceeding one trillion, there’s a belief that the N26 trillion 2024 national budget, which was approved last month by the Federal Executive Council (FEC), could potentially be adequately funded without resorting to additional borrowing, especially when the nation is spending over 90% of its revenue on debt servicing.

This surge in revenue represents a positive shift that could potentially alleviate the need for extensive borrowing, contributing to improved fiscal management and reduced reliance on external funding.

The Abia State Response And Why Media Companies Should Be Thorough in Comparisons

By
Ndubuisi Ekekwe
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2

You got the news that Abia State spent “N927 million On Meals, Welfare Packages In Three Months, etc” by a media organization. First, it was all fake news because if you check the same document the media people shared, Abia State ought to have been commended.

It is key to understand that Abia State is still operating on an old budget which was approved before the current government took over. Using “refreshment & meals, etc”, the budget was N624m but the state performance was N233m. The media firm should have commended the government for that reduction. 

But what happened was muddling things up to attack the state. Abia State is the most transparent government in Nigeria, considering that it publishes all expenses and revenues regularly. That some now use that data to confuse will not stop what Mr. Governor is doing.

More so, I understand that the media group noted that the government is spending on “information and propaganda”.  Unfortunately, there is nothing like information and propaganda. That data includes expenses for running Abia Broadcasting Corporation (BCA), Abia Newspaper, State Tourism Board, etc. Abia does not have money to pay adverts in TV stations, newspapers, etc. That cost is for operating units which are used to inform and update Abians.

Good People, there is nothing factual from what the media guy published and the state has responded. As noted, using Ebonyi’s Government House is not fair because Ebonyi runs 35 ministries/commissioners while Abia uses less than 20 but expanded the Governor’s Office to support those “eliminated” 15 ministries. Where it matters, Abia does well: Abia generates more IGR than Ebonyi even though, cumulatively, Abia spends less on running the government by billions of Naira. So, picking the Government House ONLY expense is deceptive.

Why do I take time to explain these things? Because I want you to have confidence that Abia is a place to do business. We want you to believe and that is why we publish the latest budget performance regularly which is unprecedented in Nigeria

Download Abia State’s latest budget performance here.

(I am not part of the government. I am an Abian. I am only responding based on the same document they used. Download and read it yourself.)

From the state….

ABIA STATE Q3 BUDGET EXPENSES: UNDERSTANDING THE ISSUES

Following the publication of the Q3 budget report of the Abia State Government, and in line with the government’s commitment to transparency, good governance and fiscal discipline, it has become necessary to shed more light on the aforementioned report.

This is even more so when there are certain distorted reports on social media, alleging that the Abia State Government had spent close to One Billion Naira on feeding and welfare for the Governor’s Office, within the period under review.

The accurate situation is that nothing in that region has been spent in the Governor’s Office.

The facts are as stated below:

  1. The total amount spent so far by the entire government of Abia State for Refreshments and Meals for the period is N223,389,889.84.

  2. The figure above is as captured in all the Ministries, Departments and Agencies (MDAs) of government.

  3. Please, NOTE that this figure is for the entire state and not for the Office of the Governor, as being erroneously portrayed.

  4. The stated figure covers expenses for special events, such as retreats, conferences, and related events.

  5. For welfare, the Abia State Government has so far spent the sum of N397,520,734.84.

  6. The Welfare expenditure is in line with the State Fiscal, Transparency, Accountability and Sustainability Programme (SFTAS); an initiative of the Federal Government.

  7. Also NOTE that the Welfare Expenditure covers all the Ministries Departments and Agencies (MDAs) and not just the Governor’s Office, as wrongly alleged.

  8. Expenses under Welfare deal with issues of Health, Rehabilitation and Public Emergencies.

The Abia State Government, under the leadership of Dr. Alex C. Otti, OFR, will continue to uphold transparency in governance, as has been demonstrated in the publication of the budget performance report for two consecutive quarters.

Thank you.

KAZIE UKO
Chief Press Secretary to the Governor
Abia State
November 20, 2023

FERDINAND EKEOMA
Special Adviser to the Governor
Media and Publicity
November 20, 2023

Sacked OpenAI CEO Sam Altman Appointed to Lead Microsoft’s New AI Team

By
Ojukwu Emmanuel
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0

Sam Altman, the recently ousted CEO of OpenAI, has been appointed by Microsoft to lead the company’s new advanced research AI team.

Altman was appointed alongside former president of OpenAI Greg Brockman, and several others to head over a new advanced AI research team at Micorosft.

According to Microsoft’s CEO Satya Nadella, while announcing their appointment on X, he wrote that the company remains committed to its partnership with OpenAI and has confidence in its product roadmap.

In his words,

“We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners.

“We look forward to getting to know Emmett Shear and OAI’s new leadership team and working with them. And we’re extremely excited to share the news that Sam Altman and Greg Brockman, together with colleagues, will be joining Microsoft to lead a new advanced AI research team. We look forward to moving quickly to provide them with the resources needed for their success”.

His post was reshared by Altman who added a caption that reads “The mission continues”.

Also commenting on the post, Greg Brockman wrote,

“We are going to build something new & it will be incredible. The mission continues”.

Microsoft shares reportedly went up over 2% in premarket trading, after announcing the hiring of Altman. According to Jesse Cohen, global market analyst at Investing.com, he stated that the recent upheaval at OpenAI has resulted in a big win for Microsoft.

Recall that Microsoft in January this year reportedly invested $13 billion into OpenAI, and is said to have been working on a deal that would value the company at nearly $90 billion, meanwhile that is now in limbo in the wake of Altman’s exit.

Sam Altman’s sudden exit at OpenAI came after the board said he had not been consistently candid in his communications. His sudden move to Microsoft according to analysts could shake up the AI industry after the former OpenAI CEO had walked away from negotiations concerning his return to the company.

According to sources, Altman made two key demands concerning his reinstatement, both of which were non-negotiable. First, he demanded that the board members who fired him resign immediately from the board and that new members be elected by the investors as well as Nadella.

The second condition, according to reports is that Altman demanded that all future virtual meetings, across all verticals and levels to take place through Microsoft Teams, and not Google Meet.

Meanwhile, after all deliberations, Altman will not return to OpenAI, as the company has reportedly hired an interim CEO, Emmett Shear, the co-founder of Twitch, a popular video game streaming platform, while it continues its search for a new CEO.

Before joining OpenAI, Sam Altman established himself as a prominent figure in the world of technology and venture capital.

Under his leadership, OpenAI pursued groundbreaking research initiatives and explored innovative approach to advance the field of AI. His strategic vision propelled OpenAI to become a global leader in AI research and development.

Following his recent appointment at Microsoft, Altman will be looking to bring his exceptional leadership style and capabilities to the company.

He will also be looking to transform the company and raise its valuation just like he did during his time at OpenAI, raising the company’s valuation to $80 billion in a few years.

LinkedIn Summary

Following Microsoft’s announcement that Sam Altman, the former chief executive of OpenAI who was abruptly ousted Friday, is joining the company, hundreds of OpenAI employees have signed a letter threatening to leave the startup unless the board resigns and reinstates him as CEO, reports Wired. The latest development comes after “an extraordinary, head-spinning weekend in Silicon Valley.” Discussions about Altman’s possible return were spurred by a backlash from OpenAI investors, including LinkedIn parent Microsoft, after he was fired. But the parties involved in the talks were unable to agree on a new governance structure and replacement of the current board, Bloomberg reported.

  • OpenAI chief scientist and board member Ilya Sutskever, who was “blamed for coordinating the boardroom coup against Altman in the first place,” signed the letter, said Wired. Cofounder and former OpenAI president Greg Brockman, who resigned in protest Friday, is also joining Microsoft to work with Altman.
  • Former Twitch CEO Emmett Shear has been named the new OpenAI CEO, while longtime executive Mira Murati, who was named interim CEO Friday, will step back into her chief technology officer role.  Altman co-founded the artificial intelligence firm with Tesla CEO Elon Musk and others in 2015, becoming CEO in 2019. OpenAI’s ChatGPT was a driving force behind the tech industry’s enthusiasm for all things generative AI. (here)

Amazon AI Plans

An ambitious new Amazon program plans to train workers in AI skills, reports The Wall Street Journal. With “AI Ready,” Amazon hopes to train 2 million people in “tech and tech-adjacent roles” by 2025, in a bid to gain on the likes of Google and other tech giants in the scramble for talent. The program will include eight online courses and be free to access online, even for non-Amazon employees. It’s expected to be the first of many such corporate training programs, as all kind of industries figure out how AI will play a role in their operations going forward. Amazon began laying off “several hundred” people Friday in its Alexa unit as part of its efforts to focus more closely on AI, CNBC reported. (source)

Sam Altman’s Removal as CEO of OpenAI Stirs Reaction From Investors, Several Others

By
Ojukwu Emmanuel
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0

In a dramatic event that happened last Friday, which saw the firing of Sam Altman as the CEO of OpenAI, the maker of ChatGPT, it has sparked intense reactions from investors and several others.

Following Altman’s sack, the company wrote via a blog post that his departure was necessitated after a deliberate review process by the board, disclosing that Altman wasn’t candid in his communications with other board members, hindering its ability to exercise its responsibilities.

OpenAI Chief Scientist Ilya Sutskever said during a company all-hands meeting, that he felt removing Altman was necessary to protect OpenAI’s mission of making AI beneficial to humanity, stating that Altman’s commercial ambitions for the company were beginning to unsettle the board’s kingmakers.

The board further noted that they no longer had confidence in him, hence the need for them to let go of him. It is however unclear what steps Altman might have taken during his leadership position at OpenAI.

Meanwhile, in a recent report, it was revealed that there were efforts by the company’s executives to bring him back, but Altman is reported to have walked away from negotiations, as the company has moved on to appoint Emmett Shear as the interim CEO, while it continues its search for a new CEO.

Sam Altman’s departure from OpenAI is said to have caused some form of unrest in the company after it was reported that following his removal as CEO, three other senior officials at the company resigned, while several other employees have threatened to walk out if Altman is not reinstated. People familiar with the incident disclosed that the resignation is likely to continue.

OpenAI’s decision to fire Sam Altman is reported to have infuriated the CEO of Microsoft, Satya Nadella, a major OpenAI backer and partner. Nadella was said to be playing a key mediating role between the board and Altman and further pledged to support Altman no matter the outcome.

Also, Silicon Valley’s top dogs have reportedly rallied behind Altman, including former Google CEO Eric Schmidt, who described him as a “hero of mine”.

In a statement on X, Venture capitalist Vinod Khosla also announced that his firm wants Altman reinstated to OpenAI, but if things don’t turn out that way, he has pledged to back him in whatever he does next.

According to a Bloomberg report, several OpenAI investors which include Sequoia Capital, Tiger Global, and Thrive Capital, had recruited Microsoft’s aid in exerting pressure on the board to bring Altman back while contemplating a lawsuit against the board members.

Thrive, which is one of OpenAI’s largest investors aside from Microsoft, which was expected to lead a tender offer for employee shares, has reportedly halted its plans to wire money to OpenAI, stating that the departure of Altman will affect its plans.

This according to several analysts implies that the planned sale of OpenAl employee shares that would value the startup at about $86 billion could be in jeopardy. Three sources formerly with the company, report that they no longer expect the sale led by Thrive Capital to happen, stating that even if it does, it will come with a lesser valuation because of the recent turn of events.

Notably, the OpenAI board has recently been subjected to intense criticism over its decision to remove Altman, which came as a surprise to not only investors but to Altman and several other employees at the company.

During his stay at the company, Sam Altman was the best-known AI personality and many often mistook him to be the founder of the company due to how he pivoted the affairs of the company while the CEO.

Over the years Altman has pushed hard to move the company from a nonprofit to a commercially successful business and was the driving force behind new tools that have revolutionized the way people complete tasks from homework to coding, amongst others.

He was no doubt one of the key engineers behind the company’s success and has largely been credited as the mastermind that helped to increase the company valuation to $90 billion in just a few years.

According to reports, Altman has been considering launching a new venture, and now that he is no longer at OpenAI, this could present the best time for him to launch the venture.

In a post talking about his ouster from OpenAI, he wrote on X, “If I start going off, the open board should go after me for the full value of my shares”. Many are however urging him to go off, while others anticipate his next step of action.

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