- The first U.S. exchange-traded funds tied to the price of ether, the world's second-largest cryptocurrency after bitcoin, are due to begin trading on Tuesday, in another watershed event for the crypto industry's push to go mainstream.
The agency was forced to green-light the ETFs after losing a court challenge brought by digital asset manager Grayscale Investments, although it warned when approving them that the products were still highly risky. The ether ETF fees range from a low of 0.19% for Franklin Templeton's, to a high of 2.5% for Grayscale's existing ethereum trust, which it is converting into an ETF, according to their public offering documents. The rest cluster around 0.25%.Grayscale also is rolling out a "mini" version of both its ether and bitcoin ETFs with a fee of only 0.15%.
Issuers began filing for the ether ETFs in September. Executives initially had low hopes that the SEC would approve the products after discouraging meetings with officials. Warren Buffett once said there are 'two kinds of items people buy' to grow wealth — but only one 'really is investing'Berkshire Hathaway trimmed its holdings of Bank of America stock for the first time in at least four years. U.S. Bancorp, Wells Fargo, Bank of New York Mellon, and HP Inc. were once large positions at Berkshire and have been eliminated. The risk of further sales appears to be depressing Bank of America stock, which was off 1.5% on Monday afternoon.
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