Crypto Biz: The race for a Bitcoin spot ETF, Wall Street’s new crypto exchange, and other news

The proposal for the first Bitcoin (BTC) exchange-traded fund (ETF) in the United States is gaining momentum after BlackRock’s recent filing, with both past applicants and fresh contenders requesting authorization from the U.S. Securities and Exchange Commission (SEC) to list a crypto ETF.

Though it is uncertain if the SEC will approve a Bitcoin ETF, BlackRock’s attempt seems to have “revived the competition” in the midst of the continuing suppression of the crypto industry.

Other headline news involves prominent Wall Street figures supporting the recent launch of a crypto exchange in spite of the current regulatory environment. EDX Markets has been backed by well-known names such as Citadel Securities, Fidelity Investments, and Charles Schwab, among others.

On June 17, a U.S. judge gave the green light to an arrangement between Binance.US and the SEC to prevent the freezing of the exchange’s funds, while Gemini is attempting to grow its activities beyond the jurisdiction of U.S. government bodies. Meanwhile, crypto pioneers continue to strive for survival.

This week’s Crypto Biz examines the influx of requests for a Bitcoin spot exchange-traded fund, the most recent centralized exchange (CEX) debut in the United States, and CleanSpark’s ambitious mining growth despite the bearish market.

Wall Street giants back EDX Markets, a new cryptocurrency exchange

The crypto industry in the United States has a new entrant: EDX Markets. This new crypto exchange has the backing of renowned financial institutions such as Citadel Securities, Fidelity Investments, Paradigm, Sequoia Capital and Charles Schwab. At present, the exchange facilitates trading of only four digital currencies: Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). In the upcoming months, EDX Markets intends to launch EDX Clearing, a clearinghouse to settle trades that are carried out on the EDX Markets platform.

Blackrock’s spot Bitcoin ETF renews optimism, sparks wave of new filings

At least three investment firms have followed in the footsteps of investment giant BlackRock by filing for spot Bitcoin ETFs. WisdomTree is attempting to obtain approval from the SEC to list its “WisdomTree Bitcoin Trust” for a third time. Not long after WisdomTree’s submission, global investment manager Invesco reactivated its application for a similar product, and Valkyrie Investments made a request on June 21. Furthermore, it is being speculated that Fidelity Investments, a fund manager with multiple trillions of dollars in assets, may be looking to take advantage of the sudden interest in spot Bitcoin ETFs. Despite the fact that the SEC has yet to approve a single spot Bitcoin ETF product, Bloomberg senior ETF analyst Eric Balchunas commented that “BlackRock breathed new life into the race.”

CleanSpark buys two Bitcoin mining campuses for $9.3 million

Crypto mining firm CleanSpark is continuing its ambitious infrastructure growth in the U.S. by purchasing two Bitcoin mining facilities for a sum of $9.3 million in cash. These facilities will house over 6,000 Antminer S19 XPs and S19J Pro+s, which are expected to add approximately one exahash per second (EH/s) to CleanSpark’s hash rate after the agreement is finished. According to Zach Bradford, Chief Executive Officer of CleanSpark, the newly obtained infrastructure will allow the company to meet its goal of 16 EH/s by the end of 2023. This acquisition follows several other acquisitions by CleanSpark in recent months, despite the decline in BTC mining profitability during the bear market.

Gemini plans Asia-Pacific expansion as part of “next wave of growth for crypto”

Gemini, a cryptocurrency exchange, has declared its intention to expand into the Asia-Pacific (APAC) region by augmenting the staff in its Singapore office and setting up an engineering division in India. In a blog post, the exchange intimated that it has “bigger” plans for the region in the next 12 months. “We are convinced that APAC will be a major factor in the next cycle of development for crypto and Gemini,” said the exchange. It appears that Gemini is probing into various markets in the face of the stringent regulations enforced on numerous crypto firms in the US. In April, the exchange made the initial strides to become a restricted dealer with the Ontario Securities Commission in Canada. Last month, it chose Ireland as a base to expand its services throughout Europe.

Before you go: Bitcoin hits $28,000 after BlackRock files for BTC ETF

In the newest installment of The Market Report, Cointelegraph’s analyst and writer Marcel Pechman elucidates the driving force behind Bitcoin attaining 50% crypto market domination for the first time in two years, considering Blackrock’s spot ETF filing and the U.S. SEC’s hard stance on altcoins. Don’t miss out!

Crypto Biz is the source for staying informed about the business side of blockchain and cryptocurrency, sent to your email inbox every Thursday.

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