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Regulatory

BTB

Bit Brother Limited has received a delisting notice from Nasdaq due to a bid price deficiency. The company's stock has not met the minimum $1 bid price requirement over the last 30 consecutive business days. Bit Brother must regain compliance by either meeting the $1 minimum bid price for at least 10 consecutive business days or by implementing a reverse stock split. The company has a compliance period of 180 calendar days to meet the requirement.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 9:00 pm

AIQ

BABA

BTCUSD

NIO

PDD

QQQ

SPY

TAN

President Joe Biden and Chinese leader Xi Jinping met in California to discuss cooperation on climate change and AI, marking a historic summit. They emphasized the importance of the U.S.-China relationship and the need to work together on global challenges. Markets reacted modestly to the news, with slight gains in the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ). The Global X Artificial Intelligence & Technology ETF (AIQ) and the Invesco Solar ETF (TAN) saw more significant increases, while Chinese stocks like Alibaba (BABA), PDD Holdings (PDD), and NIO Inc. (NIO) rallied. Bitcoin (BTCUSD) also experienced a surge, possibly influenced by Commerzbank AG's new cryptocurrency custody license in Germany.

Portfolio Pulse from Piero Cingari

November 15, 2023 | 8:50 pm

COIN

MARA

MSTR

Shares of Coinbase Global Inc (COIN), Marathon Digital Holdings Inc (MARA), and MicroStrategy Inc (MSTR) surged due to a rise in Bitcoin prices and optimism about a potential spot Bitcoin ETF. Bitcoin's price increased by 6% over the last 24 hours and 32% over the last month. The SEC delayed decisions on spot ETF applications, but firms like JPMorgan anticipate approval in the coming months. Coinbase's shares rose 7.93%, Marathon's by 12.7%, and MicroStrategy's by 4.82%.

Portfolio Pulse from Adam Eckert

November 15, 2023 | 8:42 pm

CYBN

Cybin Inc. (NYSE:CYBN), a clinical-stage biotech company, reported its Q2 financial results, showing a cash balance of $13.25 million and increased R&D expenses. The company has access to over $101 million, including proceeds from share issuances and an ATM equity program. Cybin has made progress in its psychedelics programs, with positive interim data for CYB003 in MDD, acquisition of Small Pharma Inc., and additional patent acquisitions. Upcoming milestones include Phase 2 data readouts, FDA submissions, and initiation of Phase 3 trials.

Portfolio Pulse from Lara Goldstein

November 15, 2023 | 8:38 pm

BTC-USD

FTT-USD

CFTC Chairman Rostin Behnam warned of the potential for another major cryptocurrency market collapse like FTX's, citing U.S. regulatory limitations. Speaking at Georgetown University, he noted the changed crypto investing climate and the CFTC's limited authority, particularly in direct asset trading markets such as Bitcoin. U.S. legislation to expand the CFTC's jurisdiction is stalled, with Congress focused on other issues. Behnam also discussed the CFTC's challenges with prediction markets, specifically regarding political-outcome betting contracts.

Portfolio Pulse from Murtuza Merchant

November 15, 2023 | 8:36 pm

GOOGL

META

SNAP

A federal judge has denied a motion to dismiss a lawsuit against social media companies, including Meta (META) and Alphabet (GOOGL), over allegations of causing teen addiction. The judge ruled that Section 230 does not cover violations of children's privacy and manipulative product design. Meta faces additional lawsuits from several states on similar grounds. The ruling may lead to more lawsuits claiming social media contributes to a mental health crisis among U.S. youth. Google defended its practices, stating it collaborates with child development specialists to create age-appropriate experiences.

Portfolio Pulse from Neil Dennis

November 15, 2023 | 8:31 pm

BTCUSD

DEFI

ETHUSD

The SEC has postponed decisions on two cryptocurrency-related ETF applications: Hashdex's proposal to convert its Bitcoin futures ETF into a spot Bitcoin ETF and Grayscale's bid to launch an Ether futures ETF. The initial decision deadline of Nov. 17 has been extended, with no new date provided for Hashdex and Jan. 1, 2024, set for Grayscale. Despite historical rejections of similar products and concerns over market manipulation, the price of Bitcoin has risen by over 5% following the news.

Portfolio Pulse from Murtuza Merchant

November 15, 2023 | 8:31 pm

SPY

US Senate Democrats are reportedly negotiating a deal to allow a vote on one amendment to the stopgap funding bill, which would prevent a government shutdown. This negotiation is expected to facilitate the passage of the bill on Wednesday, according to a source familiar with the matter as reported by Reuters.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 8:02 pm

ARKK

Cathie Wood, CEO of ARK Invest, has indicated a shift in the SEC's stance on Bitcoin Spot ETFs, noting improved engagement and the potential for multiple approvals to avoid partiality. The final deadline for ARK's application is January 10. Additionally, ARK Invest has expanded into Europe by acquiring Rize ETFs, now ARK Europe, to cater to its European subscriber base. Bitcoin's price was down 3.70% at $35,596.4.

Portfolio Pulse from Mehab Qureshi

November 15, 2023 | 7:55 pm

HTOO

Fusion Fuel Green's stock is trading higher after receiving a Nasdaq deficiency notice last week for not meeting the minimum bid price requirement and also receiving a purchase order.

Portfolio Pulse from Benzinga Newsdesk

November 15, 2023 | 7:41 pm