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BTCUSD

SEC Chairman Gary Gensler emphasized that the SEC's approval of the first U.S. Spot Bitcoin ETFs does not constitute an endorsement of Bitcoin. The SEC approved 11 applicants, but Gensler reiterated concerns about Bitcoin's speculative nature and association with illicit activities. The statement contrasts Bitcoin with metals ETPs, which have consumer and industrial uses. Gensler's views align with those of JPMorgan's Jamie Dimon, who has criticized Bitcoin's value. Ark Invest's Cathie Wood sees the approval as positive for Bitcoin, while Bitcoin advocates on social media dismissed Gensler's tone. The approval does not imply that an Ethereum ETF will be approved soon.

Portfolio Pulse from Ivan Crnogatić

January 10, 2024 | 11:06 pm

CROX

NKE

Crocs, Inc. (NASDAQ:CROX) shares have been trading higher, continuing a rally following a positive fourth-quarter earnings report and optimistic full-year 2023 guidance. After a brief pause on Tuesday, the stock resumed its upward trajectory on Wednesday, gaining nearly 6%. The stock had previously suffered losses due to negative sentiment in the footwear sector, influenced by Nike's (NYSE:NKE) mixed results and lowered guidance, as well as rising Treasury yields. However, with the recent rally and falling yields, Crocs is approaching its December high. Raymond James analyst Rick Patel reaffirmed a Strong Buy rating on Crocs and increased the price target from $115 to $120.

Portfolio Pulse from Ryan Gustafson

January 10, 2024 | 10:59 pm

BLK

BTCUSD

ETHUSD

LDOUSD

OPUSD

Ethereum (ETH) has seen a significant price increase, surpassing $2,500, following the approval of Bitcoin ETFs. The rise in Ethereum's price is accompanied by a 108% increase in trading volumes. Layer 2 networks Mantle (MNT) and Optimism (OP), as well as Lido (LDO) and RocketPool (RPL), also reported substantial gains. BlackRock filed for a spot Ether ETF, iShares Ethereum Trust, which could provide U.S. investors with direct exposure to Ethereum. Despite the approval of a Spot Bitcoin ETF, SEC Chair Gary Gensler remains cautious about the regulatory stance on crypto assets, while Commissioner Hester M. Peirce sees potential for a smoother path for other crypto ETPs.

Portfolio Pulse from Khyathi Dalal

January 10, 2024 | 10:51 pm

BTCW

WisdomTree announced that its WisdomTree Bitcoin Fund (BTCW) has been declared effective by the SEC, allowing investors to gain exposure to Bitcoin through a regulated investment vehicle.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:30 pm

COIN

MARA

MSTR

RIOT

The SEC has approved several spot Bitcoin ETF applications, including those from Grayscale, Bitwise, Hashdex, iShares, Valkyrie, ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity Wise Origin, and Franklin. This decision has led to volatility in crypto markets and mixed reactions in crypto-related stocks. Bitcoin miners Marathon Digital Holdings and Riot Platforms saw initial drops but stabilized, while Coinbase and MicroStrategy traded slightly higher.

Portfolio Pulse from Adam Eckert

January 10, 2024 | 10:23 pm

ZLAB

Zai Lab announced that The New England Journal of Medicine has published data showing durable clinical activity of Repotrectinib in patients with advanced ROS1 fusion-positive NSCLC. This publication could positively influence the perception of Zai Lab's product pipeline and its potential impact on treating non-small cell lung cancer.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:13 pm

Citigroup CFO Mark Mason stated that the charges disclosed today are part of an effort to build credibility and show transparency, and do not alter the company's strategy.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:10 pm

PARA

PARAA

WBD

Skydance Media is reportedly in discussions for an all-cash bid for a majority stake in National Amusements, the parent company of Paramount Global (NASDAQ:PARA)(NASDAQ:PARAA). The deal would also include a merger of Paramount Global with Skydance. The discussions are in early stages and may not proceed due to the complexity of the deal and Paramount's dual-class share structure. Paramount and Skydance have a history of partnerships on successful projects. Warner Bros. Discovery Inc (NASDAQ:WBD) also showed interest in merging with Paramount, but those discussions have not progressed.

Portfolio Pulse from Erica Kollmann

January 10, 2024 | 10:08 pm

BITB

Bitwise Asset Management is set to launch a new Spot Bitcoin ETF, ticker BITB, on January 11. The ETF will provide investors with exposure to Bitcoin without the need to directly purchase and hold the cryptocurrency. This launch comes amid growing interest in cryptocurrency investment vehicles and could potentially offer a more regulated and accessible way for investors to gain Bitcoin exposure.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:06 pm

AGI

Alamos Gold Inc. (NYSE:AGI) reported record annual gold production of 529,300 ounces for 2023, a 15% increase from 2022, and provided a three-year production and operating guidance. The company expects production growth and declining costs over the next few years, with a 7% growth anticipated by 2026. The Phase 3+ Expansion at Island Gold is on track, and the company is advancing other growth initiatives, including the development plan for PDA and Lynn Lake. Alamos Gold ended 2023 with strong financial performance, generating record revenues of $1.0 billion and increasing its cash position to $225 million while remaining debt-free. The company has increased its 2024 production guidance and expects total cash costs and AISC to remain flat in 2024 and decrease by 2026. Capital spending is projected to decrease by 46% by 2026 at existing operations. Alamos Gold has also increased its exploration budget to the highest level in its history.

Portfolio Pulse from Benzinga Newsdesk

January 10, 2024 | 10:04 pm