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The SEC Got Trolled on Bitcoin ETFs
- paulpauper 3y agoStill, there are securities that are tied to the price of Bitcoin, and whose prices would be influenced by news about Bitcoin ETFs, and which were arguably manipulated by this fake tweet. The most obvious examples would be … spot Bitcoin ETFs? Those don’t trade yet. Because the SEC hasn’t approved them. So the fake tweet couldn’t have manipulated them. But Bitcoin futures ETFs do trade, as does the Grayscale Bitcoin Trust (GBTC), a pot of Bitcoins that hopes to convert into an ETF. I suppose you could have manipulated their prices with this tweet. The tweet went out after 4 p.m. so the stock market was closed, but the price of the ProShares Bitcoin Strategy ETF did in fact bounce around a bit in after-hours trading yesterday; it closed at $22.72 and spiked as high as $23.50 at 4:12 p.m., after the tweet. So, sure, securities fraud, fine. Ummm..exchanges like Deribit have 24-7 crypto options trading. Eh? If you bought Bitcoin at $48,000 upon seeing that tweet, and then sold it at $45,000 after realizing that the tweet was fake, I would love to hear from you. Why? Why not just wait? ummm becase scam tweet decreases odds of approval