Bank of America Corp.’s Merrill Lynch and Wells Fargo & Co.’s brokerage unit have begun offering access to exchange-traded funds (ETFs) that directly invest in Bitcoin, according to Bloomberg Law.

JUST IN: Wells Fargo and Bank of America’s Merrill are offering spot #Bitcoin ETFs to wealth clients pic.twitter.com/Lr3oD5XgrR

— Bitcoin Magazine (@BitcoinMagazine) February 29, 2024

The move by these banks reflects the growing interest among investors in gaining exposure to Bitcoin. Merrill Lynch and Wells Fargo are providing access to approved Bitcoin ETFs to select wealth management clients with brokerage accounts upon request, according to individuals familiar with the matter.

This development comes after spot Bitcoin ETFs had a record setting week in the US, with inflows of BlackRock’s ETF hitting $612 million yesterday. The decision by Merrill Lynch and Wells Fargo to offer these ETFs demonstrates their recognition of the increasing demand for Bitcoin investment options among their affluent clientele.

By providing access to Bitcoin ETFs, these banks are catering to the evolving investment preferences of their clients, who are seeking opportunities to diversify their portfolios and capitalize on the growth potential of Bitcoin. The availability of Bitcoin exposure through mainstream financial institutions like Merrill Lynch and Wells Fargo further legitimizes the Bitcoin market and underscores its integration into traditional finance.

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Core Scientific, a leading blockchain and artificial intelligence hosting provider in North America, has successfully completed a $55 million equity offering. The funds raised will be used to expand its Bitcoin mining operations, further solidifying its position in the rapidly growing cryptocurrency industry.

Understanding Core Scientific’s Role in the Crypto Industry

Core Scientific is a pioneer in the blockchain and AI hosting sector. The company provides custom-engineered solutions for blockchain and AI applications, including high-performance GPU and ASIC servers. Core Scientific’s infrastructure is designed to support large-scale operations, making it an ideal choice for Bitcoin mining ventures.

Details of the $55 Million Equity Offering

The $55 million equity offering was completed with the participation of several institutional investors. The funds raised will be used to expand Core Scientific’s Bitcoin mining operations, which currently span over 300,000 square feet of data center space in the United States. This expansion will allow the company to increase its Bitcoin mining capacity and meet the growing demand for its services.

Impact on the Bitcoin Mining Industry

The successful completion of this equity offering is a significant milestone for Core Scientific and the broader Bitcoin mining industry. It demonstrates the increasing interest of institutional investors in the cryptocurrency sector, particularly in Bitcoin mining. This trend is likely to continue as more investors recognize the potential of Bitcoin and other cryptocurrencies.

• Increased Mining Capacity: With the additional funds, Core Scientific will be able to increase its mining capacity, allowing it to process more transactions and generate more Bitcoins. This will contribute to the overall security and stability of the Bitcoin network.
• Job Creation: The expansion of Core Scientific’s operations will also lead to the creation of new jobs, contributing to the economic growth in the regions where its data centers are located.
• Technological Advancements: The funds will also be used to invest in research and development, leading to technological advancements in the field of Bitcoin mining. This could result in more efficient and cost-effective mining operations.

Future Prospects for Core Scientific

The successful completion of the $55 million equity offering positions Core Scientific for future growth. The company plans to continue expanding its operations and investing in research and development to stay at the forefront of the Bitcoin mining industry. With its robust infrastructure and commitment to innovation, Core Scientific is well-positioned to capitalize on the growing demand for Bitcoin mining services.

Conclusion

The $55 million equity offering completed by Core Scientific is a testament to the growing interest of institutional investors in the Bitcoin mining industry. The funds raised will be used to expand the company’s operations, increase its mining capacity, and invest in research and development. This will not only contribute to the overall security and stability of the Bitcoin network but also lead to job creation and technological advancements in the field of Bitcoin mining. With its strong infrastructure and commitment to innovation, Core Scientific is poised to play a significant role in the future of the Bitcoin mining industry.

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Disclaimer: BTC Inc. is the parent company of both Bitcoin Magazine and Bitcoin Amsterdam.

Bitcoin Magazine PRO and the Samara Asset Group have announced the Bitcoin Alpha competition, a groundbreaking initiative aimed at discovering the next top bitcoin fund manager. The winner of the competition will receive $1 million in seed capital and operational infrastructure to launch their own fund, with the announcement set to take place at the Bitcoin Amsterdam conference in October 2023.

The competition provides an opportunity for emerging managers and hedge funds to showcase their investment strategies to high-net-worth Bitcoin investors and institutional allocators, as well as connect with the Bitcoin community.

Christian Keroles, BTC Inc. General Manager and Bitcoin Amsterdam conference organizer, expressed excitement about the competition’s potential to democratize investing and engage with the vibrant Bitcoin community, saying the contest “will empower emerging managers and hedge funds to showcase their strategies to high-net-worth Bitcoin investors and institutional allocators.”

Samara Asset Group CEO, Patrick Lowry, highlighted the growing interest in Bitcoin among the world’s financial minds. “We at Samara are excited to meet these emerging asset managers and look forward to seeding the best-of-the-best with $1 million in the Bitcoin Alpha Competition,” Lowry commented. Samara Asset Group is an alternative asset manager with a “hyperfocus on alpha-generating strategies and Bitcoin.”

The competition format involves an open-application window for submissions from June 20 to July 31, followed by a vetting process and the announcement of finalists in September and October. The winner will be announced on the main stage at Bitcoin Amsterdam on October 12, 2023. Those interested in learning more about the competition can visit https://b.tc/conference/bitcoin-alpha.

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Crypto-friendly fintech firm Revolut has launched international payments-focused business accounts for clients in Australia, as it reportedly works to secure a banking license down under.

The London-based firm offers a range of fiat payment services for clients in Europe and Australia. It also offers crypto services, including the buying and selling of a number of crypto assets including Bitcoin (BTC), Ripple (XRP) and Ether (ETH). In certain regions, it also provides access to crypto-staking.

Speaking with The Australian on May 17, the CEO of Revolut’s Australian unit, Matt Baxby suggested that the firm’s major aim is to provide an app or platform where “people can manage their entire financial lives in one place,” by obtaining a banking license being a key piece of the puzzle:

“A bank licence is still very much part of our plans. To be held to that regulatory standard would give our consumers confidence for the long haul, and would enable products that are in demand from our customers. We’re working our way through that, and it’s a key part of our plans overall.”

The multi-currency business accounts kicked off this week, with Revolut enabling users to conduct up to 75,000 AUD ($49,950) worth of foreign currency exchange per month.

The accounts come with physical and digital cards, real-time spending reports, and allow multiple users to manage them.

According to James Gibson, the general manager of Revolut Business, the firm has observed a significant amount of demand from Australian small to medium enterprises which seek greater international payment solutions. Revolut has around 100,000 business customers across Europe.

“What we hear a lot from them is that they really want a solution that allows them to do business overseas. And we have a lot of European customers who have Australian subsidiaries and vice versa, so we think we’re going to get quite a lot of traction with that,” he told The Australian.

Related: Aussie crypto exchange kicks off US expansion despite ‘regulatory risk’

The move adds to the personal accounts it already offers in Australia, which apart from providing traditional financial services and international transfers, also offer access to crypto, stock and commodity investing.

Cointelegraph reported on April 23 that Revolut had partnered with crypto tax solution providers Koinly to enable users to synchronize their transaction history with Koinly and expedite tax calculations.

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