Monday morning briefing: Bitfarms mining for success on the NASDAQ

The wait for a U.S.-based Bitcoin ETF continues. The SEC once again delayed a decision to approve a Bitcoin ETF, citing concerns over the lack of oversight in cryptocurrencies. The SEC will seek further public comments on the proposed VanEck ETF to be listed on the Cboe. The deadline to respond was extended into July. Many hoped the Bitcoin ETFs listed in Canada and their market activity would have a positive impact on the SEC’s views, but that doesn’t appear to be the case.

Economic/industry news

The Fed holds steady, but signals earlier-than-expected rate hikes: The Fed moves up its timeline for rate hikes as inflation rises

Canada’s inflation rate 3.6% in May: Inflation jumps to 3.6% in Canada, highest since 2011

The global labour market is still challenged: Millions of missing jobs should make inflation hawks think twice

Why vaccine distribution will be the most important economic policy: Vaccines will be the ‘most important’ economic policy this year, IMF chief says

Fund managers do not believe higher inflation will be sustained: Is higher inflation here to stay? Fund managers don’t think so

Janet Yellen wants financial services firms to prepare for a shift away from Libor: Treasury Secretary fears the attack of the bad interest rate benchmarks

Reasons for hope

Strong results for Novavax’s COVID-19 vaccine: Novavax COVID shot highly effective against variants in trial

The time is now to see your doctor: The COVID-19 pandemic may be easing: Why now is a good time to see your doctor

Regeneron’s COVID-19 treatment may help save lives: Regeneron antibody ‘cocktail’ can save lives in hospitalized COVID patients, study finds

Adapting your business

Projecting the right image: 3 ways entrepreneurs can project the right image to their clients

Closing the deal: 10 useful phrases for getting clients to commit

Using “Fintwit” creatively: Stimulus checks, Elon Musk and crypto memes: How Douglas Boneparth is using twitter like no other financial advisor   

Handling the tough question about fees: Answering ‘How much do you charge?’

Chart of the week: Bitfarms mining for success on the NASDAQ

Bitfarms Ltd. received Depository Trust Company (“DTC”)  eligibility on June 17, and its common shares will be listed on the NASDAQ Composite Index beginning on June 21. The Bitcoin mining company, headquartered in Quebec, will still maintain its listing on the TSX Venture Exchange. Bitfarms’ shares surged higher in response to its NASDAQ listing. The NASDAQ listing will bring more investor attention to the company. Despite concern over Bitcoin’s environmental impact, Bitfarms notes it uses green hydroelectricity to power 1% of the Bitcoin network. With more institutional adoption of cryptocurrencies and more visibility on the NASDAQ, what’s next for the stock price of Bitfarms? Let us know what you think.

Used with permission of Bloomberg Finance L.P.

News and notes (U.S.)

Insurers may add to hedge fund positions: Hedge funds remain an option for some insurers, says new report

PE investors looking at secondaries: As interest in private equity expands, three quarters of LPs are now invested in secondaries

Reviewing the definition of an accredited investor: SEC plans more changes to accredited investor definition

Becoming one of the largest managers in the ETF space: Dimensional converts $29 billion of mutual funds into ETFs

Mutual fund sales and performance over the past two weeks: Mutual funds scorecard: June 15 edition

News and notes (Canada)

Dynamic Funds launches new ETFs: Dynamic launches two active ETFs

Canada’s IPO market is booming in 2021: IPO market surges in Canada as established firms find demand

With skyrocketing prices, many Canadians can’t afford to purchase a home: For most Canadians, home ownership is just a dream

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