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ProFunds, DeFi, BIT Mining!!

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Currently, while the SEC continues to delay the approval of the Bitcoin ETF, ProFunds' Bitcoin Strategy ProFund has been approved by the SEC for an ETF that invests in Bitcoin futures rather than Bitcoin itself. This fund is an ETF that invests in Bitcoin futures on the Chicago Exchange, not directly in Bitcoin itself. Profund is a mutual fund management company that manages approximately $60 billion in assets.

While the approval of Bitcoin or Ethereum ETFs is still pending, the continued release and approval of ETFs in this way means that it is highly likely that Bitcoin ETFs will be approved one day and cryptocurrencies will eventually enter the system.

Currently, the Bitcoin price has broken through the $40,000 level after a boring sideways walk of the $30,000 level.

Goldman Sachs has announced the launch of a 'DeFi' fund. However, if you look closely, unlike DeFi funds including Grayscale's Uniswap and Aave, it tracks the 'Decentralized Finance and Blockchain Index' of Solactive, a German financial index provider, It is said to include Accenture, Fujitsu, and Alibaba, Tencent, and Baidu. It seems a little different from the concept of the DeFi fund that we expect.

While a mining company called BIT Mining decided to expand its mining sites outside of China, it is said that 2,500 Bitcoin miners were recovered to expand the mining sites in Kazakhstan. Due to Chinese regulations, OKEx and Huobi also plan to dissolve their China-based businesses.

Although previously reported that miners expelled from China have turned to North America, such as Texas and Florida, Kazakhstan is currently allowing banks to open accounts for cryptocurrency trading, which is a major drag on multinational mining companies. I think it might be an advantage. However, authorities have also announced plans to impose higher taxes on miners

References: ProFunds Announces First Bitcoin Mutual Fund in the U.S.

BIT Mining to Expand its Fleet of Bitcoin Mining Machines


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