Bitcoin, Ethereum ETF Frenzy

And, Unity Software skips guidance.

Today is Friday, November 10, 2023.

The Early Bird Index today is 57.47.

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Bitcoin, Ethereum ETF Frenzy

Thursday was a great day for cryptocurrency as the price of Bitcoin ticked up by 1% and Ethereum surged by 10% thanks to renewed hopes for spot ETFs (exchange-traded funds).

Powering the Story: BlackRock (NYSE: BLK) filed a proposal to the Nasdaq stock exchange on Thursday for its spot Ethereum ETF called the iShares Ethereum Trust. Also on Thursday, the U.S. SEC opened a window to approve the applications of up to 12 spot Bitcoin ETFs. 

Definition: A spot Bitcoin ETF gives investors direct exposure to the actual price of Bitcoin. The same goes for a spot Ethereum ETF. Neither has been approved by the U.S. SEC yet.

Price: Bitcoin briefly reached the price of $37,000 on Thursday, its highest price since April 2022. It is up 120% this year. Meanwhile, Ethereum is up 75% this year.

Final Thoughts: There’s anticipation that we might finally get both a spot Bitcoin ETF and a spot Ethereum ETF in the U.S. within the next few months. Both events would be positive for crypto.

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Notable Earnings Today: StoneCo (Nasdaq: STNE), Algonquin Power & Utilities (NYSE: AQN), Hudson Global (Nasdaq: HSON), CreativeRealities (Nasdaq: CREX), Airsculpt Technologies (Nasdaq: AIRS), Silver Spike Investment (Nasdaq: SSIC).

Notable IPOs Today: CARGO Therapeutics, Inc. Common Stock (Nasdaq: CRGX), Shimmick Corporation Common Stock (Nasdaq: SHIM).

Notable Equity Crowdfunding Campaigns Ending Today: Weaver Outdoors (Honeycomb), Sunshine Station (Mainvest), Goods that Matter (Honeycomb).

Notable Economic Events Today: Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

Unity Software Skips Guidance

Source: Unity Software

Shares of the video game software developer Unity Software (NYSE: U) dropped 12.24% in after-hours trading on Thursday after the company posted mixed financial results.

Financials: Unity reported a loss of 32 cents per share in the past quarter, which was better than expected. But revenue only reached $544 million, which was below estimates.

Background: The CEO of Unity retired last month, a surprise to many investors.

Powering the Story: Unity said it started a “comprehensive assessment” of the company and wants to implement a new financial plan by the end of the first quarter of 2024. The company may discontinue certain products and may conduct layoffs. It also not providing any guidance to investors at this time.

Final Thoughts: Unity, down 6% this year, has a lot of work to do to turn the company around and become profitable. Its future is currently uncertain.

The Trade Desk Drops Due to Poor Outlook

The Trade Desk (Nasdaq: TTD) plunged 28.13% in after-hours trading on Thursday after the marketing tech company posted mixed financial earnings results.

Financials: The Trade Desk reported earnings of 33 cents per share in the past quarter and revenue of $493 million; both were better than expected.

Outlook The company only expects to bring in revenue of $580 million this current quarter, which is lower than expected.

Stock Price: The Trade Desk is up 74% in 2023, but down 9% in the last 30 days.

Final Thoughts: In spite of a tough ad market, The Trade Desk has had a good 2023. But its sales forecast is a cause for concern.

Trends to Watch

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