Ethereum Futures ETFs Launch
And, MongoDB adds an Amazon executive.
Today is Tuesday, October 3, 2023.
The Early Bird Index today is 53.07.
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Ethereum Futures ETFs Launch
Investors got a treat on Monday with multiple Ethereum futures exchange-traded funds (ETFs) launching on the same day.
Details: The list of Ethereum futures ETFs launching Monday included the ProShares Ether Strategy ETF and ProShares Bitcoin & Ether Equal Weight Strategy ETF. BitWise released an Ethereum futures ETF and another ETF mixed with Bitcoin futures. VanEck also released an Ethereum futures ETF.
Quote: “Unprecedented day today with multiple ETFs all launching at [the] same time.” - Eric Balchuna, Senior ETF Analyst for Bloomberg.
Definition: A futures ETF gives investors exposure to futures contracts of a cryptocurrency. It is different than a spot ETF, which tracks the actual price of cryptocurrency.
Background: There are several Bitcoin futures ETFs in the U.S., but the SEC has not approved a spot Bitcoin ETF yet.
Yes, But: The launch of these new Ethereum futures ETFs is giving some investors hope that a spot Bitcoin ETF could come in a few months. The SEC has opposed previous applications for a spot Bitcoin ETF, but there has been increased momentum in recent months with several funds applying to launch a spot Bitcoin ETF.
Bigger Picture: Despite the anticipation surrounding the launch of these Ethereum futures ETFs, the price of Ethereum dropped about 3% on Monday.
Final Thoughts: There’s a lot of hope that a spot Bitcoin ETF or a spot Ethereum ETF could finally launch in the U.S. in the coming months. When that happens, it will give traditional investors direct exposure to crypto.
First Disruption to Smartphones in 15 Years🤳
Tech Startup With Traction: Turn your phone from a cost to an income source. Intriguing idea, isn't it? This is why, we have our eyes on the launch of Mode Mobile’s Pre-IPO Offering. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3+ trillion valuation.
Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!
Over 11,000 investors already acquired shares — and with only days remaining prior to their bonus tier closing, allocations are limited.
*Disclosure: Please read the offering circular at invest.modemobile.com. This is a paid advertisement for Mode Mobile’s Regulation CF Offering.
Notable Earnings Today: McCormick & Company (NYSE: MKC), Cal-Maine Foods (Nasdaq: CALM), Trinity Biotech (Nasdaq: TRIB), NovaGold Resources (NYSE American: NG).
Notable IPOs Today: Maison Solutions Inc. Class A Common Stock (Nasdaq: MSS).
Notable Equity Crowdfunding Campaigns Ending Today: N/A.
Notable Economic Events Today: JOLTs Job Openings (10:00 a.m. ET).
MongoDB Adds Amazon Executive
MongoDB (Nasdaq: MDB) announced Monday that it hired Jim Scharf as chief technology officer. The stock ticked up by 0.77% in after-hours trading.
Details: Scharf joined MongoDB after 17 years at Amazon Web Services, the popular cloud unit for Amazon (Nasdaq: AMZN).
Quote: “Jim is a seasoned technologist and leader with a successful track record of building and scaling the teams, processes and technologies behind the sophisticated software millions of customers rely on every day.” - Dev Ittycheria, President and CEO of MongoDB.
Background: MongoDB is up 83% this year. The company’s most recent financial results were very strong.
Final Thoughts: As one of the top growing software companies today, it makes sense for MongoDB to enhance its leadership team with a former Amazon executive.
Oddity Techs Jumps After Posting Good Results
Oddity Tech (Nasdaq: ODD) posted better-than-expected preliminary financial results on Monday, with net revenue growth of at least 58%, causing shares to jump by 12.18% in after-hours trading.
Final Thoughts: Shares of the tech company are down over 40% this year, so investors really appreciated these preliminary results.
Trends to Watch
Going Viral for All the Wrong Reasons: ByteDance Valuation Falls 26% to $223.5 Billion in New Employee Share Buyback (The Information
Airing Grievances: Fed’s Powell Gets Earful From Small Businesses ‘Blindsided’ by High Prices (Bloomberg)
Securing Approval: US FDA approves Novo Nordisk's therapy for rare genetic condition (Reuters)
Swimming to Funding: Aussie brand Infamous Swim eyes global expansion with equity crowdfunding campaign (SmartCompany)
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