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Ethereum Futures ETFs Launch

Ethereum Futures ETFs Launch

And, MongoDB adds an Amazon executive.

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A single ETH coin stands on a chess table

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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.

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Notables

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 icon in 3D. My 3D work may be seen in the section titled "3D Render."

Photo by Rubaitul Azad on Unsplash

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.