Spot Bitcoin ETFs Get Approval

And, KB Home's average selling price.

Today is Thursday, January 11, 2024.

The Early Bird Index today is 64.22.

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Spot Bitcoin ETFs Get Approval

For the first time, investors today in the U.S. will get access to spot Bitcoin ETFs (exchange-traded funds) after the SEC finally approved a wave of them on Wednesday.

Details: The SEC gave the green light to 11 yesterday: the Grayscale Bitcoin Trust, the Bitwise Bitcoin ETF, the Hashdex Bitcoin ETF, the iShares Bitcoin Trust, the Valkyrie Bitcoin Fund, the ARK 21Shares Bitcoin ETF, the Invesco Galaxy Bitcoin ETF, the VanEck Bitcoin Trust, the WisdomTree Bitcoin Fund, the Fidelity Wise Origin Bitcoin Fund, and the Franklin Bitcoin ETF.

Background: It’s been years and years of trying, but eventually the SEC had to give in and approve of spot Bitcoin ETFs. What makes these ETFs special? They are directly tied to the price of Bitcoin, thus giving everyday investors another way to invest in Bitcoin.

Powering the Story: The approval gives Bitcoin (and cryptocurrency at large) more recognition in the traditional finance world.

Quote: “While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.” - SEC Chair Gary Gensler.

Price: Bitcoin’s price ticked up less than 1% on Wednesday. Ethereum jumped 9%.

Final Thoughts: The ETFs will be available to investors as early as today. Later this year, the SEC will rule on spot Ethereum ETFs.


Notable Earnings Today: Infosys (NYSE: INFY), Concrete Plumbing Holdings (Nasdaq: BBCP), Northern Technologies International (Nasdaq: NTIC).

Notable IPOs Today: Valkyrie Bitcoin Fund (Nasdaq: BRRR), iShares Bitcoin Trust iShares Bitcoin Trust (Nasdaq: IBIT), Matthews Emerging Markets Discovery Active ETF (Nasdaq: MEMS), Matthews China Discovery Active ETF (Nasdaq: MCHS).

Notable Equity Crowdfunding Campaigns Ending Today: Fuel Healthy Kitchen (Honeycomb), Belly’s Sliders and Wings (Honeycomb), HiberTec Homes (Republic), Sweet & Salty Sisters (Honeycomb), Frost Brewhouse (Honeycomb), Way Of Being (SMBX).

Notable Economic Events Today: Jobless Clams (8:30 a.m. ET), Consumer Price Index / Core CPI (8:30 a.m. ET), Federal Budget Balance (2:00 p.m. ET), Fed's Balance Sheet (4:30 p.m. ET).

KB Home's Average Selling Price

Shares of KB Home (NYSE: KBH) dropped 1.11% in after-hours trading on Wednesday, despite posting good financial results.

Financials: KB Home reported earnings of $1.85 per share in the past quarter and revenue of $1.67 billion; both were better than expected.

Powering the Story: Net orders were up 176%. However, the average selling price dropped.

Final Thoughts: KB Home’s stock is up 75% in the past year. The homebuilder’s future success depends on the state of mortgage rates.

Citigroup’s Restructuring Charge

Citigroup (NYSE: C) said Wednesday that its upcoming financial results will be impacted by $780 million in restructuring charges, which caused the stock to dip down 0.89% in after-hours trading.

Final Thoughts: Citi, up about 8% in the past year, reports its full financial results on Friday. Can the stock rise above expectations?

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