Spot Ethereum ETF Proposals

Plus, Beyond Meat needs more cash.

Today is Tuesday, March 19, 2024.

The Early Bird Index today is 72.17.

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Spot Ethereum ETF Proposals

Months after spot Bitcoin ETFs (exchange-traded funds) were approved in the United States, investors are now gearing up for spot Ethereum ETFs.

Background: Similar to spot Bitcoin ETFs, a spot Ethereum ETF would allow traditional investors to get direct exposure to Ethereum, the second-largest cryptocurrency behind Bitcoin.

Details: Several financial institutions have filed applications for spot Ethereum ETFs. On Monday, the money management giant Fidelity added staking to its spot Ethereum ETF application. Staking is a way for holders of crypto to earn rewards.

Powering the Story: Also on Monday, Standard Chartered Bank wrote a note saying that if those ETFs get approval in May, the price of Ethereum could go up. It expects “significant inflows” to those funds, similar to what we saw with spot Bitcoin ETFs.

Yes, But: Recharge Capital’s John Lo told Cointelegraph on Monday that the approval of spot Ethereum ETFs is less certain than the previous approval of spot Bitcoin ETFs due to increased scrutiny.

Final Thoughts: Ethereum is already up 49% in 2024. Would the price reach an all-time high if spot Ethereum ETFs became a reality?

TheoTrade (FOMO)


Notable Earnings Today: Tencent Music (NYSE: TME), ZTO Express (NYSE: ZTO), Caleres (NYSE: CAL), Core & Main (NYSE: CNM), Corvus Pharmaceuticals (Nasdaq: CRVS), Cyclacel Pharmaceuticals (Nasdaq: CYCC), Harrow (Nasdaq: HROW), HealthEquity (Nasdaq: HGY), Huya (NYSE: HUYA), Precigen (Nasdaq: PGEN), Relmada Therapeutics (Nasdaq: RLMD), TeraWulf (Nasdaq: WULF), XPeng (NYSE: XPEV).

Notable IPOs Today: N.A.

Notable Equity Crowdfunding Campaigns Ending Today: Chimmelier (Honeycomb).

Notable Economic Events Today: Housing Starts (8:30 a.m. ET), Building Permits (8:30 a.m. ET), Atlanta Fed GDPNow (12:30 p.m. ET), TIC Net Long-Term Transactions (4:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Beyond Meat Needs More Cash

After filing a mixed securities offering, plant-based meat company Beyond Meat (Nasdaq: BYND) fell by 5.54% in after-hours trading on Monday.

Details: Beyond Meat said it may offer and sell up to $250 million in different types of securities from time to time in one or more offerings. That might include different types of company stock and debt for sale.

Background: This need for more cash shouldn’t come as a surprise to investors. Beyond Meat said a few weeks ago that it wanted to raise more capital this year, although it said it had enough cash for 2024. The company reported mixed financial results in recent quarters.

Stock Price: Beyond Meat has been down 45% in the last 12 months, although the stock is up 15% in the last 30 days.

Final Thoughts: While Beyond Meat’s price is down, it can’t be considered a value stock. Beyond Meat’s price-to-earnings ratio, a key indicator of value, is not good.

Starbucks’ New Leadership Structure

Starbucks (Nasdaq: SBUX) announced a new global leadership structure on Monday that includes geographic CEOs and regional leaders.

Final Thoughts: Starbucks is down over 2% in 2024. The company has faced global challenges in different markets and is struggling to grow in the current client.

Sold: Kroger to Sell Specialty Pharmacy Business (Wall Street Journal)

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.