Howdy folks,

“Invest for the long haul. Don’t get too greedy, and don’t get too scared.”

Shelby M.C. Davis

Wise words, as always!

• ✅ ETFs Green Light?

• 🏰 SBF Bahamas Property Splurge!

• 🏹 Robinhood's Rough Road

✅ Bitcoin ETFs Closer to Approval, Says Circle CEO Jeremy Allaire

In an interview with Bloomberg, Circle's CEO, Jeremy Allaire, suggested approval for the new generation of Bitcoin exchange-traded funds (ETFs) is likely on the horizon. 

He expressed optimism at the World Economic Forum in Tianjin, China, stating that mature market structures, well-regulated custody infrastructure, and market surveillance are helping address the past concerns of regulators.

Slowly, the worm turns! 🐛

Several spot bitcoin ETF applications from heavyweights like BlackRock and Invesco are already on the table with the U.S. Securities and Exchange Commission (SEC). 

These applications could get the green light as market surveillance mechanisms develop, mimicking the path taken in Ontario. 🇨🇦

Notably, the ProShares' Bitcoin Strategy ETF (BITO), a bitcoin futures fund, attracted a whopping $65 million in one week, proving the high interest in such asset classes. 

Ka-ching!

Also, Allaire hinted at emerging markets' increasing demand for digital dollars.

🏰 SBF Splurges Customer Funds on Luxury Bahamas Properties

Sam Bankman-Fried, ex-CEO of FTX, reportedly spent over $243 million of the intermingled customer and company funds on opulent properties in the Bahamas for employees and their families, according to a recent investigative report. 

This ostentatious spending spree was not limited to the 11,500-square-foot penthouse at the Albany resort community in Nassau, where FTX executives once resided.

That’s one hell of a starter home!

The report revealed that he spent over $18 million on the "Albany Honeycomb" units, an upscale property with luxury amenities like a full-service spa and golf course. 🏌️‍♂️

An additional $16 million was used to acquire "Old Fort Bay Lot A," an extravagant residential property by the water's edge.

This damning evidence of misused funds was part of a 33-page report detailing the bankruptcy of the once-thriving FTX exchange, which owes customers about $8.7 billion. 🤬

Did they actually think they would get away with it?

"The customer-focused leader image of the FTX Group was a mirage," said John J. Ray III, FTX CEO and chief restructuring officer.

✂️ Robinhood Trims Staff as User Interest and Trading Volume Plunge

With declining user engagement and trading volumes, stock and crypto trading platform Robinhood has made a significant cut to its staff. 

Yesterday, Robinhood Markets announced a 7% reduction of its full-time workforce, approximately 150 employees. 

The night is darkest before the sun rises! 🌄

The company, which surged in popularity during the pandemic lockdowns with a young audience drawn to meme stocks and crypto trading, now faces a major setback. 

In its heyday, Robinhood reported over 21 million active monthly users during Q1 2021. However, by May 2023, that number dwindled to around 11 million, and the transaction fee revenue dropped 5% year-on-year in Q1 2023.

This downsizing comes shortly after Robinhood's agreement to acquire credit-card startup X1 for $95 million in cash as the company explores diversification in the face of stringent regulatory scrutiny. 

“Take from the rich and give to the poor.” Robinhood’s famous modus Operandi…not being followed here! 🙈

The layoff wave seems to be a trend in the finance industry, with Goldman Sachs and KPMG also reporting significant job cuts.

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