Two companies received SEC approval to launch Bitcoin ETF, and Tesla recorded losses due to the depreciation of investments in BTC

Two companies have received SEC approval to launch Bitcoin ETF

The US Securities and Exchange Commission has approved the launch of an ETF on BTC futures from VanEck. The start of trading on the Chicago Mercantile Exchange is scheduled for October 25.

The second SEC-approved Bitcoin exchange-traded fund will trade under the ticker XBTF. VanEck intends to take 0.65% as a management fee. For comparison, the commission for ProShares, the first company to launch BTC-ETF, was 0.95%.

The regulator also approved the launch of the bitcoin ETF by the company Valkyrie Investments. According to its spokesman, the project “removed all regulatory obstacles.”

The Valkyrie Bitcoin Strategy ETF will trade under the ticker BTF. Bidding will begin on October 22nd.

Tesla recorded losses due to depreciation of investments in BTC

$51 million — the amount of loss due to the depreciation of Tesla’s investments in the first cryptocurrency. The company recorded such a result in the third quarter of this year.

According to Tesla’s reporting, the size of the company’s position in BTC as of the end of September was $1.26 billion. The valuation of bitcoin assets turned out to be significantly less than the values ​​recorded in the second quarter ($1.3 billion).

According to the American rules for accounting for crypto assets, if they depreciate during the quarter, the holder of the currency is obliged to report losses. In the event of an increase in the rate of digital assets, this is not reflected as profit on the balance sheet of the organization.

According to the media, Tesla now has more than 42 thousand bitcoins at its disposal. Taking into account the fact that the price of BTC on October 20 rose above $67,000, the valuation of the company’s position has almost doubled.