What happened

Bitcoin (CRYPTO: BTC) continued its long slide in June 2022. The largest cryptocurrency fell 36.7%, according to data from S&P Global Market Intelligence, dragging many related stocks down with it. For example, software company and Bitcoin investor MicroStrategy (NASDAQ: MSTR) lost 37.9% while Bitcoin investment fund Grayscale Bitcoin Trust (OTC: GBTC) dropped 41.3% lower and Bitcoin miner Riot Blockchain (NASDAQ: RIOT) fell 41.7%. 

The crypto market faced the same risk-averse investor behavior as in recent months, fueled by grim inflation reports and economic uncertainty on a global level. Moreover, lawmakers took some steps toward cryptocurrency regulation in June, but the bureaucratic wheels turn slowly, and nobody knows what the long-term legal framework will look like.

So what

If Bitcoin prices continue to fall much further, we'll probably see some consolidation in the cryptocurrency industry. Companies with weak balance sheets and shaky business plans may have to close shop, file for bankruptcy, and sell their assets to stronger rivals. For example, the crypto-focused hedge fund Three Arrows Capital has filed for bankruptcy and liquidation, and crypto-lending specialist Celsius Network has frozen trades, withdrawals, and balance transfers due to "extreme market conditions. 

The crypto stocks mentioned earlier are in no immediate danger of bankruptcy, though.

Riot Blockchain is selling some of its Bitcoins in order to pay the bills, but it generated more tokens than it sold in June. The company is also actively investing in its Bitcoin mining infrastructure, adding more mining rigs and improving the performance of older gear through the use of immersion cooling systems.

Grayscale is fighting to convert its Bitcoin trust fund into an exchange-traded fund (ETF) directly tied to Bitcoin's latest spot prices. Investors are reluctant to use a fund that settles transactions only at the end of each trading day. With the intraday pricing of ETF shares, investors can react much faster to changes in this volatile market, so the Bitcoin trust comes with a risk-based discount. In its current form, the Grayscale Bitcoin Trust carries 0.000922 Bitcoins per share, which works out to $18 at current crypto prices. Share prices stand 32% lower at $12.25. The fund managers are currently suing the Securities and Exchange Commission (SEC) to overturn the agency's recent decision to deny a requested transformation from fund to ETF.

MicroStrategy is still buying more Bitcoin, arguing that the digital currency is a great investment at these low prices. The company boosted its Bitcoin holdings by 0.4% in the last two months and now holds roughly 129,700 tokens. The business intelligence company also holds some loans relying on Bitcoin holdings as collateral, raising concerns about the financial impact of plunging Bitcoin prices. However, CEO Michael Saylor claims that the loans don't face any margin calls until Bitcoin prices fall below $3,562 per token, and even then, MicroStrategy could add other types of collateral. Since Bitcoin prices are hovering around the $20,000 mark these days, MicroStrategy appears to stand on solid financial ground at the moment.

Now what

Bitcoin prices have fallen 59% so far in 2022, and all three of the crypto-reliant stocks mentioned above are taking even deeper price cuts. Investors in this sector are nervous, and arguably for good reason. The crypto market is packed with uncertainty, and many investors don't have a firm grasp on what blockchain ledgers can do or what they should be worth.

That being said, this is not the first massive drawdown in cryptocurrency history, and it won't be the last. Cryptocurrencies are evolving and adapting to ever-changing market conditions. As a result, all the investments mentioned above are incredibly risky, and you should be prepared for bumpy roads ahead.

Some of these stocks may be good plays on the crypto market, and their current prices are certainly more attractive than the much higher peaks of last fall. However, it would be wise to keep your cryptocurrency investments relatively small, as the speculative sector separates the chaff from the wheat in this difficult era. Even the reasonably high-quality stocks we talked about here aren't immune to market risks. You must weigh the promise of skyrocketing share prices against the very real risk of going to zero in a bankruptcy or liquidation.

As for Bitcoin itself, I think that this established powerhouse is going places in the long run -- but even then, there are no guarantees that prices will rise again. Be careful out there, dear reader. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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2022 has been ugly for the stock market, and after a volatile week to start out the month of May, investors came back to Wall Street on Monday without much in the way of confidence. As of 12:30 p.m. ET, the Nasdaq Composite (NASDAQINDEX: ^IXIC) was down another 2.7% after having been down even further earlier in the day.

The rout in technology stocks and other high-growth companies continued on Monday, as investors kept focusing on the potential impact of higher interest rates on long-term growth and economic conditions. However, other financial markets have also seen pressure from the current macroeconomic and geopolitical situation. Cryptocurrencies were a big loser on Monday as well, and as you'll see in more detail below, those declines had a negative impact on crypto stocks Coinbase Global (NASDAQ: COIN) and MicroStrategy (NASDAQ: MSTR).

Why crypto weighed on the markets

Cryptocurrencies were broadly lower, even among the most popular and highest-profile digital assets. Bitcoin (CRYPTO: BTC) dropped nearly $2,300 to $32,300, while Ethereum (CRYPTO: ETH) was down more than $150 to fall below the $2,400 mark. Losses for smaller digital assets were even more pronounced, with Shiba Inu and Polkadot falling more than 14%.

Part of the problem with the crypto market is that it has been highly correlated to the fortunes of the Nasdaq lately. Because blockchain has substantial technological elements to it, it's natural for investors to think of it as having similar prospects to other types of cutting-edge technology. With the Nasdaq having so many of those high-growth tech stocks, it makes sense that correlations could be high.

Yet there were also some crypto-specific issues that hit markets over the weekend. In particular, the stablecoin TerraUSD caused ripples across the asset class when it briefly lost its peg to the U.S. dollar. That sent the value of the related Luna cryptocurrency plunging, and it remains down almost 14% Monday afternoon. If investors can't count on stablecoins being freely exchangeable for their corresponding amount of fiat currency, cryptocurrency markets face a challenge they'll have to resolve in order to attract more mainstream adoption.

Companies counting on crypto

The ripple effects of cryptocurrency fluctuations weighed on stocks of companies that rely on healthy market conditions for digital assets. Coinbase has become one of the most prominent cryptocurrency exchanges in the global market, but it relies on transaction volume to drive much of its revenue. With sales based on percentages of total trades, adverse market conditions that force crypto traders to cut back on their buying and selling have a direct negative impact on Coinbase's health. That's a big part of why the stock is down more than 15% Monday afternoon.

In addition, some companies have turned to Bitcoin and other digital assets as alternatives to U.S. dollar cash holdings. MicroStrategy in particular has become famous for its devotion to Bitcoin, holding 129,218 tokens as of March 31. Today's losses alone work out to more than $250 million in reduced value for MicroStrategy, and given that the company has taken on leverage to buy more cryptocurrency and has a market capitalization of just $2.7 billion, the volatile fluctuations in Bitcoin's value create substantial financial risk if crypto prices don't reverse higher in short order. Shares of MicroStrategy were down 19%.

Many investors have dismissed cryptocurrencies as poor alternatives to other investment assets. However, even if you don't hold crypto yourself, the market has become large enough that disruptions can have impacts on other financial markets. That makes it important to keep your eyes on the cryptocurrency arena as you try to put together the best portfolio for your needs. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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When the BetaShares Crypto Innovators ETF (ASX: CRYP) launched on the ASX last year, it caused quite the stir. This exchange-traded fund (ETF) took only eight minutes on the ASX to surpass $8 million worth of trades. By the end of its first day, investors had exchanged $39.7 million worth of the ETF's units, smashing an ASX record.

This ETF from provider BetaShares doesn't invest in cryptocurrencies like Bitcoin (CRYPTO: BTC) directly. Instead, it invests in companies that provide "'picks and shovels' exposure to the companies building crypto mining equipment, crypto trading venues, and other key services that allow the crypto economy to thrive".

Some of its current top holdings include Silvergate Capital Corp, Microstrategy Inc, and Coinbase Global Inc.

But unfortunately for the BetaShares Crypto Innovators ETF's early investors, there hasn't been much in the way of good news since its launch. On its first day of ASX life, CRYP closed at $11.28 per unit. But as it stands at end of trading on Tuesday, this ETF is asking just $4.89. That's a fall of almost 57%.

Of that fall, 23.35% has come during the past month alone. But now that we have seen such savage falls, many investors might be wondering if this ETF is in the bargain bin.

Is the BetaShares Crypto ETF a buy or a sell today?

Well, let's check out what two ASX expert investors reckon. Felicity Thomas from Shaw and Partners and Ben Nash from Pivot Wealth both joined a Livewire podcast recently where they shared their views on this ASX ETF.

Here's some of what Nash had to say:

This one's a buy from me. I think crypto is a really interesting space, the blockchain technology has so many applications that I think we're only just starting to see that. I think it will just grow and continue to grow. Also, the house always wins, so a lot of the companies that this particular ETF is investing in, they're companies that are not necessarily tied to the price or value of cryptocurrency or other digital assets but instead that make money when they're more and more popular. So I think that it's a huge growth area.

So that's pretty unequivocal there. Fortunately, Thomas agreed that CRYP units were a buy. Here's some of what she added:

It's another buy from me. It's off 45% from its original initiation price. I really like what Ben said, in that it's the picks and shovels of cryptocurrency in different companies, rather than direct cryptocurrency. You make money on the buyers and sales. So with ANZ and NAB and all the majors getting into cryptocurrency, I think it's here to stay.

So that's how these two ASX experts view CRYP right now. Although this ETF's first few months of life haven't been easy, who knows what the future of cryptocurrency might bring to the companies that enable this technology.

The BetaShares Crypto Innovators ETF charges a management fee of 0.67% per annum.

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This Wednesday's trading session has been a positive one overall for ASX shares. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up a robust 0.88%. But that's nothing compared to the BetaShares Crypto Innovators ETF (ASX: CRYP).

CRYP units are presently enjoying a very pleasing 4.82% bounce and are sitting at $6.53 each. So what could be behind this ETF's very pleasant day so far?

Well, as a start, cryptocurrencies have enjoyed some very good gains recently. Over the past 48 hours, crypto flagbearer Bitcoin (CRYPTO: BTC) has appreciated by roughly 5.5%. The second-largest cryptocurrency Ethereum (CRYPTO: ETH) has rocketed more than 10% over the same period.

So this has obviously provided a strong foundation for a crypto-based ETF like BetaShares Crypto Innovators.

But let's take a look at how the CRYP ETF's underlying holdings have been performing this week as well. After all, an ETF is only worth the sum of its parts, whatever they may be.

CRYP ETF surges after rally in Bitcoin, cryptocurrencies

So the BetaShares Crypto Innovators ETF's top holding is currently Coinbase Global Inc (NASDAQ: COIN), with a hefty 10.6% weighting in the fund. Its next largest holding is Silvergate Capital Corp (NYSE: SI) at 10.4%, followed by Microstrategy Incorporated (NASDAQ: MSTR) at 9.3%.

Last night (our time), Coinbase shares surged more than 7% on the US markets, possibly in response to the movements of cryptocurrencies like Bitcoin and Ethereum that we discussed earlier. Silvergate Capital did even better, rising by 10.06%. And Microstrategy shares enjoyed a 6.8% pop.

So this extraordinary strength across most of CRYP's underlying portfolio is probably behind the big valuation jump today.

But even so, investors in this ASX ETF have still struggled of late. CRYP units remain down by more than 16% in 2022 so far, and by more than 40% since this ETF was listed on the ASX back in November last year.

The BetaShares Crypto Innovators ETF charges a management fee of 0.67% per annum.

The post Why is the BetaShares Crypto Innovators ETF (ASX:CRYP) leaping 5% today? appeared first on The Motley Fool Australia.

CRYP units are instead enjoying a very healthy day on the ASX boards today. This ETF is currently up by 1.8% at $7.92 per unit. So how is this cryptocurrency-based ETF outperforming the broader market today? Well, to answer that, let's check out what this ETF actually invests in.

What's behind the CRYP ETF's strong performance today?

CRYP is one of the newer ETFs on the ASX boards. It only listed in early November but unfortunately for investors, it hasn't been an easy ASX debut. The ETF is now down close to 30% from the pricing it was commanding on its first few days of trading. This ETF doesn't invest in cryptocurrencies like Bitcoin (CRYPTO: BTC) directly. Rather, it holds companies that BetaShares estimate provide "exposure to global companies at the forefront of the dynamic crypto economy".

Its current top holdings include Coinbase Global Inc (NASDAQ: COIN) with a 10.5% ETF weighting, MicroStrategy Incorporated (NASDAQ: MSTR) with a 10.2% weighting, and Silvergate Capital Corp (NYSE: SI) with a 9.3% weighting. Other significant shares include Marathon Digital Holdings Inc (NASDAQ: MARA), Riot Blockchain Inc (NASDAQ: RIOT), and Voyager Digital Ltd (TSE: VOYG).

So following a sharp rise in cryptocurrency prices over the past 24 hours or so, many of these companies had very strong days of trading on the US markets last night (our time). For example, Coinbase shares were up 4.05%. MicroStrategy rose 3.86%, while Silvergate shares were up 8.65%. Marathon, Riot and Voyager all rose by more than 5%.

So this is likely the primary diver of the CRYP ETF's gains so far this Wednesday. When an ETF's heaviest underlying holdings all have such a strong session, it increases the value of the entire ETF's portfolio and, by extension, its unit price. That's likely what we have seen play out so far today.

The BetaShares Crypto Innovators ETF charges a management fee of 0.67% per annum.

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The BetaShares Crypto Innovators ETF has only been on the ASX boards since last week when it floated on the morning of 4 November. But it soon was the talk of the ASX town, breaking the record for trading volumes for a new managed investment within hours of its listing.

And it might well be the talk of the town again today. The Crypto Innovators ETF is currently up a sizeable 7.12% so far this Tuesday at $12.34 a unit at the time of writing.

So what's behind this huge leap upwards in valuation for this new ASX ETF?

Well, there's little doubt the news that the global cryptocurrency market has just hit US$3 trillion for the first time ever overnight is helping. This follows the flagship cryptocurrency Bitcoin (CRYPTO: BTC) hitting a new all-time high overnight as well.

CRYP ETF's major holdings shoot the lights out

But let's also check out what's been happening with CRYP's major underlying holdings. As an ETF, CRYP invests in a basket of underlying shares. In this ETF's case, these shares are selected to provide "exposure to global companies at the forefront of the dynamic crypto economy".

So, according to the provider, CRYP's current top 5 holdings are as follows:

1. Galaxy Digital Holdings Ltd
2. Silvergate Capital Corp
3. Marathon Digital Holdings Inc
4. Coinbase Global Inc
5. Microstrategy Inc

All 5 companies are US shares (except for the Canadian Galaxy Digital) so let's see how they performed in last night's trading (our time).

Galaxy Digital shares were up 6.16% to C$42.22.

Silvergate saw a 0.94% gain to US$217.18 a share.

Marathon Digital shares were up a whopping 17.99% to US$75.30.

Coinbase put on a robust 5.01% to US$353.92 a share.

And Microstrategy was up 7.84% to US$860 a share.

So, as you can see, these top 5 holdings in CRYP had an extremely successful night of trading overnight. This would also be feeding into sentiment for this ETF today.

The BetaShares Crypto Innovators ETF charges a management fee of 0.67% per annum.

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It's finally happening.

After much scrambling this year, a cryptocurrency-themed exchange-traded fund (ETF) will list on the ASX on Thursday.

While several vendors are understood to be working on the concept, the first to market will be BetaShares Crypto Innovators ETF (ASX: CRYP).

The Motley Fool has confirmed that shares for the fund will be publicly tradable on Thursday.

Mainstream acceptance has taken off this year

It was only in January that an expert declared it "unlikely" that a cryptocurrency ETF would debut this year on the stuffy old ASX.

"Many nations will look to the [US Securities and Exchange Commission] for leadership and it has a strong incentive not to rock the boat right now," Kraken managing director Jonathon Miller said at the time.

"We will get there in the end, but it will be the growing understanding of cryptocurrency amongst progressive institutional investors that will make it happen."

But industry developments have zoomed ahead at warp speed since, especially in the past month or so.

One massive milestone a couple of weeks ago was the listing of US ETF ProShares Bitcoin Strategy ETF (NYSE: BITO).

That fund tracks Bitcoin (CRYPTO: BTC) futures contracts and became the second-most traded ETF on its debut day.

Such a fund traded on the NYSE had as much symbolic significance as financial.

It represented yet another step in 'mainstream' acceptance of cryptocurrencies.

Closer to home, the Australian Securities and Investments Commission (ASIC) on Friday released its guidance on cryptocurrency-related investment products.

BetaShares chief Alex Vynokur welcomed the nod from the corporate watchdog for Australians seeking cryptocurrency exposure but afraid of trading on "unregulated exchanges".

"ASIC has taken a significant step in providing a clear path for established cryptocurrencies such as bitcoin and ether to be made available to Australian investors via a familiar ETF structure," he said.

"In many ways, the inherent benefits of a regulated ETF — convenience, transparency and cost-effectiveness — are additive for many investors seeking exposure to cryptocurrencies."

What does the BetaShares CRYP ETF invest in?

The new BetaShares fund, like the ProShares one in the US, will not directly plough its money into cryptocurrencies.

Instead, it will "aim to track" the Bitwise Crypto Industry Innovators 30 Index before fees and expenses.

"CRYP's index is designed to capture the full breadth of the crypto ecosystem by providing exposure to pure-play crypto companies, those whose balance sheets are held at least 75% in crypto-assets, and diversified companies with crypto-focused business lines," states the BetaShares website.

According to Bitwise, the top 3 holdings in the index as of October 28 were:

• Galaxy Digital Holdings Ltd (TSE: GLXY): 12.95%
• Coinbase Global Inc (NASDAQ: COIN): 11.15%
• MicroStrategy Incorporated (NASDAQ: MSTR): 9.79%

The post ASX's first cryptocurrency ETF is listing Thursday appeared first on The Motley Fool Australia.

The ASX is home to more exchange-traded funds (ETF)s than most of us could imagine. Sure, you have the vanilla index funds like the Vanguard Australian Shares Index ETF (ASX: VAS) that remain uber-popular. But there are also ETFs covering what seems to be everything under the sun.

There are ETFs for crude oil, gold, silver, platinum and palladium exposure. Want an ETF that tracks the South Korean economy? Easy. Or Indian shares? Done. ASX ETFs also cover cash, property or government bonds. Like we said, everything under the sun.

Well, not exactly. There is one glaring exception. And that would be cryptocurrencies like Bitcoin (CRYPTO: BTC). Cryptos are perhaps the only major asset class not covered by an exchange-traded fund on the ASX today.

But that might be about to change.

ETF provider BetaShares has just announced that it will be launching a cryptocurrency-based ETF, a first on the ASX. It will be known as the BetaShares Crypto Innovators ETF and will have the ticker code 'CRYP'.

There is a catch though. This ETF won't be directly investing in cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) or even Dogecoin (CRYPTO: DOGE). Rather, it will be focusing on the "global companies driving the rapidly growing crypto economy".

Will this new cryptocurrency ETF invest in Bitcoin?

BetaShares tells us that CRYP will "aim to track an index comprising a focused portfolio of more than 30 leading crypto innovators", including Coinbase Global Inc (NASDAQ: COIN), Riot Blockchain Inc (NASDAQ: RIOT) and MicroStrategy Incorporated (NASDAQ: MSTR).

In this way, BetaShares is aiming to tap "picks and shovels" exposure to crypto rather than directly holding cryptocurrency assets — and the "complications" that come with it. You can expect CRYP's other holdings to contain companies that enable "crypto mining equipment, crypto trading venues, and other key services that allow the crypto economy to thrive".

According to a report in the Australian Financial Review (AFR) today, BetaShares CEO Alex Vynokur says the company is still aiming to release an ETF backed directly by cryptocurrencies but reckons the regulatory framework just isn't there yet.

"But we're well on our way," he told the AFR. "An ETF structure provides much-needed investor protection, and transparency and accountability, things that investors don't get now buying cryptocurrencies in unregulated venues."

It's not BetaShares' first attempt at a crypto-focused ETF though. Back in 2018, BetaShares announced its intentions to launch a similarly-themed ETF called the BetaShares Global Blockchain Innovators ETF (ASX code was to be BLOK). However, this ETF never launched and has presumably been put on ice.

Hopefully, this new cryptocurrency ETF from BetaShares will fare a lot better than its predecessor.

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One fund manager has picked out 3 shares that he believes will become the next Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG) or Amazon.com Inc (NASDAQ: AMZN).

Holon Global Investments portfolio manager Heath Behnke reckons investing in digital infrastructure, innovative digital products and new payment fintech is the way to "future proof" an investor's holdings.

"People mistakenly think that our products and solutions are tech funds," he told Livewire.

"We don't invest in tech companies. We invest in companies that embrace technology, so we look for great global business models, fueled by innovation."

Next generation of 'mega-caps'

The inclusion of "mega-caps" Google, Amazon, Alibaba Group Holding Ltd (NYSE: BABA) and Tencent Holdings Ltd (HKG: 0700) in a portfolio is "obvious" to Behnke.

"They have a spot in any modern portfolio because their balance sheets are bulletproof."

But he has also highlighted 3 companies that he's tipped to become the next generation of mega-cap companies.

Behnke believes these businesses have huge potential but their prospects can't be analysed with a simple formula.

"The ones that don't 'fit' a PE ratio — like Megaport Ltd (ASX: MP1), Roku Inc (NASDAQ: ROKU) or Tesla Inc (NASDAQ: TSLA) — that have all the hallmarks of exponential growth and are universal in nature."

Megaport shares were up 1.59% on Monday to close at $13.40. The Tesla stock price rose 3.16% on Monday morning Australia time, to finish the trading session at US$589.74.

Roku shares were up 2.05% to close Monday morning at US$315.95.

Sitting on the sidelines is more risky than embracing change

According to Behnke, wealth creation is triggered these days through "innovation and disruptive new business models" — not "embracing safety and the status quo".

"How well did failing to embrace change go for Eastman Kodak Company (NYSE: KODK)?" he said.

"It's critical investors and those who manage investors' money to get comfortable with change."

The fund manager also picked out MicroStrategy Incorporated (NASDAQ: MSTR) as an intriguing buy at the moment.

The software company's core business hasn't been exciting the last few years. But recently it has become famous for investing its cash reserves into  Bitcoin (CRYPTO: BTC).

"NASDAQ-listed MicroStrategy is also a good investment and one of the best Bitcoin proxies for Australian investors," said Behnke.

"With central banks debasing currencies and the risk of rampant inflation increasing, we are strong believers in Bitcoin's value proposition as a store of wealth."

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Tesla Inc (NASDAQ: TSLA) made a game-changing disclosure on Monday.

The electric-vehicle (EV) leader purchased $1.5 billion worth of bitcoin (CRYPTO: BTC) in a move that could bring legitimacy to the digital currency markets and pave the way for more companies to adopt the cryptoasset as a key part of their treasury-management strategies.

Tesla's entry into the crypto arena is likely to accelerate this trend. Tesla's blockbuster bitcoin purchase could create "a safe zone for some of the smaller companies and possibly everyone in the S&P 500 Index (SP: .INX) to allocate into bitcoin," Antoni Trenchev, co-founder of crypto lender Nexo, said in January. 

Moreover, with $19.4 billion in cash reserves as of the end of 2020, Musk could choose to bolster Tesla's bitcoin holdings in the year ahead. The EV leader also said that it intends to begin accepting payments in bitcoin for its vehicles, subject to applicable laws. 

The Bitcoin price soared on the news to a record high above $44,000 before pulling back close to $43,000 as of 3:25 p.m. EST on Monday. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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