May 4, 2017

Bitcoin ETF doubles proposed size to $1 billion

AP Photo/Rick Bowmer

Bitcoin Investment Trust has doubled its proposed IPO size from $500 million to $1 billion, per a Thursday afternoon regulatory filing.

Why it matters: This is a public market mainstreaming of bitcoin exposure, basically acting as an ETF that will reflect the cryptocurrency's value. By doubling the target to a whopping $1 billion, BIT managers are signaling their belief in widespread demand. Also voicing confidence are established financial firms Credit Suisse, KCG Americas and Wedbush Securities, which signed on as authorized participants (i.e., liquidity providers).

But: Just two months ago the SEC shot down a proposed bitcoin ETF that would have been managed by the Winklevoss twins, arguing that major bitcoin markets are particularly prone to price manipulation due to a lack of overseas regulation. BIT is betting that the SEC will view it more positively, both because of a slightly different structure and the fact that it already is publicly-traded on the OTC.

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History's largest lockdown leaves Indian workers stranded, afraid

A migrant worker on the move with his child, in Gurugram, India. Photo: Parveen Kumar/Hindustan Times via Getty

Few moments better capture the world into which we've slipped than the decision of one man to order 1.4 billion into lockdown.

Why it matters: India’s three-week lockdown is the largest ever attempted, and it sparked South Asia's greatest migration since partition in 1947. While the economic effects could be devastating, the public health crisis it's intended to fend off could be more destructive still.

Go deeperArrow26 mins ago - World

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 782,319 — Total deaths: 37,582 — Total recoveries: 164,565.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 5 p.m. ET: 161,807 — Total deaths: 2,953 — Total recoveries: 5,595.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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First U.S. service member dies from coronavirus

Photo: Yasin Ozturk/Anadolu Agency/Getty Images.

The Pentagon on Monday announced the death of a member of the New Jersey National Guard who tested positive for the coronavirus.

Why it matters: It's the first U.S. service member — active, reserve or Guard — to die from the virus, according to the Pentagon. The guardsman passed away on Saturday after being hospitalized for the novel coronavirus on March 21.