Grayscale Investments is pushing to convert the world's largest publicly traded bitcoin fund into an ETF as a July 6 deadline looms for the Securities and Exchange Commission (SEC) to accept or reject its application.
Why it matters: The Bitcoin Trust, often referred to by its ticker symbol GBTC, recently traded at a record discount to its net asset value. In layman's speak: It has declined more than the price of bitcoin. Grayscale says that converting the fund to an ETF will close that gap.
Elon Musk met with Brazilian President Jair Bolsonaro on Friday to discuss connectivity and other technology projects ahead of Brazil's election.
Why it matters: Musk traveled to Brazil as part of his satellite internet service Starlink's expansion in the region. The visit comes as Musk is increasingly engaged with global politicians, especially conservative leaders.
DISH Network, the wireless company, has already been through one major technological transition, and it's betting that cryptocurrency is part of its next one.
Driving the news: DISH recently invested in and partnered with two crypto-enabled grassroots wireless networks, fueling its long-term aim of becoming a competitor in 5G wireless services. "We don't have a venture capital arm," Chris Ergen, DISH's head of wireless innovation, tells Axios in an interview. "If you see us investing, it's more strategically central to what we're doing."
Meredith Artley, the longtime SVP and editor-in-chief of CNN Digital Worldwide, is out at the network, according to a memo obtained by Axios. The news was first noted on a staff call with head of CNN Worldwide Chris Licht.
Why it matters: She's the latest executive to leave the company after CNN's parent company Warner Media merged with Discovery last month.
American investors are beginning to dominate European soccer in a way that American players never have.
Driving the news: A majority of the English Premier League's top 20 teams will have U.S. owners, once Todd Boehly's purchase of Chelsea F.C. goes through.
MiamiCoin, the first city-themed cryptocurrency, has lost nearly all its value over the past several months amid a broader crypto market collapse, Quartz reports.
Why it matters: Miami Mayor Francis Suarez hoped that the cryptocurrency, launched last summer, would help him raise revenue and reduce income inequality — and the eyes of other mayors were on the experiment.
I should have pulled the trigger when I had the chance. Not long ago, I was feeling flush, and toying with the idea of transforming my recent stock market gains into something my family sorely needed: an eat-in kitchen.
Why it matters: Aside from my personal quest to calmly stir mac-and-cheese while chatting with my wife and five-year-old daughter, our will-they-or-won't-they renovation drama shows how Fed rate hikes turn human psychology into a tool of monetary policy.
