Breaking through 10 billion dollars in the first week, digging deep into the big winner behind Bitcoin ETF
11BitcoinA spot ETF, with over 70 institutions participating, Wall Street's top capital stepped in.
By Peng SUN, Foresight News
According to data from Yahoo on January 17, as far as the US Securities and Exchange Commission (SEC) It has just been a week since the Bitcoin Spot ETF was officially approved, and its cumulative trading volume isExceed $10 billion. Among them, grayscale,BlackRock, Fidelity dominates, accounting for about 90% of the total transaction volume. Bloomberg analyst Eric Balchunas also said that Grayscale's spot Bitcoin ETF has lost $5 billion, and BlackRock is most likely to surpass Grayscale as the “king of liquidity.”
So, with the Bitcoin spot ETF trading volume being so huge, what unknown institutions would benefit from it other than the 11 issuers and their affiliates? Based on this, the author accepted1kxPartner Diana Biggs inBefore the Bitcoin spot ETF is launched, thoroughly understand the current status and potential of crypto ETPs” Inspired by the article, 11 Bitcoin spot ETF documents recently submitted to the SEC were completely scrutinized, and unearthed that there were at least 24 ETF issuers and their affiliates, and at least 48 other stakeholders behind them. In other words, 72 beneficiaries have surfaced, and top Wall Street capitals such as Bank of New York Mellon, State Street, United Bank, J.P. Morgan Chase, Jane Street Capital, Macquarie Capital, and Virtu have also stepped in.
Picture source:1kx
Custodian & Broker & Lender & Connected Trading Site & Executing AgentCoinbase
CoinbaseIt is the number one cryptocurrency exchange in the US and has won a lawsuit with the US Securities and Exchange Commission (SEC).
Currently, Coinbase has become a Bitcoin custodian for 8 institutional ETFs including ARK 21Shares, Bitwise, Grayscale, Wisdomtree, Invesco/Galaxy, BlackRock, Franklin Templeton, and Valkyrie. At the same time, Coinbase also acts as the main broker, trading credit lender, connected trading venue, or main execution agent for these 8 ETFs.
Additionally, most ETF connected trading venues (Connected Trading Venues) also include Bitstamp, LMAX, Kraken, and four non-bank market makers whose names cannot be revealed due to confidentiality restrictions.
Gemini Trust Company, LLC
Gemini Trust Company, LLC is VanEck's Bitcoin custodian,
Gemini Trust Company is a crypto exchange owned by Tyler Winklevoss. Cryptocurrency trading companies in 2022 and 2023Genesis 因 FTXFiled for bankruptcy due to thunderstorms, thenGeminiIt is involved in debt disputes and legal litigation with Genesis and its parent company, DCG, and is being investigated and prosecuted by the US government. On December 13, 2023, Gemini Trust sent an email to creditors outlining the proposed restructuring plan, which has now been submitted for a vote.
Meanwhile, in April 2023, Gemini launched the Gemini Foundation, a non-US cryptocurrency derivatives platform. On January 17, 2024, Gemini received approval from the French financial market regulator Autorite des Marches financiers (AMF) to launch in France. The company also said it will launch its products to retail and institutional customers in France in the next few weeks.
Listed exchangesChicago Options Exchange (Cboe BZX Exchange)
Of the 11 Bitcoin spot ETFs, 6 chose to list on the Chicago Options Exchange: ARK 21Shares, WisdomTree, Invesco /Galaxy, VanEck, Fidelity, and Franklin Templeton.
Cboe BZX Exchange's parent company is Cboe Global Markets (formerly CBOE Holdings, Inc.). Cboe is the world's largest options exchange. It has supported cryptocurrency and digital asset businesses in recent years, and has now launched Cboe Digital, a regulated cryptocurrency exchange and note exchange. Before the US SEC approved the listing of Bitcoin ETFs, Cboe Australia and Cboe Europe already supported Bitcoin spot and Ethereum ETF products. On January 12 this year, Cboe Digital also launched margin futures for Bitcoin and Ethereum.
NYSE Arca, Inc.
Three institutions, Bitwise, Grayscale, and Hashdex, chose to list their ETFs on NYSE Arca, Inc., a subsidiary of the NYSE.
NYSE Arca, Inc is an all-electronic stock exchange under the NYSE. Its predecessor was the Archipelago Exchange (Archipelago Exchange). It was founded in Chicago in November 1994 and merged into the NYSE in 2006. It is a top exchange for listing and trading ETFs in the US, and also trades more than 8,000 securities listed in the US. The NYSE was founded in 1792 and is now the largest stock exchange in the world.
Previously, Bitcoin,EthereumOther futures ETFs have been listed on NYSE Arca, Inc. The NYSE has also applied for trademarks focused on virtual goods and NFTs, including an “online marketplace” that provides NFTs and virtual goods.
NASDAQ (NASDAQ)
BlackRock, Valkyrie chose to list their ETFs on the NASDAQ.
NASDAQ is an electronic stock exchange in the US. It was founded in 1971 and is now the second largest stock exchange in the world, after the New York Stock Exchange.
Nasdaq cancelled the launch of the cryptocurrency escrow service in July 2023, but in September it applied for the spot Ethereum ETF “Hashdex Nasdaq Ethereum ETF” with Hashdex. Additionally, Nasdaq's Nasdaq Ventures portfolio includes blockchain and digital assets.
Robinhood (Robinhood)
January 12, 2024, RobinhoodThe post statedEleven Bitcoin spot ETFs have been opened for trading to all US customers in retirement accounts and brokerage accounts through Robinhood Financial.
RobinhoodIt is an American stock and cryptocurrency trading platform. The service it provides online is completely free, and the company has received it many timesSequoia Capital、a16z、Ribbit CapitalHuge investments such as top VCs.
Robinhood has now launched the Robinhood Wallet, and its subsidiary Robinhood Crypto launched in Nevada last October.
Administrator & Transfer Agent & Cash Custodian & Fund Accountant & RegistrarBank of New York Mellon
The Bank of New York Mellon (The Bank of New York Mellon) was formed by merging the Bank of New York with Mellon Financial (Mellon Financial) in 2007. Its main business is securities services and asset management.
Bank of New York Mellon has been involved in the cryptocurrency and digital asset business for a long time. It has obtained approval from New York regulators to provide cryptocurrency escrow services. It has a dedicated digital asset department. It has participated in blockchain project investments, mainly in the fields of compliant digital currencies, tokenized securities, and blockchain payments. Caroline Butler, the global head of digital assets at Bank of New York Mellon, is also co-chair of the US Commodity Futures Trading Commission (CFTC) Global Digital Asset Markets Subcommittee.
In this Bitcoin Spot ETF, Bank of New York Mellon is the ETF manager, transfer agent, and cash custodian for ARK 21Shares, Bitwise, Grayscale, Invesco/Galaxy, BlackRock, and Franklin Templeton. At the same time, Bank of New York Mellon is also an authorized dealer of Hashdex and can participate in the purchase of shares.
State Street Bank
State Street Bank and Trust Company (State Street Bank and Trust Company), commonly known as State Street Global Services (State Street Global Services), is a subsidiary of State Street Corporation (founded in 1792, the second-oldest among America's First Depository Banks). It is a trust company headquartered in Massachusetts that provides services to mutual funds and their advisors, collective investment funds, corporate and public pension funds, insurance companies, operating companies, and non-profit organizations. As of June 30, 2018, State Street Bank surpassed BNY Mellon to become the world's largest custodian bank.
In the crypto sector, State Street Bank has also been committed to “multi-faceted solutions for tokenized securities and native tokens”. It has an independent digital asset business, cooperated with the crypto custodian Copper to launch cryptocurrency escrow services, and is the manager of the crypto asset management company Iconic Holding.
State Street Bank's participation in Bitcoin spot ETFs issued by WisdomTree, VanEck, and Fidelity is shown in the following table:
United States Bank of America
The United States Bank of America (U.S. Bancorp) is a Bank of America holding company founded in 1891. It is currently the fifth largest bank in the US. It has more than 3,000 branches and assets of more than 20 billion US dollars. It is ranked 117th in the Fortune US 500, and has been rated as a systemically important financial institution by the US Financial Stability Board.
United Bank of America is one of the only banks to offer customers a blockchain-based 24/7/365 digital payment solution, and launched its cryptocurrency escrow service in 2021, having previously invested in securities tokenization infrastructure company Ownera.
U.S. Bancorp Fund Services, LLC (United Bank of America Fund Services LLC), a subsidiary of United Bank of America, is an investment advisory firm that provides a single source solution to support a variety of investment strategies and products, including mutual funds, alternative investments, and ETFs. U.S. Bancorp Fund Services, LLC is the parent company of U.S. Bank N. A (U.S. Bank N. A), and U.S. Bank Global Fund Services is a wholly-owned subsidiary of U.S. Bank, N.A., which provides escrow, borrowing, capital, and banking services.
Three entities, U.S. Bancorp Fund Services, LLC, U.S. Bank N.A., and U.S. Bank Global Fund Services, participated in the Valkyrie and Hashdex ETFs. U.S. Bank, N.A., is the custodian of the Hashdex ETF, and its subsidiary, U.S. Bank Global Fund Services, is the registrar, transfer agent, sub-manager, and fund accountant of the Hashdex ETF. U.S. Bank, N.A. is the Valkyrie ETF cash custodian, and U.S. Bancorp Fund Services, LLC is the manager and transfer agent for Valkyrie ETF.
trusteeDelaware Trust Company
The Delaware Trust Company (Delaware Trust Company) is a corporate trust and agency service provider that protects assets and represents the interests of ETP holders or investors.
Cryptocurrency ETFs must select a trustee to meetDelaware ActSection 3807 (a), that is, “Every statutory trust shall have at least one trustee at all times; in the case of a natural person, the trustee shall be a resident of this country or, in all other cases, the trustee's principal place of business is located in this country”.
Of the 11 Bitcoin spot ETFs, 9 chose Delaware Trust as trustee, including ARK 21Shares, Bitwise, Grayscale, Wisdomtree, Invesco /Galaxy, VanEck, Fidelity, Franklin Templeton, and Valkyrie.
Wilmington Trust
Wilmington Trust (National Association) is an international provider of corporate and institutional services, investment management and private banking services. It was founded in 1903, listed on the NYSE in 1999, and merged with M&T Bank in 2010. According to 2016 data, Wilmington Trust is one of the top ten institutions in the US in terms of trust assets.
Wilmington Trust piloted blockchain to process mortgage guarantee data in 2020. Currently, Wilmington Trust is also the trustee for iShares in Delaware and the trustee for Hashdex.
Index providersCF
CF Rejected isKrakenLaunched the world's first cryptocurrency index provider, authorized and regulated by the UK FCA. CF Expectations has partnered with CME Group to launch a variety of cryptocurrency reference exchange rates (in US dollars) and real-time indices.
Currently, CF Precisely serves as an index provider for 6 Bitcoin spot ETFs, namely ARK 21Shares, Bitwise, WisdomTree, BlackRock, Franklin Templeton, and Valkyrie.
CoinDesk Indices
CoinDesk Indices is a digital asset index provider that provides crypto indices, digital asset classification standards (DACS), and news alerts.
CoinDesk Indices is an index provider for Grayscale Bitcoin spot ETFs.
Lukka, Inc.
Lukka is a Bitcoin spot ETF index provider issued by Invesco/Galaxy.
It is a cryptoasset software and data provider founded in 2014, and its software compiles data from over 1.4 million crypto spot assets, 70,000 crypto derivatives, 300 exchanges, and around 30 decentralized exchanges. It serves traditional finance companies and cryptocurrency companies, including Arca, Circle, CPA.com, eToro, IHS Markit, S&P Dow Jones Indices, and State Street (State Street).
In January 2022, Lukka completed Series E financing of $110 million, valued at over $1.3 billion, led by hedge fund Marshall Wace, with participants including Miami International Holdings, Summer Capital, SiriusPoint, and Soros Fund Management and Liberty City Ventures, which previously participated in the company's Series D funding , S&P Global, and CPA.com.
Coin Metrics
Coin Metrics is a cryptographic data company founded in 2017. It is an open source project that provides cryptographic institutions with network data, market data, indices, and cyber risk solutions.
In April 2022, Coin Metrics completed Series C funding of $35 million, led by Acrew Capital and BNY Mellon (BNY Mellon), with Cboe Global Markets, Brevan Howard Digital, Goldman Sachs, and Fidelity Investments participating. In October 2023, Coin Metrics closed approximately $6.73 million in financing, and the offering included stocks and options as well as other types of securities.
Coin Metrics now provides calculation agents for Fidelity's Bitcoin spot ETF “Fidelity Wise Origin Bitcoin Fund.”
Authorized tradersJane Street Capital (Jane Street Capital)
Jane Street Capital (Jane Street Capital) is an authorized dealer for 10 Bitcoin spot ETFs, including ARK 21Shares, Bitwise, Grayscale, WisdomTree, Invesco/Galaxy, BlackRock, VanEck, Fidelity, Franklin Templeton, Valkyrie.
Jane Street Capital is an investment management company and large market maker headquartered in New York, USA. It was founded around 1999. All of its software is written in the OCaml programming language, and its parent company is JSCT, LLC. Jane Street traded an average of $13 billion in global stocks per day in 2018, handling 7% of global ETF trading volume. By the end of 2020, Jane Street had traded $4 trillion in global stocks, $1.4 trillion in bonds, and $3.9 trillion in ETFs. In 2021, Jane Street was an authorized dealer for 2,600 ETFs and the leading market maker for 506 ETFs.
Jane Street Capital is a deep participant in Crypto and Web3, and has invested in many Web3 projects, such as Bastion, a DeFi lending protocol on Aurora, Vertex Protocol for the foreign exchange market on the Terra ecosystem, NEAR Ecosystem DEX Tonic, Kaleidoco, Web3 entertainment technology company Kaleidoco, a decentralized oracle based on StarkNet, Pragma Network, and Layer 1 blockchain Shardeum, Solana ecosystem DeFi revenue platform Texture, Uniswap-based orderless perpetual options protocol Panoptic, cross-chain yield aggregator Astrolab, Arbitrum's perpetual contract exchange Vest Exchange, crypto exchange C3, AI Web3 search engine Kaito, decentralized trading platform Ambient Finance, Layer 1 blockchain ZetaChain, cryptocurrency trading and lending platform Membrane Labs, etc. At the time of the Luna storm, the Terra ecological non-profit organization Luna Foundation Guard (LFG) sought over $1 billion in funding to support UST, and Jump Trading, Celsius, and Jane Street promised about $700 million, but the deal ultimately failed.
It is worth noting thatJianjie Capital has hired SBF and its former girlfriends Caroline Ellison and Xiaoyun “Lily” Zhang, and other Jane Street Capital traders have also joined FTX(Source:Protos).
Macquarie Capital USA Inc.
According to 11 ETF files, Macquarie Capital (USA) Inc. is an authorized trader for 6 Bitcoin spot ETFs, including ARK 21Shares, Bitwise, Grayscale, WisdomTree, BlackRock, and Fidelity.
Macquarie Capital (USA) Inc. is an investment management company that provides advisory, capital and asset management, research, trading, and hedging services to users around the world. Macquarie Group is an Australian financial services giant.
In August 2021, Macquarie Group CEO Shemara Wikramanayake said the bank is ready to adopt the latest blockchain technology once regulators approve it. In September, Macquarie Group partnered with Bitcoin infrastructure company Blockstream to pilot mining facilities powered by renewable energy. In July 2023, Esme Pau, head of digital transformation research at Macquarie Capital (USA) Inc., stated that the focus in the crypto sector is AI+ blockchain, increasing institutional adoption of digital assets, tokenization, and CBDC.
Virtu Americas LLC
Virtu Americas LLC is an authorized dealer for 10 Bitcoin spot ETFs, including ARK 21Shares, Bitwise, Grayscale, WisdomTree, Invesco /Galaxy, BlackRock, VanEck, Fidelity, Franklin Templeton, and Hashdex.
Virtu Americas LLC is an institutional brokerage firm providing clearing, direct market access transactions, electronic entry and trade execution services to clients around the world. Virtu Americas LLC's parent company is Virtu Financial Inc., an American company that provides financial services, trading products, and market maker services. It was founded by Vincent Viola, former chairman of the New York Mercantile Exchange under CME, and was listed on the NASDAQ in 2015.
Virtu Financial has also participated in the crypto industry. It has a dedicated Crypto trading team, has partnered with FairX, a derivatives exchange regulated by the US Commodity Futures Trading Commission (CFTC), and launched cryptocurrency exchanges with financial giants Charles Schwab (Charles Schwab), Citadel Securities, Fidelity Digital Asset, Paradigm, and Sequoia Capital EDX Markets.
Cantor Fitzgerald & Co.
Cantor Fitzgerald & Co. (Cantor Fitzgerald & Co.) is an authorized Bitcoin spot ETF issued by Valkyrie and Hashdex.
Cantor Fitzgerald & Co. (Cantor Fitzgerald & Co.) is an American financial services company founded in 1945, focusing on institutional equity and fixed income sales and trading, serving the middle market through investment banking services, bulk brokerage and commercial real estate financing, and providing consulting and asset management, gaming technology and e-commerce services. With over 5,000 institutional clients, Jianda is one of the 25 major traders authorized to trade US government bonds with the Federal Reserve Bank of New York, allowing direct transactions with the Federal Reserve.
* Off-topic: Jianda's inescapable history of suffering is the terrorist attack on September 11, 2001, at its headquarters and New York office at the World Trade Center in Lower Manhattan.
As for the crypto sector, Cantor Fitzgerald is also deeply involved. In February 2023, people familiar with the matter revealed that Cantor FitzgeraldHelping Tether manage a $39 billion bond portfolio. On January 17 this year, Howar Lutnick, CEO of Cantor FitzgeraldAdmit that it did manage the money for Tehter。
Marex Capital Markets Inc.
Marex Capital Markets Inc. is an authorized dealer of the Invesco Galaxy Bitcoin ETF. It is a global financial services platform that provides financial market customers with services such as market makers, execution and settlement, hedging and investment solutions, price discovery, and data and consulting.
Marex has also entered the crypto industry. For example, Marex is Goldman Sachs's Ethereum derivatives counterparty, and its derivatives division Marex Solutions launches structured products linked to Coinbase shares.
JP Morgan Securities (JP Morgan Securities LLC)
JP Morgan Securities LLC (JP Morgan Securities LLC) is an authorized dealer for Bitcoin spot ETFs in the four institutions of Invesco, Galaxy, BlackRock, Fidelity, and Hashdex.
J.P. Morgan Securities is an investment management company and J.P. Morgan Chase subsidiary that provides wealth planning, education support, research, securities, brokerage solutions, consulting plans and portfolio management services to clients around the world.
J.P. Morgan is deeply involved in the field of cryptography. It has always been optimistic about blockchain technology and denies that Bitcoin is a Ponzi scheme. Its focus is on cross-border payments, tokenization, Ethereum technology, etc., and has now launched the blockchain-based fixed income market transaction network Onyx, the virtual payment wallet “JP Morgan Wallet”, and the blockchain-based payment system JPM Coin.
ABN AMRO & ABN AMRO Clearing Company
ABN AMRO Bank (ABN AMRO Bank) is an authorized dealer for Hashdex ETF; ABN AMRO Clearing USA LLC (ABN AMRO Clearing USA LLC) is an authorized dealer for VanEck ETF.
ABN AMRO is the third-largest bank in the Netherlands. It is headquartered in Amsterdam and is directly regulated by the European Central Bank. In September 2023, ABN AMRO used Tokeny and Fireblocks' digital wallet service to register digital green bonds on the public blockchain; in November, ABN AMRO liquidated options transactions conducted by Wintermute's cryptocurrency derivatives trading division Wintermute Asia on CME Group.
ABN AMRO Clearing Company is mainly engaged in the clearing business of listed stocks, options, and futures, and is headquartered in Chicago in the US.
In addition, Hashdex's authorized dealers include Goldman Sachs & Co. (Goldman Sachs & Co.) , BNP Paribas (BNP Paribas), Credit Suisse (Credit Suisse); Citadel Securities LLC (Citadel Securities LLC); Jeffries Group LLC (Jeffries Group LLC); Mirae Asset Financial Group (Mirae Asset Financial Group); Royal Bank of Canada (Royal Bank of Canada); UBS Group AG (UBS Group AG); Société Générale Societe Generale Group); Wells Fargo Bank (N.A.) , I won't go into details here.
market makerCumberland DRW LLC
Cumberland DRW is a cryptocurrency market maker that specializes in Bitcoin and other cryptocurrency institutional-scale markets, and provides transaction settlement, investment management, and intraday trading services to US customers. Its parent company is DRW Holdings, a major trading company. Cumberland invests in numerous blockchain projects, and its on-chain activity has become a kind of market weather vane.
Cumberland DRW has acted as a counterparty to Invesco, Galaxy, and Fidelity's spot Bitcoin ETFs.
JSCT, LLC
JSCT, LLC is the parent company of Jane Street Capital (LLC). Although Jane Street Capital is an authorized trader of 10 ETFs, JSCT, LLC is also a market maker/counterparty to the 4 ETFs Grayscale, Invesco, Galaxy, Fidelity, and Franklin Templeton.
Flow Traders
Flow Traders is a market maker/counterparty to Grayscale and Invesco/Galaxy Bitcoin Spot ETFs.
Flow Traders is a proprietary trading company. As a market maker, it uses high-frequency and quantitative trading strategies to provide liquidity to the securities market. Originally founded in Amsterdam, Flow Traders also has offices in New York, London, Milan, Paris, Cluj, Shanghai, Singapore, Chicago, and Hong Kong. Flow Traders is one of the world's largest ETP market makers, providing liquidity for over 1.3 million ETP listings in North America, Europe, and Asia Pacific. As of 2020, Flow Traders is Europe's largest ETF market maker.
Flow Traders announced the commencement of cryptocurrency trading in 2019, investing in Tonic, Ondo Finance, Elwood Technologies, Thalex, Pragma Network, Sei Labs and Sei Network, GoPool, Infinity Exchange, C3, Crossover Markets, Econia Labs, Membrane Labs, Rulematch, and many other Web3 projects. Additionally, Flow Traders is one of the five market makers for Worldcoin's token WLD.
Flowdesk
Flowdesk is a grayscale market maker. This is a French crypto financial services company that completed Series A financing of 30 million US dollars in June 2022, with the participation of Coinbase and Ledger. Currently, Flowdesk has been appointed by Forge, a subsidiary of Société Générale, as the market maker for the new Euro stablecoin EUR CoinInvertible (EURCV).
StoneX Financial Inc. — FCM
In an S-1 filing filed with the US SEC on December 29, 2023, ValkyriedesignationsStoneX Financial Inc. is its primary market maker (LMM), but in the S-1 filings submitted on January 8 and 9, 2024,None have been seenValkyrie mentioned StoneX Financial Inc. as its main market maker.
Currently, Hashdex has appointed StoneX Financial Inc.'s FCM division as the clearing broker (Clearing Broker) for its ETFs.
StoneX Group is an institutional-level financial services franchise that provides digital platforms, end-to-end clearing and execution services to customers around the world. Currently, it has more than 300 OTC products, a transaction volume of 4.4 trillion dollars, and a business scope covering more than 180 countries. StoneX Group was founded in 1924 and officially listed on NASDAQ in 1994.
StoneX Financial Inc. is a subsidiary of StoneX Group, and its FCM division is an agent of StoneX Financial Ltd. (authorized and regulated by the UK Financial Conduct Authority) in the US, a clearing member of the New York Mercantile Futures Exchange (COMEX) and the New York Mercantile Exchange (NYMEX), and a futures broker (FCM) registered with the US CFTC.
Liquidation brokersPhillip Capital Inc.
Phillip Capital Inc. (Phillip Capital Inc.) is also a clearing broker where Hashdex issues Bitcoin spot ETFs.
Phillip Capital Inc. (Phillip Capital Inc.) is a futures broker (FCM) and brokerage dealer under Phillip Capital Group (Phillip Capital Group). It is headquartered in Chicago, founded in 2010, and has full liquidation membership of the Chicago Mercantile Exchange CME, CBOT, COMEX, NYMEX, ICE US, NFX, and CFE. Phillip Capital Group was founded in Singapore in 1975 and is regulated by the Monetary Authority of Singapore.
On the crypto side, the CME page shows that Phillip Capital Inc. provides cryptocurrency services. In 2022, Phillip Capital Group issued wine-based digital futures tokens, and Phillip Nova, founded in 1983, provides cryptocurrency futures trading services.
marketing agencyParalel Distributors LLC
Paralel Distributors LLC is a marketing agent for Valkyrie's Bitcoin Spot ETF.
Paralel Distributors LLC is registered with the US SEC as a member of the Broker-Dealer and Financial Industry Regulatory Authority, and the majority of the shares are held by Paral Technologies LLC. Prior to becoming a Valkyrie marketing agent, I had not discovered that Paralel Distributors LLC had ventured into the crypto sector.
Foreside
Foreside (Foreside Financial Group, LLC) is a provider of distribution and compliance services to clients in the asset management industry, providing regulatory and compliance consulting, distribution, registered representative licensing, fund chief compliance officer and treasurer services. Foreside Fund Services, LLC and Foreside Global Services, LLC are wholly-owned subsidiaries of Foreside Financial Group, LLC.
Foreside Fund Services, LLC provides portfolio management, financial planning, investment consulting, and review/submission of marketing materials for regulatory review.
Foreside Global Services, LLC provides brokerage services, is registered as a broker with the US SEC, and is a member of the US Financial Industry Regulatory Authority (FINRA) and the US Securities Investor Protection Corporation (SIPC). It provides guardianship services for non-US asset managers, including reviewing all marketing materials provided to US institutional investors.
The three entities provide marketing agency services for five institutional ETFs: ARK 21Shares, Bitwise, Grayscale, WisdomTree, and Hashdex.
