简街资本 · 5

Wintermute completes US broker-dealer registration and lays out the field of traditional securities market making

Comparative news, according to WSJ, the US subsidiary of Wintermute has registered as a brokerage dealer, marking the official entry of the crypto trading company into the regulated US financial market. The registration qualifies it to apply as a designated market maker for stock exchanges such as the New York Stock Exchange and NASDAQ, providing a foundation for its expansion into the traditional financial services sector. The report pointed out that Wintermute is competing with large market-making institutions such as Jianjie Capital and Castle Securities.

15d ago

At age 24, 20 billion US dollars, Jane Street rarely entered the market. He became the craziest fund manager in the AI industry

Source: Wall Street Journal Compiled and Edited by: BitPushNews Leopold Aschenbrenner (Leopold Aschenbrenner), Situational Awareness Chief Investment Officer Leopold Aschenbrenner (Leopold Aschenbrenner), whose predictions about the future of artificial intelligence gave him a wave of fanatical followers on the internet — the daily regulatory documents of his investment company were all analyzed in detail by fans as if they were reading the scriptures. The amazing parabolic performance of his hedge fund also enabled the 24-year-old to win his own fan base on Wall Street. Less than two years ago, Ashenbrenner had no professional investment experience when he founded the AI-focused company “Situational Awareness” (Situational Awareness), and managed hundreds of millions of dollars in capital at the time. According to people familiar with the matter, thanks to accurate stock selection and a continuous influx of capital flows, the scale of assets managed by the company has soared to more than 20 billion US dollars, approaching the size of Bill Ackman (Bill Ackman)'s Pershing Square (Pershing Square) and Dan Loeb (Dan Loeb)'s Third Point. One of the people familiar with the matter said that after deducting fees, Situational Awareness has increased by about 270% as of May this year, and the return rate after deducting fees has exceeded 1000% since inception. According to the source, one of the fund's most successful bets is holding shares in Anthropic, which currently accounts for about one-fifth of its total assets. (Bitpush note: According to The Information and several industry insiders, Ashen Brenner's current fiancee is Avital Balwit, Anthropic's current Chief of Staff and core executive.) According to some people familiar with the matter, the fund's current investors include Jane Street (Jane Street), a savvy quantitative trading company that is one of the most profitable companies on Wall Street. Jane Street Capital's investment in Situational Awareness is particularly notable because the company rarely allocates funds to external asset managers. In every market frenzy, new star stock selectors are born, from Ryan Jacob (Ryan Jacob) and his Internet Fund (Internet Fund) during the Internet bubble period to Cathie Wood (Cathie Wood, “Sister Mu”) and its ARK Innovation ETF (ARK Innovation ETF) during the 2020 pandemic bull market. However, among the investment managers who selected winners from the AI wave across the economy, no one attracted as much attention as Ashen Brenner — even though he himself deliberately avoided public appearances and rarely posted on X (originally Twitter). > The tech industry talk show “TBPN” shared a meme about Ashen Brenner and borrowed images from the movie “The World of Chumen” in a recent episode. Like other investors managing at least $100 million in assets, Situational Awareness is required to submit a quarterly lagging snapshot file disclosing their long positions in US stocks and options. Ashenbrenner's disclosure documents are viewed as a major event on social media, and fans will even count down to the next release of the documents. In March of this year, Autopilot, a trading app linked to the popular “Nancy Pelosi Stock Tracker,” launched an option that allows users to copy transactions already disclosed by Ashenbrenner. In May, there was news that Situational Awareness had taken a stake in solar manufacturer T1 Energy, which boosted the stock by 23% in one day and set the second-highest trading volume in the stock's history. On the May 18 program, the popular talk show “TBPN” in the tech industry, first spent about two minutes discussing the ruling on the Elon Musk (Elon Musk) and OpenAI lawsuit, then it took five times longer than that discussion to discuss the latest disclosure documents of Situational Awareness. “It's been a long time since we've seen the market pay this much attention to a hedge fund's disclosure documents,” “TBPN”...

75d agoWendy#AI #AI topics #Anthropic #Leopold Aschenbrenner #Fund #Lady Mu Tou #Jianjie Capital

Has Jane Street “manipulated” BTC? Dismantle the AP system and understand the pricing power game behind the ETF redemption mechanism

It's not a question of a “villain,” but rather every AP has the ability to use the redemption mechanism to influence BTC liquidity. Written by Eddie Xin, OSL Group Chief Analyst “They Were Fcking Us the Whole Time (They Were Fcking Us the Whole Time)”. This rude phrase, which spread on Reddit and CT (Crypto Twitter) after the lawsuit, was accompanied by an epic bear squeeze with a liquidation scale of over $240 billion, pointing the anger of the market to the same target: Jane Street Capital (Jane Street Capital). 10 AM, the freezing point of liquidity in the Asian market over the past few months, finally unraveled the tip of the iceberg. It all started with Wall Street's top Wall Street Capital (Jane Street Capital), which was founded in 2000. It is accused of using the “Creation & Redemption” mechanism (Creation & Redemption) of spot ETFs by targeting the market through ETF arbitrage methods in the market, using the “Creation & Redemption” mechanism (Creation & Redemption) of spot ETFs. Until a lawsuit brought the dispute to the public eye, discussions around ETF arbitrage mechanisms and price discovery structures quickly heated up, and the market rebounded violently, resulting in an epic short squeeze (Short Squeeze) with a liquidation scale of over $240 billion. But is Jane Street really the one who pressed the suppression button? This is a question worth at least $1 billion. 1. Has Jane Street (Jane Street) really suppressed the BTC price? This question deserves an accurate answer. The first and most important thing to understand is that this is actually not just a question about Jane Street. This is a question about the structural features of the Bitcoin ETF architecture, which applies equally to every authorized participant (AP) in the ecosystem. As far as BlackRock's IBIT is concerned, the list includes Jane Street Capital, J.P. Morgan Chase, Macquarie, Virtu Americas, Goldman Sachs, Citadel Securities, Citigroup, UBS, and ABN AMRO. The role of these agencies is indeed deeply misunderstood by the outside world, even among seasoned industry veterans, and this misunderstanding is worth rectifying before any conclusions are drawn. The first thing to know about APs is that they occupy a marginal exception in the regulatory framework of Reg SHO (US Securities Regulatory Commission's Rules for Naked Short Selling). For example, Reg SHO requires short sellers to finance securities (locate stocks) before shorting, but AP was exempted by virtue of its contractual right to participate in subscription and redemption. Although this sounds procedural, the actual consequences are significant, meaning that any AP can create shares at will — no borrowing costs, no capital usage tied to shorting in the traditional sense, and no hard deadline for closing positions other than a reasonable commercial period. This is the grey area: a regulatory exemption designed for orderly ETF market-making, structurally indistinguishable from regulatory arbitrage, which has an unparalleled duration. This exemption is not unique to any one company. It is a prerequisite for membership in the AP Club. II. What does this AP exemption mean? Normally, if IBIT's transaction price is lower than its net asset value (NAV), you would expect arbitrage buyers to step in, redeem the Bitcoin with their share, and smooth out the difference. But any AP itself is that arbitrage buyer, and they control the pipeline, which means that their motivation to smooth out the price difference is different from a third-party trading desk that doesn't have the right to redeem. It sounds complicated, but it's easy to understand through a simple analogy: Level 1: What is a normal “smoothing the price difference”? Assuming there is a blind box on the market (this is an IBIT ETF), everyone knows that the blind box contains a real Bitcoin exchange voucher worth 100 yuan (this is the net asset value NAV). However, people are panicking in the market today, and the list price of this blind box has dropped to 95 yuan. According to the logic of normal people, smart merchants (arbitrage buyers) would definitely spend a crazy 95 yuan to buy a blind box, then go find the official one to unpack it and sell it in exchange for 100 yuan of Bitcoin,...

176d agoTyler#Jane Street #Jane Street Capital #Bitcoin #depths #Market #viewpoints

Breaking through 10 billion dollars in the first week, digging deep into the big winner behind Bitcoin ETF

Eleven Bitcoin spot ETFs, over 70 institutions participated, and Wall Street's top capital stepped in. By Peng Sun, Foresight News January 17, Yahoo data shows that just one week after the US Securities and Exchange Commission (SEC) officially approved the Bitcoin Spot ETF, its cumulative trading volume has exceeded $10 billion. Among them, Grayscale, BlackRock, and Fidelity dominate, 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 was inspired by 1kx partner Diana Biggs's article “An In-depth Reading of the Current Status and Potential of Crypto ETPs Before the Launch of Bitcoin Spot ETFs”, and thoroughly combed through 11 of the latest Bitcoin spot ETF documents submitted to the SEC, and discovered that there are 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. Image Source: 1kx Custodian & Broker & Lender & Connected Trading Site & Executive Agent CoinbaseCoinbase is the largest cryptocurrency exchange in the US and 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, LLCGemini Trust Company, LLC is VanEck's Bitcoin custodian, and Gemini Trust Company is a crypto exchange owned by Tyler Winklevoss. In 2022 and 2023, cryptocurrency trading company Genesis filed for bankruptcy due to the FTX thunderstorm, and Gemini was subsequently involved in debt disputes and legal litigation with Genesis and its parent company DCG, which were 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. Of the 11 Bitcoin spot ETFs listed on the Cboe BZX Exchange (Cboe BZX Exchange), 6 chose to list on the Chicago Options Exchange: ARK 21Shares, WisdomTree, Invesco /Galaxy, VanEck, Fidelity, and Franklin Templeton. The parent company of Cboe BZX Exchange is Cboe Global Markets (formerly CBOE Holdings...

947d agody zhang#Ark 21Shares #Bitwise #ETF #Grayscale #Hashdex #SEC #Solana #WEB3 #WisdomTree #Ethereum #Fidelity #pays #Bitcoin #grayscale #financing #BlackRock

Crypto mogul SBF's wish: don't wear long pants, write the rules

Sam Bankman-Fried is an “unclothed” billionaire who became rich by deepening deals that were too risky for the US market. Now he wants Washington to follow in his footsteps. Author: David Yaffe-Bellany, New York Times Original title: “A Crypto Emperor's Vision: No Pants, His Rules” Compiled by Guo Qianwen, a chain catcher in Nassau, the capital of the Bahamas — Sam Bankman-Fried, an entrepreneur in the cryptocurrency industry, is standing in the side hall of the Bahamas Convention Center, still wearing casual shorts and T-shirts. He rose to fame after building a $40 billion business in less than three years. He is about to take office with Anthony Scaramucci, a former White House Communications Director who lost his job in less than two weeks, and is well known for this. They're talking about other celebrities. A few days ago, Bankman-Fried filmed a Twitter video with NFL quarterback Tom Brady. “Brandy is amazing,” Bankman-Fried said. “Maybe one day we'll buy a football team together.” Mooch (Anthony Scaramucci) placed his hand on Bankman-Fried's shoulder like a father and said, “You can't have found a better candidate.” He nodded in agreement. Next, the topic turned to Orlando Bloom (Orlando Bloom, a famous British actor who has appeared in series such as “Lord of the Rings,” “Pirates of the Caribbean,” and “The Hobbit.”) With Katy Perry (Katy Perry, famous American singer and songwriter), they had dinner with Bankman-Fried earlier this week. Bankman-Fried said, “Orlando is so cute,” and a production assistant is fiddling with his microphone right now. They first met at a party in Los Angeles on Super Bowl weekend, “he started talking to me,” then the scene became awkward. You know you should recognize this person, but you don't know who he is. Bankman-Fried, 30, is not hard to recognize from the crowd. Blockchain believers all call him SBF. He always looks like a mess, with a curled black explosion head. He founded the cryptocurrency exchange FTX in 2019 and has become one of the richest cryptocurrency entrepreneurs in the world. At the Baha Mar resort, Scaramucci took off his blazer and changed into a T-shirt and shorts to match his companion. When the lights dim, he and Bankman-Fried took the stage to perform a comedy-like sketch at this international cryptocurrency conference: they wore matching costumes and did a half-scripted, half-impromptu, gag performance, which Bankman-Fried called “The Hans Show Special Edition.” The audience cheered. At the time, in late April, Bankman-Fried was hosting the first Bahamas Cryptocurrency Conference, a showcase platform for FTX, which vividly reflected his growing fame and influence. Everywhere he went, entrepreneurs in the cryptocurrency sector shook hands, clapped him on the back while promoting projects or gifting him with branded gift packs. One afternoon, Bankman-Fried hosted a discussion with Tony Blair and Bill Clinton to discuss blockchain technology and the war in Ukraine. He said, “I'm so glad you came to see me today,” and the crowd laughed. No more laughter. Over the past few days, the so-called stablecoin TerraUSD has plummeted, causing the cryptocurrency market to collapse, leading to a dramatic acceleration in sell-off, causing the prices of the two most valuable cryptocurrencies, Bitcoin and Ether, to fall. At Baha Mar, Bankman-Fried is hosting a big party for the industry; this past week, he tried to calm down and tweeted a long series of news about market conditions. SBF has always been happy to accept this dual role. For years, the cryptocurrency industry has been dominated by political daydreamers, shameless crooks, and wealthy people who own yachts. Bankman-Fried hopes to reinvent the still chaotic world of digital assets. As a billionaire, he has a simple life and has promised to donate all of his wealth. According to Forbes, his wealth is currently 21.2 billion US dollars...

1548d agody zhang#Sam Bankman Fried #SBF #incorporation #Bahamas #USA

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