GM Brew Crew, Bitcoin just put on an absolute pump show and we are buzzing like bee’s in the spring. If you are still sitting on the sidelines - ya might want to strap up and get in the game.

NOTE: THIS IS THE TIME TO PAY CLOSE ATTENTION

Let’s dive in ⬇️

On the menu today:

• 📈 WHY ARE PRICES PUMPING!!??

• 👀 FTX HAS MULTIPLE BIDS FOR RELAUNCH

Today’s Charts:

📈 WHY ARE PRICES PUMPING!!??

Over the past 2 days, Bitcoin's price experienced a remarkable surge, briefly reaching $35,006, a level not seen since May 2022.

WTF just happened!!??

This surge occurred on October 23, when Bitcoin's price increased by over 10%, rising from $31,000 to over $34,000.

In less than two hours after crossing the $34,000 mark, Bitcoin's price peaked at $35,006.

Let’s break this down into a few pieces to understand why Bitcoin just ripped face - hint: it might involve the letters E, T, F. ⬇️

1: The iShares spot Bitcoin ETF, proposed by BlackRock, is now listed on the Depository Trust & Clearing Corporation (DTCC).

The DTCC is a financial services company that provides clearing and settlement offerings for financial markets such as the NASDAQ.

BlackRock’s ETF being listed on the DTCC is a standard preparatory step in the process of bringing this puppy to market - SEC, the ball is in your court. 🏀

SIDE NOTE: the iShares spot Bitcoin ETF carries the ticker symbol $IBTC and is intended for listing on the NASDAQ stock exchange… LFG!

A spokesperson from the DTCC said the BlackRock ticker ($IBTC) has been there since August… are we blind? 🧐

To be clear, this DOES NOT mean the ETF is approved. This is just a common practice in anticipation of launching a new ETF into the market.

Yesterday - Bitcoin prices halted as the ETF listing disappeared from the website, but was relisted soon after.

A step in the right direction lads. 🤝

2: BlackRock obtains CUSIP number and may purchase BTC this month to seed their spot Bitcoin ETF.

CUSIP → Can U See It Pumping!!??

Jokes… CUSIP number is a unique ID consisting of 9 characters that is assigned to all securities in the U.S. and Canada so they can be tracked efficiently.

If interested for a tattoo - BlackRock’s CUSIP number is officially 46438F101.

ALSO → seed talk

Based on an amendment to the Registration Statement for the iShares Bitcoin Trust filed with the SEC on October 18 - BlackRock may start to “seed” their ETF.

The term "seeding" refers to the initial capital required to launch the ETF (relatively small amount), which is provided by a bank / broker-dealer.

BlackRock would secure the initial funding by exchanging ETF shares for a small amount of Bitcoin to be ready for the first day of trading.

3: The D.C. Circuit Court of Appeals has instructed the SEC to reconsider their rejection of Grayscale’s application for a spot Bitcoin ETF.

If you forgot - the court shot down the SEC’s rejection of Grayscale converting their Bitcoin trust into a spot ETF, and this ruling is now finalized.

The ruling returns the decision-making authority to the SEC, where they can either approve Grayscale's application or reject it for different reasons.

Grayscale, upon the case's conclusion, expressed their commitment to work cooperatively with the SEC to expedite the conversion of GBTC into an ETF.

To keep things simple, the SEC has A LOT to figure out. There is no guarantee of an approval, but the stage is slowly being set…

👀 FTX HAS MULTIPLE BIDS FOR RELAUNCH

The bankrupt crypto exchange FTX has garnered multiple bids for a potential relaunch, as revealed by an investment banker from Perella Weinberg Partners during a recent court hearing.

Three bidders are actively competing to acquire the exchange, which once boasted daily trading volumes in the tens of billions of dollars.

The decision regarding the exchange's future is expected to be reached by mid-December and will be presented to the Delaware bankruptcy court for approval.

The selection process has progressed from an initial large number of potential parties to a smaller group, known as the "second round.”

Options - either a restructured exchange, a partnership agreement, or a "stalking horse" offer for a sale by or before December 16.

And the never ending FTX saga continues. Can’t wait for the movie to be made! 🤣

Special Blend: Morning Meme Roast

As the CryptoBrew Daily comes to a close, we invite you to join us on Twitter for more crypto chat. Think of it as a chill gathering of like-minded folks, minus Chad talking about his 1-rep deadlift max and your tipsy uncle who always shares TMI stories. Let’s keep the crypto conversation going!

***DISCLAIMER: Please note that the information provided in this newsletter is for educational purposes only and is not intended to be construed as financial advice or a solicitation to buy or sell any assets. We urge you to exercise caution and conduct your own research before making any financial decisions.