U.S. exchange-traded fund (ETF) assets surpassed $10 trillion on September 27, partly driven by over $20 billion in crypto ETF inflows in 2024, as reported by Bloomberg and Morningstar. Crypto ETFs accounted for around 3% of the $691 billion inflows into U.S. ETFs this year. BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) led with $21 billion in inflows, followed by Fidelity Wise Origin Bitcoin Fund (CBOE US:FBTC) at nearly $10 billion. The iShares Ethereum Trust ETF also gained over $1 billion. Conversely, the Grayscale Bitcoin Trust ETF saw nearly $20 billion in outflows due to higher management fees. Leveraged ETFs made up 80% of new launches this year. Companies like WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF), DeFi Technologies Inc. (CBOE CA:DEFI) (OTC:DEFTF), and Coinbase Global, Inc. (NASDAQ:COIN) are also playing pivotal roles in the growing crypto ETF market, providing diversified exposure to digital assets and decentralized finance (DeFi). On September 20, the U.S. SEC approved options trading on BlackRock’s iShares Bitcoin Trust ETF on Nasdaq, potentially driving further institutional interest in spot BTC ETFs.
WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) is Canada’s largest regulated crypto trading platform and a global leader in both centralized and decentralized financial services. With assets under custody exceeding $1.35 billion, WonderFi is well-equipped to serve crypto participants worldwide, offering trading, payment solutions, and decentralized products like custom-built blockchains and non-custodial wallet applications.
The company is designed to give investors diversified exposure to the global digital asset ecosystem, backed by a strong track record of launching new products and securing the necessary licenses. WonderFi owns several market-leading brands, including Bitbuy, Coinsquare and SmartPay
Recently, WonderFi opened an Australia office as the home of their APAC region operations. Crypto OTC trading services are currently live in APAC, and the team is expected to roll out their mobile app and web services in the coming months.
As the world increasingly moves toward blockchain technology, WonderFi is strategically positioned to capture market and wallet share through continuous innovation within the digital asset space.
WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) recently launched new mobile trading experiences for its Bitbuy and Coinsquare brands. The enhanced Bitbuy and Coinsquare 2.0 mobile apps are now available to users, offering a range of advanced features.
The revamped home screen includes an improved portfolio chart and customizable watchlists. The apps provide advanced portfolio tracking with detailed profit/loss performance over multiple timeframes. Asset pages have been redesigned for easy comparison of different asset performances, and the upgraded holdings view simplifies understanding of portfolio composition and asset allocation. A new markets page offers expanded sorting options and search functionalities, and a dark mode ensures a comfortable and visually appealing experience for both iOS and Android users.
Dean Skurka, CEO and President of WonderFi, expressed excitement about the Bitbuy and Coinsquare 2.0 mobile app experience, highlighting the widespread adoption of the last upgrade by over 85% of Bitbuy asset holders and 93% of staking participants. He anticipates a full adoption rate for the enhanced apps, which have been improved based on customer feedback. Skurka also emphasized the company’s focus on delivering best-in-class products, noting that the launch of the 2.0 apps kicks off an ambitious product roadmap aimed at continually enhancing functionality and services for more than 1.7 million registered users.
What’s next for WonderFi? They are building their own layer-2 blockchain and crypto wallet, with the aim to make an impact in the ever-growing DeFi space. This follows a trend where centralized, regulated crypto platforms dip into decentralized trading and platforms as more and more crypto participants advance their knowledge of the space.
Coinbase launched their own layer 2 blockchain BASE in 2023, which was on pace to do $360 Million of top line revenue for the company in the first year.
Click here for more information about WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF).
SEC Approves Bitcoin ETF Options and Digital Asset Firms Report Strong Earnings
The SEC recently approved options trading for iShares Bitcoin Trust ETF (NASDAQ:IBIT), expanding investment opportunities in bitcoin-related products in U.S. markets. Nasdaq ISE will list these new options, marking the first for a spot bitcoin ETF. This move may attract more investors, increasing liquidity. However, further approvals from the OCC and CFTC are needed before listing. IBIT options have a position limit of 25,000 contracts, much smaller than CME bitcoin futures. Since September 9, IBIT has seen $15.8 million in inflows, contributing to its $20.9 billion year-to-date total, making it the largest spot bitcoin ETF by assets.
The Fidelity Wise Origin Bitcoin Fund(CBOE US:FBTC) has seen significant growth since it began trading in January 2024, being one of the first spot Bitcoin exchange-traded products (ETPs) approved by the SEC. As of late September 2024, Fidelity accumulated over 5,000 BTC in a single week, increasing its total holdings to more than 176,000 BTC. This is valued at around $11 billion, representing nearly 1% of all Bitcoin in circulation, making Fidelity one of the largest institutional Bitcoin holders. The move highlights Fidelity’s confidence in BTC and reflects a broader trend of increasing institutional investment in cryptocurrency. Meanwhile, MicroStrategy has also expanded its holdings to around 252,220 BTC, valued at approximately $15 billion.
DeFi Technologies Inc. (CBOE CA:DEFI) (OTC:DEFTF) reported record revenues and net income for Q2 2024, with C$133.2M (US$98M) in total revenue and C$90.4M (US$66.5M) in net income. Assets Under Management (AUM) grew by 43.7% since December 31, 2023, reaching C$730.1M (US$533.4M) by June 30 and further to C$837M (US$610M) by July. Subsidiary Valour Inc. launched multiple Exchange Traded Products (ETPs), expanding DeFi’s offerings. The company anticipates C$179M (US$131M) in 2024 revenue driven by AUM growth, ETP launches, and new acquisitions. Additionally, DeFi Alpha, its arbitrage trading desk, generated C$111.5M (US$82M) in Q2 2024.
In Q2, Coinbase Global, Inc. (NASDAQ:COIN) made significant progress, generating $1.4 billion in total revenue and $36 million in net income, with an adjusted EBITDA of $596 million, marking its sixth consecutive quarter of positive earnings. Subscription and services revenue reached nearly $600 million, while the balance sheet strengthened to $7.8 billion, up $733 million. Regulatory clarity saw strides as crypto legislation gained mainstream traction, backed by over 1.3 million advocates through Stand With Crypto. Product updates included 300% growth in Base Layer 2 transactions, expanded USDC partnerships, smart wallet launches, and enhancements to trading platforms and derivatives offerings.
WonderFi Technologies (TSX:WNDR) (OTCQB:WONDF) reported Q2 2024 results with consolidated revenues of $12M, a 303% increase from Q2 2023. Adjusted EBITDA reached $2.4M, and cash/digital assets rose to $46.7M. Trading volumes surged 358%, holding $1.35B in client assets.
Click here for more information about WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF).
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