5.50 -0.05 (-0.81%)
Before hours: 8:41AM EST
|Bid||0.00 x 900|
|Ask||0.00 x 1400|
|Day's range||5.50 - 5.61|
|52-week range||3.55 - 5.85|
|Beta (5Y monthly)||1.05|
|PE ratio (TTM)||20.11|
|Forward dividend & yield||0.18 (3.28%)|
|Ex-dividend date||30 Mar 2020|
|1y target est||5.52|
(Bloomberg) -- CoinShares, a St. Helier, Jersey-based asset manager, is launching an exchange-traded Bitcoin product amid a fierce rally for the world’s largest digital currency.The CoinShares Physical Bitcoin product will go live on Jan. 19 and be listed under the ticker BITC on the SIX Swiss Exchange. It will charge a 0.98% expense ratio. Komainu, a venture developed by Ledger, Nomura Holdings Inc. and CoinShares, will serve as custodian.“A lot of institutional clients have a very strong due-diligence process, and we wanted to bring to market a best-in-class product to embrace that demand,” said Frank Spiteri, chief revenue officer at CoinShares. “We are ready, as of January, to embrace the forthcoming demand from institutional clients.”Earlier: Bitcoin Fee Wars Erupt as Upstart Targets Grayscale’s BillionsCoinShares, which has about $4 billion in assets under management, was among the first to debut a crypto product. It launched a regulated Bitcoin investment vehicle in 2015, when the coin traded around $400.BITC, which is launching with over $100 million in assets under management, will be physically backed, meaning it will hold the underlying assets it is designed to track. Each unit of the product will be backed with 0.001 Bitcoin.The launch is happening in the midst of a red-hot rally for the world’s largest cryptocurrency as a greater number of Wall Street firms take interest in it. Bitcoin gained 300% in 2020 and recently set a record high of more than $41,000.(Updates with AUM figure in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Nomura Holdings Inc. is teaming up with Japanese asset manager Sparx Group Co. to form a company that will invest in unlisted companies.The move is part of Nomura’s efforts to do more business in private markets, where it sees potential for growth. It will also give individuals more opportunities to invest in unlisted firms, Nomura said in a statement on Thursday.Nomura Chief Executive Officer Kentaro Okuda unveiled plans last May to work more with startups in a bid to bolster return on equity at Japan’s biggest brokerage to as much as 10% in five years. More than 99% of the nation’s companies are unlisted and their financing methods tend to be limited, Okuda said in a presentation last month.Following an initial period of privately placed investments, the planned firm will be listed on the Tokyo Stock Exchange’s Venture Funds Market. Tentatively named Nomura Sparx Investment Inc., it will have 400 million yen ($3.8 million) in capital, with Nomura holding a 51% stake and Sparx the rest, the statement showed.Operating the fund will likely bring Nomura various investment banking business in addition to generating commissions from investors, Masahiko Maekawa, the firm’s head of merchant banking, said at a news briefing.The venture will initially invest Nomura’s own cash plus seed money from institutions, Maekawa said. It expects to list within the next two to three years and eventually boost its size to 100 billion yen or more within 10 years, through additional public offerings.Led by CEO Shuhei Abe, Sparx was founded in 1989 and became Japan’s first independent asset management firm to list on the Tokyo Stock Exchange’s First Section in 2019.(Updates with comments from Nomura executive in fifth and sixth paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
(Bloomberg) -- Nomura Holdings Inc. is closing its offices in Qatar and Bahrain as part of a push to move some of its regional and client coverage to bigger financial centers, according to people familiar with the matter.Japan’s biggest brokerage, which also exited Saudi Arabia last month, has been shrinking its investment banking presence in the Middle East. Nomura will continue to serve clients in Saudi Arabia, Bahrain and Qatar from Dubai or locations like London, where it has a larger presence, said the people, who asked not to be identified because the information is private.Nomura Cuts Dubai Banking Jobs in Mideast Coverage Shift Nomura began overhauling its global wholesale business more than a year ago in a bid to save $1 billion in costs and sustain profitability abroad. Chief Executive Officer Kentaro Okuda has persisted with those efforts by cutting dozens of investment banking jobs in the U.S., Bloomberg reported in July. Nomura also eliminated some investment banking positions in Dubai last year.The restoration of ties between Qatar and Saudi Arabia, the United Arab Emirates, Bahrain and Egypt after a three-year dispute may be a factor for financial firms looking to reshape their presence in the region. Gulf states are opening their airspace to Qatar and resuming trade with the gas-rich state after this month’s diplomatic breakthrough.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.