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Highlights
- The cryptocurrency market saw a validating moment with the introduction of the first bitcoin linked exchange-traded fund (ETF) for the US investors, which got listed on Wall Street.
- The launch of a cryptocurrency-based ETF fund is a big positive for digital currency and might lead to widespread acceptance of the virtual currency.
The cryptocurrency market is abuzz with the Bitcoin crossing USD 66,000 mark for the first time from its June month low of below USD 30,000, after the market saw a validating moment with the introduction of the first bitcoin linked exchange-traded fund (ETF) for the US investors, which got listed on Wall Street under the ticker name BITO.
The ETF fund is based on the Bitcoin futures contracts. The crypto community and investors well received the ETF fund as the price rose by 5.4% on debut and was the second most traded fund by volume.
The launch of a cryptocurrency-based ETF fund is a big positive for digital currency and might lead to widespread acceptance of virtual currency. Also, the crypto ecosystem is growing faster with Decentralised Finance (DeFi), which allows individuals to borrow and lend directly with each other without banks. Non-fungible tokens or NFTs, which helps to track ownership of digital art and collectables.
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The development resulted in jubilation at blockchain stocks as well. Let us explore 3 FTSE listed companies that resonated the positive development for the industry:
Quantum Blockchain Technologies Plc (LON: QBT)
FTSE AIM-listed company carries out Research and Development work in Blockchain Technology. The company has filed a patent at the UK patent office for its breakthrough Bitcoin mining technology. The patent application is named as ASIC UltraBoost, which improves the Bitcoin mining process resulting in faster and efficient mining.
Quantum Blockchain Plc shares closed at GBX 2.30, up by 48.39% on 21 October with a market cap of £13.91 million.
Argo Blockchain Plc (LON: ARB)
The company is one of the largest cryptocurrency mining companies, which carries out the mining operation efficiently using clean energy. The company has mined 165 Bitcoins in September 2021, bringing the total Bitcoins mined year to date at 1479 BTC. It reported mining revenue of £5.50 million during the period despite network difficulties.
Argo Blockchain Plc shares closed at GBX 134.50, up by 1.52% on 21 October with a market cap of £616.55 million.
Online Blockchain Plc (LON: OBC)
The company operates in cryptocurrency and decentralised ecosystems developing innovation in the blockchain segment. In addition, the company invest in startup businesses from the cryptocurrency and technology segment. It has a 17.98% holding in financial listed company ADVFN Plc. It is currently looking for related opportunities in cryptocurrency and decentralised ecosystems.
Online Blockchain Plc shares closed at GBX 46.50, up by 12.05% on 21 October with a market cap of £5.94 million.
