Mismatch between money and crypto settlement cycles creates pre-funding problem
Crypto markets are grappling with the price of funding bitcoin purchases by cash-settled exchange-traded funds (ETFs) that function on a T+1 cycle.
The issue is a symptom of the mismatched settlement cycles for money and cryptocurrencies. When investor demand for a bitcoin ETF rises, companies known as authorised individuals (APs) – usually banks and high-speed buying and selling companies resembling JP Morgan and Jane Road – create extra shares by sending money to the fund supervisor, who purchases the underlying
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