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Several firms are vying for the approval of their proposed spot Bitcoin BTC/USD exchange-traded funds (ETFs), hoping to capture a significant market share.

What Happened: Switzerlands Pando Asset AG on Wednesday emerged as the 13th contender by submitting a filing to the Securities and Exchange Commission (SEC) for the Pando Asset Spot Bitcoin Trust.

Among the total 13 applications, two major players, Grayscale Bitcoin Trust GBTC and Blackrock Inc. BLK , have revised their filings just to secure a BTC ETF spot.

Analysts predict that the SEC is on the cusp of approving several spot Bitcoin ETFs. The first to cross the finish line could enjoy a significant first-mover advantage, attracting a large base of retail investors.

Since both BlackRock and Grayscale Bitcoin Trust submitted their applications for a spot Bitcoin ETF, their stock prices have experienced an upswing. We compare which of the two stocks has delivered the best returns over the past year.

BlackRocks stock increased from $695.78 to $747.3, marking a 7.4% growth. On the other hand, GBTC saw a 242.74% surge from $9.05 to $31.02. BLK Or GBTC: 1-Year Performance (Image: Benzinga)

If you had invested $1000 in either of the stocks, you would have yielded $1074.04 in BLK and $3427.4 in GBTC. BLK Or GBTC: Which Offers Better Returns? (Image: Benzinga)

See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals

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A Closer Look at Market Movements

When analyzing their market behavior, the coefficient of determination (R^2) stands at a low 0.023, suggesting a very weak correlation between BLK and GBTCs market movements, as evidenced by a linear regression analysis. Do BLK And GBTC Often Move Together? (Image: Benzinga)

Price Action: At the time of writing, BTC was trading at $37,731, down 1% in the last 24 hours, according to Benzinga Pro. On Wednesday, GBTC finished trading at $31.02, while BLK closed at $747.30.

Illustration by CryptoFX on Shutterstock

Read Next: Heres How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?Loading… Loading… Loading…

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Politics

Scotland’s former first minister Humza Yousaf hits out at Starmer’s ‘dog whistle’ stance on immigration

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Scotland's former first minister Humza Yousaf hits out at Starmer's 'dog whistle' stance on immigration

Former Scottish first minister Humza Yousaf has attacked Sir Keir Starmer for his “dog whistle” stance on immigration after the prime minister said the UK risked becoming an “island of strangers”.

In a piece penned by Mr Yousaf for LBC, the former leader of the Scottish National Party (SNP) repeated claims the prime minister’s recent remarks on immigration were a “modern echo” of Enoch Powell’s infamous 1968 Rivers Of Blood speech.

The prime minister stirred controversy earlier this week when he argued Britain “risked becoming an island of strangers” if immigration levels were not cut.

After many MPs criticised his language, Sir Keir rejected the comparison to Powell, with his official spokesperson saying migrants have made a “massive contribution” to society but his point was that the Tories “lost control of the system”.

First Minister Humza Yousaf speaks during a press conference at Bute House, his official residence in Edinburgh where he said he will resign as SNP leader and Scotland's First Minister, avoiding having to face a no confidence vote in his leadership. Mr Yousaf's premiership has been hanging by a thread since he ended the Bute House Agreement with the Scottish Greens last week. Picture date: Monday April 29, 2024.
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File pic: PA

In the LBC piece published on Saturday, Mr Yousaf said: “Powell’s 1968 speech warned of immigration as an existential threat to ‘our blood and our culture’, stoking racial panic that led directly to decades of hostile migration policies.

“Starmer’s invocation of ‘strangers’ is a modern echo – a dog-whistle to voters who blame migrants for every social ill, from stretched public services to the cost-of-living crisis.

“It betrays a failure to understand, or deliberately mask the fact that Britain’s prosperity depends on migration, on openness not building walls.”

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Starmer’s speech divides opinion

Read more:
Labour’s immigration approach builds on Tory rollbacks
Farage on how Reform UK would deal with migration

Sir Keir made the comments at a news conference in which measures were announced to curb net migration, including banning care homes from recruiting overseas, new English language requirements for visa holders and stricter rules on gaining British citizenship.

The package is aimed at reducing the number of people coming to the UK by up to 100,000 per year, though the government has not officially set a target.

The government is under pressure to tackle legal migration, as well as illegal immigration, amid Reform UK’s surge in the polls.

Mr Yousaf concluded his article saying the UK was “on the brink of possibly handing the keys of No 10 to Nigel Farage”.

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UK

Man arrested at Luton Airport in connection with fires at properties linked to Sir Keir Starmer

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Man arrested at Luton Airport in connection with fires at properties linked to Sir Keir Starmer

A second man has been arrested in connection with fires at two properties and a car linked to Prime Minister Sir Keir Starmer.

The 26-year-old was arrested around 1.45pm at Luton Airport on suspicion of conspiracy to commit arson with intent to endanger life.

The arrest was made by counter terrorism officers. The man has been taken into police custody in London.

It comes after a Ukrainian man, 21, was charged with three counts of arson with intent to endanger life.

Roman Lavrynovych appeared at Westminster Magistrates’ Court on Friday and was remanded in custody.

Officers from the Metropolitan Police’s Counter Terrorism Command led the investigation because of the connections to the prime minister.

Emergency services were called to a fire in the early hours of Monday at a house in Kentish Town, north London, where Sir Keir lived with his family before the election.

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Damage was caused to the property’s entrance, but nobody was hurt.

A car was also set alight in the same street last Thursday.

There was another blaze at the front door of a house converted into flats in Islington, also linked to the prime minister, on Sunday.

One person was taken to safety via an internal staircase by crews wearing breathing apparatus.

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Sports

Yankees RHP Cousins has setback with pec issue

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Yankees RHP Cousins has setback with pec issue

NEW YORK — Yankees reliever Jake Cousins felt pectoral discomfort after throwing a pair of batting practice sessions, another setback in his bid to return to the mound for the first time since last fall.

Cousins won’t throw again for four or five days, manager Aaron Boone said Saturday.

Boone said ahead of spring training’s opening workout that Cousins had a strained right forearm and was uncertain for the March 27 opener.

A 30-year-old right-hander, Cousins threw batting practice to injured slugger Giancarlo Stanton on May 6. Boone said Cousins pitched an additional session before the pec issue caused a shutdown.

“We don’t think it’s anything serious, but enough to hold him back a few days,” Boone said.

Boone said Cousins had tests and that they didn’t show any shoulder issues.

Cousins had a 2.37 ERA in 37 relief appearances last year, striking out 53 and walking 20 in 38 innings.

Boone said a date has not been set for Stanton to start a minor league injury rehabilitation assignment. The five-time All-Star has been sidelined since spring training with pain in the tendons of both elbows.

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