U.S. ETF Assets Hit Record $10 Trillion, Fueled by Crypto Inflows

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).

Featured Image @ Freepik

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management’s expectations regarding WonderFi Technologies Inс. ’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to WonderFi Technologies Inс. ’s industry; (b) market opportunity; (c) WonderFi Technologies Inс. ’s business plans and strategies; (d) services that WonderFi Technologies Inс. intends to offer; (e) WonderFi Technologies Inс. ’s milestone projections and targets; (f) WonderFi Technologies Inс. ’s expectations regarding receipt of approval for regulatory applications; (g) WonderFi Technologies Inс. ’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) WonderFi Technologies Inс. ’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute WonderFi Technologies Inс. ’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) WonderFi Technologies Inс. ’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) WonderFi Technologies Inс. ’s ability to enter into contractual arrangements with additional parties; (e) the accuracy of budgeted costs and expenditures; (f) WonderFi Technologies Inс. ’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of WonderFi Technologies Inс. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) WonderFi Technologies Inс. ’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact WonderFi Technologies Inс. ’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing WonderFi Technologies Inс. ’s business operations (e) WonderFi Technologies Inс. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, WonderFi Technologies Inс. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does WonderFi Technologies Inс. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither WonderFi Technologies Inс. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

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