Shares in Marley Spoon AG (ASX: MMM) have had a bumper month of June, up a whopping 32%.

Despite no fresh news from the company, investors have added another 6.38% today, lifting the Marley Spoon share price to $3.17.

Marley Spoon is a subscription-based meal kit company, delivering fresh ingredients and recipes directly to consumers.

Let’s take a look at what might be influencing the company’s share price movement.

What’s been happening lately?

The last time Marley Spoon updated the market with price-sensitive news was back in April when the company released its first quarter results.

In that release, Marley Spoon CEO Fabian Siegel announced that user behaviour across the regions had “mostly normalised to its pre-COVID state”. He added:

While COVID-19 brought forward the structural shift online, the penetration rate of online grocery is still in its infancy.

The company highlighted first quarter FY21 revenue growth of 81% to ~$122.45, with all regions including Europe, America and Australia, experiencing a strong uplift in growth.

In this announcement, Marley Spoon upgraded its FY21 net revenue forecasts, expecting FY21 revenue to increase between 30% to 35% year-on-year.

First quarter results aside, investors might also consider these factors which could be influencing its recent rally.

Tackling supply chain challenges

Despite a strong first quarter, Siegel said that “the dramatic growth we have seen across all e-commerce verticals in 2020 has created some temporary operational challenges in logistics, labor and supply chain infrastructure in the industry”.

Fast forward to the company’s annual general meeting on 11 June, Siegel outlined the company’s continued investment in additional capacity and process improvements.

To meet customer demand, the company expanded cool room capacity at manufacturing centres in Melbourne, New Jersey, Texas and the Netherlands.

Additionally, a new manufacturing centre was launched in Perth. And major expansion projects are expected to begin in California and Sydney.

Another lockdown winner?

Monday sparked a sharp rally across a number of ‘COVID-19 winners’ including Kogan.com Ltd (ASX: KGN), Redbubble Ltd (ASX: RBL) and Temple & Webster Group Ltd (ASX: TPW).

This was possibly a result of a sweeping set of new lockdowns and border restrictions, including lockdowns across Greater Sydney and Queensland, Western Australia.

In same cases, the rally was short-lived however, with the Kogan share price sliding 7.27% on Wednesday.

While investors might have been quick to lock in profits for Kogan shares, it appears that the Marley Spoon share price is enjoying the slow burn.

The post Up 32% this month, the Marley Spoon (ASX:MMM) share price is firing again today appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Marley Spoon AG. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Santos Ltd (ASX: STO) shares are edging lower on Wednesday. In late afternoon trade, the Santos share price is trading 1.11% lower at $7.13.

This comes following a report published by last night’s The Australian which highlights an Australian Government proposal to mandate a cleanup levy of 48 cents per barrel of oil equivalent (BoE) on offshore petroleum production.

Under the government proposal, originally released on 24 June, all entities with an ownership interest in a petroleum production license issued under the Offshore Petroleum and Greenhouse Gas Storage Act (2006) will be liable for the levy.

As Santos’ operations fall under this umbrella, it would be liable to pay the rate of 48 cents per BoE, shared among a string of other international and Australian oil producers such as BHP Group Ltd (ASX: BHP), Origin Energy Ltd (ASX: ORG) and Woodside Petroleum Limited (ASX: WPL). According to The Australian, it is estimated that Santos’ share of the cleanup bill would amount to around $8 million.

The impost has an expected cost of over $360 million per year for the sector, and with a total cost of up to $1 billion, many of Australia’s largest oil producers and suppliers may be up called upon for payment over the next 3 years.

At the time of writing, the Woodside share price is down by 0.22%, while Origin Energy shares are in the red by 2.59%. The BHP share price is currently trading 1.66% higher for the day so far.

Why the cleanup levy?

The Australian Government has been left footing the bill for offshore oilfield cleanups in the past.

For instance, the government absorbed the cleanup costs of the Northern Endeavour floating production storage and offtake facility and the associated Laminaria-Corallina oilfields last year. This came after the former owner, Northern Oil and Gas Australia, went into liquidation.

According to the government’s discussion paper, the initial purpose of the levy would be to fund decommissioning and remediation works in the Laminaria-Corallina oilfields. If given the go-ahead, the levy would become effective on 1 July.

The Australian reports that our biggest producers are attempting to fight the proposal with “furious lobbying between the oil and gas sector and Canberra”.

Santos share price snapshot

Including today’s slide, the Santos share price has fallen by 2.33% over the past five trading sessions.

At the current share price, Santos has a market capitalisation of around $15.02 billion and trades at a price-to-earnings ratio (P/E) of 12.84.

The Santos share price has climbed around 13% year to date, with a 12 month return of approximately 34%.

The post Santos (ASX:STO) share price slides following possible cleanup levy appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• Santos (ASX:STO) share price sinks despite project update
• Oil hits 3-year high! How are ASX energy shares reacting?
• 5 things to watch on the ASX 200 on Monday
• Crude to $100 per barrel? 3 ASX 200 oil shares trading well below pre-COVID levels

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Life360 Inc (ASX: 360)

According to a note out of Morgan Stanley, its analysts have initiated coverage on this app maker’s shares with an overweight rating and $8.60 price target. The broker has been impressed with the company’s user base growth and feels that market under appreciates this. It has also been pleased with the company’s expansion from location tracking to solutions such as roadside assistance, ID protection, and phone insurance. The Life360 share price is fetching $6.73 this afternoon.

Nitro Software Ltd (ASX: NTO)

Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $3.70 price target on this document productivity company’s shares. This follows the company’s announcement of the acquisition of PDFpen. Morgan Stanley notes that this acquisition gives Nitro access to the Apple ecosystem, which bodes well for the future. The broker estimates that enterprise usage of iOS devices will increase from around 5% to 20% in the future. Nitro is currently only available on Windows. The Nitro share price is trading at $3.24 today.

Pilbara Minerals Ltd (ASX: PLS)

Analysts at Macquarie have retained their outperform rating and lifted their price target on this lithium producer’s shares to $1.60. According to the note, Pilbara Minerals’ shipments were well ahead of the broker’s expectations in the fourth quarter. In addition to this, it notes that the Ngungaju plant is being restarted earlier than it expected. This has led to an upgrade to Macquarie’s production estimates. Finally, the broker felt its recent drilling update was promising and suspects that mineral resource upgrades are coming. The Pilbara Minerals share price is trading at $1.45 today.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

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• Why Life360, Paradigm, Sayona Mining, & Telstra shares are charging higher
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• Up 63% this month, Australian Strategic Materials (ASX:ASM) share price rockets higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Life360, Inc. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Andromeda Metals Ltd (ASX: ADN) share price is losing territory today after coming out of a trading halt. This comes after the mineral exploration company announced an update to its capital raising efforts.

During late afternoon trade, Andromeda shares are down a sizeable 15.56% to 15.2 cents.

Let’s take a closer look at what the company announced to the ASX market.

Capital raising completed

Investors have been punishing the Andromeda share price in fear of an impending shareholder dilution.

According to its release, Andromeda successfully raised $30 million (before costs) by a way of placement. The company received strong support from new and existing shareholders, with the introduction of high-quality domestic and offshore institutions.

The offer will see roughly 200 million new ordinary shares, at a price of 15 cents each, allocated to participating investors. This represents a 16.7% discount on the issued capital prior to when the company announced the placement (18 cents).

Andromeda will use the proceeds from the capital raise to fund a number of initiatives. This includes the bulk of the money going towards the Great White Project pre-construction and long lead items such as plant equipment purchases. In addition, the remaining amount will be allocated to Detailed Feasibility Studies (DFS), product development and marketing, research and exploration activities, and general working capital requirements.

Complementing the placement, Andromeda will also launch a Share Purchase Plan (SPP) to retail investors. The offer will see the company hoping to raise a further $15 million, with 100 million new shares created. The terms of the SPP will be the same conditions as the placement.

Settlement is expected to occur on Tuesday 6 July 2021, with the new shares available for trading the day after.

Andromeda’s managing director, James Marsh, commented:

The Company thanks our existing shareholders for their ongoing support and welcomes the new institutional investors to the register. The support led to demand in excess of the funds sought by the Company. Andromeda has not had to raise funds for the past two years and the equity funding, on the back of the MSI binding offtake agreement, provides the Company with the financial support it needs to complete the Great White DFS later this year, leading into construction and mining next year.

About the Andromeda share price

Adding to today woes, Andromeda shares have fallen around 45% year-to-date, but have risen 200% over the past year. The company’s share price reached a record high of 45 cents in March, before being sold off.

Andromeda presides a market capitalisation of roughly $329 million, with more than 2.1 billion shares outstanding.

The post Andromeda (ASX:ADN) share price sinks 15% on capital raising update appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Bubs Australia Ltd (ASX: BUB) share price is sinking today. Shares in the infant formula and food manufacturer are trading 3.4% lower at 44.5 cents apiece at the time of writing.

Bubs has not released any price-sensitive news to explain today’s bearish price action. But the company’s shares have surged more than 18% in the past 2 weeks so it’s possible this could be prompting investors to cash in.

Let’s take a closer look at the recent news that could potentially influence the Bubs share price performance.  

Bubs expands into the US

The Bubs share price exploded in mid-June after the company announced plans to expand into the United States infant formula market.

The company advised that some of its products would be accepted for listing on the online platforms of US retail giants Walmart Inc (NYSE: WMT) and Amazon.com, Inc (NASDAQ: AMZN).

Bubs advised the initial launch in September would include 2 products from the company’s Aussie Bubs range. In addition, the company will release its first bi-lingual English and Hispanic label.

According to Bubs, the US formula market is worth a total of US$5.1 billion. In addition, the company has plans to establish a US-based subsidiary.

Bubs sells a number of different products including goat and cow’s milk formulations, organic baby foods, cereals and toddler snacks. These products are already sold throughout Australia, China, South East Asia and the Middle East.

Snapshot of the Bubs share price

The Bubs share price has struggled since the start of the COVID-19 pandemic in early 2020.

The company’s share price has plunged more than 50% over the past 12 months, hitting a 52-week low of 31.5 cents in May this year. Bubs shares are also down year-to-date, falling more than 26% since January.

At the time of writing, the company has a market capitalisation of $270.8 million.

The post The Bubs (ASX:BUB) share price is tumbling today appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is enjoying a day in the green today. At the time of writing, the ASX’s flagship index is up a healthy 0.62% to 7,236 points. So let’s take a look at some of the ASX 200 shares that are being traded the most heavily today:

3 of the most active ASX 200 shares today

Pilbara Minerals Ltd (ASX: PLS)

Pilbara is back in the list, baby, although not at the number one spot it usually occupies. A still-impressive 11.44 million Pilbara shares have traded today though. There has been no major news or developments out of the ASX 200 lithium miner today. Well, apart from some routine paperwork that revealed Pilbara director Nicholas Carnotta recently unloaded 45,000 shares. The Pilbara share price is still up 1.2% so far today to $1.44 a share, so that move is likely to have triggered the high volume of Pilbara shares trading today.

Nuix Ltd (ASX: NXL)

Ah, Nuix… Things just seem to be going from bad to worse for this ASX 200 company. Nuix is today down a nasty 13.2% to $2.21 a share after hitting yet another all-time low of $2.16 this morning. A revelation this morning that former Nuix CFO Stephen Doyle is now a subject of an insider trading criminal investigation seems to be the catalyst here. A hefty 13 million Nuix shares have swapped hands today, likely as a result of this share price plunge. As it stands, Nuix shares are now down an unenviable 73.33% in 2021 so far.

Telstra Corporation Ltd (ASX: TLS)

ASX telco Telstra is the king of ASX 200 trading volumes today, with a massive 22.67 million Telstra shares changing owners so far. Telstra has the opposite problem of Nuix, being up substantially (not that that’s a problem for most investors). The Telstra share price has risen 4.58% today so far to $3.76 a share after touching a new 52-week high of $3.78 earlier this morning.

This morning, the telco announced it had orchestrated the sale of 49% of its mobile towers business InfraCo Towers to a number of institutional investors, including the Future Fund. ASX 200 investors have clearly reacted with excitement and may have upped Telstra’s trading volume as a result.

The post Here are 3 of the most active ASX 200 shares today appeared first on The Motley Fool Australia.

More reading

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• ASX 200 up 0.5%: Telstra asset sale, AGL demerger, Nuix crashes again

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Bitcoin (CRYTPO: BTC) is in the green in more ways than one.

Firstly, the price is up 2% over the past 24 hours, to US$35,234 (AU$46,979). That brings the token’s year-to-date gains back above 23%, according to data from CoinDesk.

Not bad, for investors who can stomach the wild volatility.

Secondly, the green light is on Bitcoin in regards to cutting its rocketing carbon footprint.

One heck of a carbon footprint

Bitcoin mining – verifying blockchain transactions and mining new tokens – uses a tremendous amount of energy. As much as all of the Netherlands, by recent estimates.

In a world that’s focused on decarbonising to limit potential global warming, being an energy hog isn’t a good look. Media attention – spurred by Tesla Inc (NASDAQ: TSLA) founder Elon Musk – of its huge carbon footprint is one reason Bitcoin’s price has come under pressure in recent months.

It’s also why some crypto miners are hoping to charge a 10% premium for Bitcoin that can be blockchain verified to have been mined by computers using only renewable energy.

Taking a different track…

Tyler Winklevoss has plans for green Bitcoin

Tyler Winklevoss is perhaps still best known for his legal stoush (alongside his twin brother Cameron) accusing Mark Zuckerberg of stealing their idea to launch Facebook, Inc. Common Stock (NASDAQ: FB). A case which was eventually settled in 2008 with Zuckerberg paying out a large sum of money to the twins.

In more recent times Winklevoss has invested heavily in Bitcoin. He’s currently the CEO of Gemini, the crypto exchange platform he founded.

And Gemini aims to make its Bitcoin usage climate friendly via a new endeavour called Gemini Green.

How?

According to the media release, Gemini is working with Climate Vault, a non-profit entity founded at the University of Chicago in the United States. The intent is to eliminate some 350,000 tonnes of CO2 related to Bitcoin’s use, from the atmosphere.

Gemini Green will do this by buying carbon permits, through Climate Vault, directly from government-regulated cap-and-trade markets. These permits will then be removed from the market, which will reduce the total amount of carbon permits available.

Discussing the initiative, Tyler Winklevoss said:

As Bitcoin emerges as a dominant store of value, it’s imperative that we incorporate sustainability for future generations. We are proud to team up with Climate Vault to offset our exposure to non-renewable mining and contribute to the decarbonising of Bitcoin.

Michael Greenstone, co-founder of Climate Vault added, “Climate Vault is providing a simpler, faster, and more reliable path to net-zero emissions, not just for traditional businesses, but now – thanks to Gemini – for the innovative world of cryptocurrency.”

The post How Tyler Winklevoss plans to go green with Bitcoin appeared first on The Motley Fool Australia.

More reading

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Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin, Facebook, and Tesla. The Motley Fool Australia has recommended Facebook. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares in Reckon Limited (ASX: RKN) are flying out the door today — and the company is as blindsided by the craziness as anyone else. At the time of writing, the Reckon share price is 93 cents, a whopping 17.83% higher than its previous closing price.

Reckon’s dramatic day began before the market opened when Novatti Group Ltd (ASX: NOV) announced it had agreed to acquire at least 15% of Reckon’s outstanding shares. However, Reckon quickly declared it had no knowledge of Novatti’s plans.

Reckon provides accounting and bookkeeping software, while Novatti is a payment services provider.

Let’s take a closer look at the today’s ASX soap opera. 

Stock market drama

This morning, Novatti announced it had entered into purchase agreements for the acquisition of at least 15% of Reckon’s shares on issue.

However, Reckon responded only hours later, saying it had no idea Novatti planned to become one of its major shareholders.

According to Novatti, it has an agreement to buy 17 million shares of Reckon for $1 each.

Novatti’s shares have been frozen today as it undertakes a capital raise. Some of the proceeds are intended to go towards buying a large stake in Reckon.

Peter Cook, Novatti’s managing director, said:

We are delighted to have secured a strategic stake in ASX-listed Reckon…

We look forward to successfully completing the capital raising and joining the Reckon share register as a major shareholder.

Reckon, in turn, said it’s “monitoring the progress of Novatti’s proposed acquisition of their strategic stake”.

However, the news that shocked Reckon has excited the market – likely due to Novatti’s willingness to pay $1 per share. Reckon shares have spent the last 12 months trading for between 62.5 cents and 90.5 cents apiece.

Reckon share price snapshot

Currently, the Reckon share price has gained around 20% on the ASX in 2021.

It’s also 38.68% higher than it was this time last year.

The company has a market capitalisation of around $104 million, with approximately 113 million shares outstanding.

The post The Reckon (ASX:RKN) share price is gaining as an ASX mystery unfolds appeared first on The Motley Fool Australia.

More reading

• The Novatti (ASX:NOV) share price has hit an all-time high

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Iluka Resources Ltd (ASX: ILU) share price set a new 52-week high today, reaching a top of $9.27 intraday before pulling back slightly.

At the time of writing, Iluka shares are swapping hands for $9.01, 10% in the green.

Today’s gains build on an extended run for Iluka shares in 2021 so far, which have posted a return of 36% at the time of writing, compared to the S&P/ASX 200 Index (ASX: XJO)’s 9.9%.

So what has Iluka been up to lately?

There has been no market-sensitive news for Iluka today that can be attributed directly to today’s share price movements.

However, Bloomberg LP reports that shares in the international sands and minerals producer have jumped this morning on the back of Rio Tinto Limited (ASX: RIO)’s force majeure on customer contracts at its Richards Bay Minerals interests, due to escalating safety concerns.

Both companies are among the world’s biggest producers of titanium dioxide, and according to Bloomberg, today’s jump in Iluka’s share price reflects expectations Iluka may benefit from Rio’s downtime.

In addition, Bloomberg LP also reports that JP Morgan’s Global Natural Resources Fund added Iluka to its investments back on 22 June.

The Global Natural Resources Fund has returned 34% in the past year, and added 639,590 Iluka shares as shown by its disclosure.

Moreover, on 28 June, Vysarn Ltd (ASX: VYS) said in a statement that its subsidiary Pentium Hydro had secured a goods and services contract with Iluka, valued at $1.7 million.

The contract is a variation to the original drilling services contract announced back in January 2020.

Iluka share price snapshot

The Iluka share price has gained 107% in the last 12 months, and on current prices the company has a market capitalisation of more than $3.4 billion.

Iluka shares have a 52-week range of $4.50–$9.27, a spread of more than 100%.

Iluka shares also trade at a price-to-earnings ratio (P/E) of around 33, and the company pays an annual dividend of 10 cents per share.

The post Iluka (ASX:ILU) share price boosts 10%, hits new 52-week high appeared first on The Motley Fool Australia.

More reading

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• Why the Rio Tinto (ASX:RIO) share price will be in the spotlight today
• Why this expert thinks commodities are about to rally again
• 5 outperforming ASX dividend shares unmasked
• ASX 200 Weekly Wrap: Share market breaks 5 week winning streak

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Cryptocurrency enthusiasts and exchange-traded fund (ETF) lovers might have something in common today – mutual disappointment. That’s because the Australian Securities and Investments Commission (ASIC) delivered some bad news for anyone hoping to access Bitcoin (CRYPTO: BTC), or any other cryptocurrency for that matter, through an ETF.

ETFs have long been used to access investments that normally wouldn’t trade on a share market. Units of the ETFS Physical Gold ETF (ASX: GOLD), for example, represent ownership of physical gold bullion. The BetaShares Crude Oil Index ETF (ASX: OOO) represents exposure to crude oil futures contracts.

But up until now, cryptocurrencies like Bitcoin have not been available via the share market. Sure, would-be crypto investors can use specialised cryptocurrency exchanges to buy whole or fractional coins. But not on the share market. And this situation looks like it will continue for some time. According to a media release today, ASIC has comprehensively poured cold water on the notion of an ASX Bitcoin ETF.

A Bitcoin ETF on the ASX?

The corporate regulator stated that the prospect of a Bitcoin exchange-traded fund would create a “real risk of harm to consumers and markets if these products are not developed and operated properly”.

Although ASIC noted that the potential of cryptocurrency-based ETFs is attracting “significant attention globally”. ASIC also said it is aware of “interest in, and demand for, domestic crypto-asset ETPs”. It stated the following:

ASIC considers that crypto-asset ETPs have novel and unique features that require consideration of whether such products can support fair, orderly and transparent markets and comply with our regulatory framework.

So that looks like a hard no, at least for now. In saying that, ASIC did add a caveat:

The way in which crypto-assets themselves are classified and regulated in Australia is a matter for Government. ASIC notes the Senate Select Committee on Australia as a Technology and Financial Centre is considering this issue, and the proposals in this paper do not seek to pre-determine any decision the Committee may make.

Earlier this week, we actually discussed the possible emergence of a Bitcoin ETF over in the United States. Cathie Wood’s ARK Invest (a US ETF provider) is currently actively exploring launching a Bitcoin-backed fund for the Nasdaq. Perhaps this new fund, if it gets going at all, will set the standard for a global acceptance of this idea. We’ll just have to wait and see. ASIC doesn’t sound like it’s in a hurry to give a green light though.

The post ASIC just poured cold water on an ASX Bitcoin ETF appeared first on The Motley Fool Australia.

More reading

• Cathie Wood’s ARK Invest to launch Bitcoin ETF
• Investing in Bitcoin? How to avoid these 2 costly pitfalls
• What are meme coins, and can they make you rich?
• $4.7 billion of Bitcoin still missing in alleged mass fraud
• Cryptocurrency values plunged this past week. Should you change your investing strategy?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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