SEC Approves BTC Spot ETFs 🚀

Good Morning! 

It's Chris from Elite Trade Club, here to give you this morning's premarket trading news.

Let's get ready to trade!

Markets 📈

Stocks returned to form on Wednesday, with most indexes posting gains in the neighborhood of half a point. .

Future are ticking higher in early trading. S&P 500 contracts are up 0.1%.

Gold Could Be Heading for Record Highs - But How to Play It?

According to FX Empire, the outlook for gold is now extremely bullish, with some analysts setting price targets as high as $3,000 in 2024.

But, the real question is, what’s the best way to play it?

Many investors believe this unique gold investment alternative could be the best answer.

Get the Top Plays in this Up-and-Coming Space Here

Premarket Highlights 🔎

✅ SEC Approves BTC ETFs…. For Real This Time

The U.S. Securities and Exchange Commission (SEC) has made a landmark decision, approving the creation of the first U.S. exchange-traded funds (ETFs) that directly hold bitcoin.

📊 Bitcoin's Price Surge
In anticipation of the SEC's nod, bitcoin's value soared to near two-year highs, trading just below $46,000 late on Wednesday.

This marks a significant rise from its $17,000 valuation in January 2023.

The digital currency's spike reflects the market's optimism about the regulatory development and its implications for broader crypto acceptance.

However, crypto asset prices appear to be having a muted reaction to the news. It’s another example of why “buy the rumor, sell the news,” is such a long-held Wall Street adage.

🔄 Changing the Crypto Trading Landscape
Previously, regular investors interested in digital currencies faced limited options: trading on crypto exchanges with high fees or buying products that indirectly track bitcoin.

The market already features several bitcoin-futures ETFs, but they've faced criticism for discrepancies with bitcoin's actual price.

🏦 Asset Managers Get the Go-Ahead
The SEC has greenlighted all 11 applications from prominent asset managers, including Fidelity Investments, ARK Investment Management, Grayscale Investments, and others.

These newly approved spot-bitcoin ETFs, which will directly buy and sell bitcoin, are set to start trading on Thursday.

🔍 A New Chapter in Crypto Trading
This pivotal decision by the SEC marks a significant milestone in the evolution of cryptocurrency, promising to reshape how investors engage with digital currencies and potentially broadening their appeal and accessibility.

What to Watch Today 👀

December CPI
A fresh read on inflation data could play a major role in the stock market’s performance today. A resurgence in inflation could derail the Fed’s plans to cut rates this year, so the issues remains an important one for investors. A hotter than expected read could erode investors’ confidence .

Featured Earnings 💲

• Northern Technologies International [NTIC] ... AM

• Rocky Mountain Chocolate [RMCF] ... AM

• Concrete Pumping Holdings [BBCP] ... PM

Economy 🏗

• Initial jobless claims [Jan.6] ... 8:30a

• CPI [Dec] ... 8:30a

• Core CPI [Dec] ... 8:30a

• Budget statement [Dec] ... 2:00p

Gainers

• Marti Technologies [MRT] >> +16.9%

• SAITECH [SAI] >> +17.3%

• Terawulf [WULF] >> +12.2%

Decliners

• Missfresh ADR [MFLTY] >> (95.0%)

• Loop Media [LPTV] >> (28.3%)

• Clearmind Medicine [CMND] >> (23.8%)

Transphorm [TGAN] - Last Close: $3.79

This micro-cap semiconductor firm has agreed to be acquired by Renesas Electronics in an all-cash deal with an enterprise value of about $339 million.

Transphorm shareholders will get $5.10 for each share of common stock; representing a 34.5% premium over Wednesday's closing bid.

The transaction is expected to close in the second half of 2024, subject to stockholder approval, regulatory clearances, and other conditions.

Shares of TGAN are up 27.4% on the news, with roughly 800K shares traded so far in today’s premarket.

Moolec Sciences [MLEC] - Last Close: $2.00

This tiny biotech is skyrocketing after a suffering a steep pullback over the past few days.

MLEC is down 19.6% over the past month and 47.2% over the past 6 months, but today’s jump could be a signal that the sell-off was overdone.

Shares fell 13.4% on Wednesday, despite not major announcements from the company since Nov. 17th. However, shares are surging on huge volume today.

MLEC is up 35.5% and it’s one of this morning’s most active stocks with 7 million shares traded.

Canaan [CAN] - Last Close: $2.14

This Bitcoin mining equipment producer is surging following the SEC’s approval of 11 applications for Bitcoin ETFs in Wednesday’s premarket.

Many of the most notable crypto stocks, and crypto assets themselves, have had a surprisingly weak reaction to the news, but CAN is getting a boost.

Shares are up 14.4% on over 3.1 million shares traded.

Atreca [BCEL] - Last Close: $0.1071

This VERY small float stock is racking up huge gains in today’s premarket after a private investor unveiled a major stake in the company.

Yesterday, a Form SC13G filing revealed Baker Bros. Advisors LP and 667 LP have taken a 19.99% combined passive stake in the company as of Dec. 31st.

Baker Bros. position includes upwards of 7 million shares and accounts for an 18.29% ownership stake.

News of the Smart Money’s interest boosted this tiny stock to an 85.5% gain on 30 million shares traded in today’s premarket.

That's it for today! Thanks for reading, and good luck out there!

Best Regards,

— Chris D.
Elite Trade Club

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