Grayscale Investments, the sponsor of Grayscale Bitcoin Mini Trust (NYSE Arca:BTC), has announced its plan to rename the trust to Grayscale Bitcoin Mini Trust ETF. The change is set to take effect on November 4, 2024, with an amendment to the Trust Agreement reflecting this new development. Trading under the new name on NYSE Arca will commence on the same date, with the ticker symbol "BTC" remaining unchanged. Current stock certificates for the trust will remain valid and need not be exchanged. This move does not affect the trust structure or operations, and it is based on information from an 8-K filing with the SEC.
In other recent news, Canaan Inc (NASDAQ:CAN). has been the subject of a positive analyst outlook from Rosenblatt, which initiated coverage of the company with a Buy rating and a price target of $3.00. This bullish stance is attributed to Canaan's advantageous position ahead of a predicted Bitcoin bull market, as well as the company's superior ASIC chip technology used in Bitcoin mining machines. Rosenblatt highlighted the doubling of Canaan's revenue since the Bitcoin halving event in April 2024, a testament to the performance, energy efficiency, and durability of its technology.
Recent developments also include anticipated growth in demand for Canaan's products, with the upcoming launch of its A15 and A16-based rigs. Rosenblatt points to Canaan's strategy to increase its self-mining revenue, a process where the company uses its own rigs to mine cryptocurrencies, as potentially leading to more profitable outcomes. Additionally, the firm noted the advantage of Canaan's ruggedized rigs that can operate in harsh environments, allowing for mining operations in areas with low-cost energy resources, potentially reducing operational costs and enhancing profitability.
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