NFT sells for $69M / Binance wont go public / New Bitcoin ETF?

Beeple's NFT artwork sold for $69M this morning at Christie's auction

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An NFT (Non-Fungible Token) art piece made by digital artist Beeple sold at Christie's auction today for over $69M. It is the most expensive NFT ever sold.  More:  The artwork is also the third-highest sale by any living artist ever, only beaten by Jeff Koons' rabbit sculpture at $91.1M and a painting by David Hockney satirized in the TV show "BoJack Horseman" at $90.3M.  Beeple, whose real name is Mike Winkelmann, set out in 2007 to post a new work of digital art every day for the rest of his life and hasn't missed a single day, garnering some fame in the process.  Titled "The First 5,000 Days," the piece is a collage of Beeple's first 5,000 digital artworks.  Beeple broke his own record for the most expensive NFT sold after setting the bar at $6.6M when selling one of his pieces earlier this year.  Earlier this week, Twitter CEO Jack Dorsey announced that proceeds from the auction of his first-ever tweet turned into an NFT will be donated to Give Directly's COVID-19 Africa relief program.  The current bid for Dorsey's tweet is $2.5M. This story first appeared in Inside Business. You can read the full issue here.

Binance, one of the world's largest centralized exchanges, has no immediate plans to go public. According to CEO Changpeng Zao, or "CZ", the company is happy to stay private despite competitor Coinbase's plans to IPO this month.  More:  In an interview with Coindesk, CZ also commented on Coinbase's IPO and stated that he believes the $100B valuation for the company was too low.  This week, Binance also added a former U.S. senator, Maxwell Baucus, to its advisory team.  Baucus previously served as an ambassador to China for the U.S. under Barack Obama and will now be a government-relations and policy adviser for the exchange.

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A proposed new ETF may indirectly allow traditional market investors to get exposure to bitcoin, despite the U.S. having blocked many attempts to do so. If the ETF gets regulatory approval from the SEC, it would trade on the Nasdaq under the ticker “SPBC.” More:  According to a proposal submitted to the SEC, the "Simplify U.S. Equity PLUS Bitcoin ETF" would invest in bitcoin directly through the Grayscale Bitcoin Trust.  The Grayscale Bitcoin Trust investment would make up 15% of the ETF, with the other 85% being made up of traditional stocks.  The Grayscale Bitcoin Trust is the world's largest Bitcoin fund, and Grayscale Investments, which runs the trust, currently has $42.1B in assets under management.  The U.S. has yet to approve a Bitcoin ETF, however Canada has recently approved several.

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Michael Tant is a Business Researcher at Inside. He's passionate about economics, technology, crypto, and investing. Editor Charlotte Hayes-Clemens is an editor and writer based in Vancouver. She has dabbled in both the fiction and non-fiction world, having worked at HarperCollins Publishers and more recently as a writing coach for new and self-published authors. Proper semi-colon usage is her hill to die on.

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