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ResearchThree Things (8/30)

Three Things (8/30)

Aug 30, 2023

“The denial of Grayscale’s proposal was arbitrary and capricious because the Commission failed to explain its different treatment of similar products.” - Circuit Judge Neomi Rao for the District of Columbia

A win for crypto

Grayscale Investments is edging closer to the long-awaited launch of a Bitcoin ETF in the U.S. In a major moment for the crypto industry, an appeals panel overturned the SEC’s prior decision to block the fund. Crypto assets spiked on the news, with its global market cap rising by more than $50 billion on Tuesday. 

A Bitcoin ETF would be the first of its kind, as the only currently approved Bitcoin ETFs are linked to futures, not the actual currency. Grayscale says that the ETF conversion could unlock a value of $5.7 billion from its trust by making it easier to create and redeem shares. After a year of grappling with regulators and corporate setbacks, the decision is certainly cause for optimism. 

Analyst A+ team

Investment manager Citadel is on a quest for financial prodigies. From a pool of 69,000 applicants, 14 exceptional students have been cherry-picked for an 11-week boot camp in Hong Kong, with a mission to become math and coding wizards armed with skills for modern finance.

“There’s only a finite pool of truly exceptional students,” said Kristina Martinez, Citadel’s managing director in charge of human resources in Asia-Pacific. With other financial services leaders and tech giants alike bidding for the same talent, competition is only getting fiercer. (Bloomberg)

Corporate shake-ups

Major players like Adidas, Adobe, IBM, and Salesforce are reshaping their workforce through reassignments as part of broader corporate restructurings. The spotlight on reassignment during earnings calls has intensified, reflecting both strategic workforce adjustments and potential staff encouragement to exit on their own terms.

While reassignments can serve as a cost-effective alternative to layoffs and facilitate cost-cutting measures, they also act as an unspoken nudge for employees to consider leaving voluntarily. As companies navigate an uncertain economic climate, reassignment has emerged as a favored strategy for retaining valuable talent while making strategy pivots. (WSJ)

As of writing this newsletter, ADBE is a holding in Titan Flagship and BTC is a holding in Titan Crypto.


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