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At the bottom of the long island iced tea – Cessation time?

Abhishek Anil



At the bottom of the long iceland tea - Cessation time?
Source: Pixabay

Nasdaq Stock Market, in an announcement, has decided to delist. Long Blockchain Corp, the former soft drink manufacturer converted to Blockchain Development company. They had received a delisting determination letter which was related to the companies stock.

Despite the delisting, LBCC has announced that it will remain a public company and that its shares will be traded publically. It will continue to comply with all the SEC rules and regulations which applied to companies that operate under the exchange act. It has announced that it intends to apply for its stock to be traded and quoted on the QTCQB Market and the common stock owned by the company will be eligible for quotation of trading in the OTC markets which operates the Pink current information tier.

They quoted:

“LBCC will remain a public company following the delisting and its shares will continue to trade publicly. … The Company will continue to maintain an independent Board of Directors with an independent Audit Committee and provide annual financial statements audited by a Public Company Accounting Oversight Board (PCAOB) auditor and unaudited interim financial reports, prepared in accordance with U.S. generally accepted accounting principles (GAAP).”

This news comes in light of the company which was previously an iced tea and lemonade company which made a move to invest in Bitcoin machinery, following which it saw its stock valuation rise up by as much as 500%. The company issued a press release stating that Nordic Data Centre will see the deployment of the cryptocurrency mining equipment.

LBCC is working towards acquiring Hashcove, which is a company based in the UK and specializes in developing distributed ledger technology solutions. Hashcove has planned various application for the blockchain technology which includes platforms for tokens, crypto exchanges, wallets, contracts for initial coin offerings [ICO], Know-your-Customer [KYC] and clearing technology on the blockchain.

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SEC delays VanEck Bitcoin ETF decision days after delaying Bitwise proposed rule change





SEC delays VanEck Bitcoin ETF decision days after delaying the Bitwise proposed rule change
Source: Unsplash

The Securities and Commission Exchange [SEC] has yet again delayed another Bitcoin ETF. This time around, the commission has decided to delay the VanEck Soldix Bitcoin ETF, one of the most awaited exchange-traded funds in the cryptocurrency community.

In the document released today, the exchange has asked for more comments on the proposed rule change and has also asked for further information on queries related to the exchange-traded fund. The commission stated that it has received 25 comments on the proposed rule change so far.  It stated,

“On January 30, 2019, Cboe BZX Exchange, Inc. […] filed with the Securities and Exchange Commission, […] a proposed rule change to list and trade shares of SolidX Bitcoin Shares issued by the VanEck SolidX Bitcoin Trust […] The proposed rule change was published for comment in the Federal Register on February 20, 2019.”

It further stated

“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to disapprove the proposed rule change.”

Notably, the main concerns of the commission continue to be market manipulation and the measure taken by the platform to protect its investors. The commission is currently seeking comments on 14 queries pertaining to the VanEck Bitcoin ETF.

This includes the views of the ‘commenters’ on whether the exchange has entered “into a surveillance-sharing agreement with a regulated market of significant size related to bitcoin?”, the relationship between the Bitcoin futures markets and the Bitcoin spot market, with the focus being price formation, the relationship between the Bitcoin futures market and the proposed Bitcoin ETF, and the commenters’ views “of the Exchange’s assertions that bitcoin is arguably less susceptible to manipulation than other commodities that underlie ETPs”.

Gabor Gurbacs, Director of Digital Assets Strategy with VanEck said on Twitter,

“The VanEck SolidX #Bitcoin #ETF decision has been postponed by the SEC. We continue the hard work towards better-regulated, safer and more liquid digital assets markets. Bitcoin is too big to ignore. Vires in numeris!”

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