Crypto Comedy: Gemini’s Custody Capers with Evolve ETFs!

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Ah, the illustrious crypto exchange, Gemini, has taken upon itself the noble task of safeguarding the assets of Evolve’s audaciously leveraged Bitcoin and Ether ETFs. One might say they are the gallant knights of the digital realm, valiantly optimizing returns through the artful borrowing of cash. 🏰💰

Founded by the illustrious Winklevoss twins, this cryptocurrency exchange has donned the custodian’s mantle for the Canadian asset manager Evolve Funds’ freshly minted leveraged Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds, LBIT and LETH. These funds, which began their theatrical performance on the Toronto Stock Exchange this past Tuesday, offer what Evolve so modestly dubs “modestly leveraged” exposure to the eager retail investors. One can only imagine the excitement! 🎭📈

In a rather grandiloquent blog announcement, Gemini proclaimed that these ETFs aspire to provide investors with a tantalizing 1.25x exposure to BTC and ETH. They have chosen the path of cash borrowing, eschewing the more traditional derivatives, to amplify returns. Evolve ETFs assures us that these products will “rely on cash borrowing to amplify returns that will optimize the costs of the leverage for the funds.” A veritable feast of financial wizardry! 🧙‍♂️✨

“As Canada’s first modestly leveraged crypto ETF offerings available to retail investors, these products exemplify the spirit of innovation that defines today’s rapidly changing digital assets industry.”

Evolve ETFs

Gemini, in its infinite wisdom, has pointed out that its custody services are fortified by “SOC 1 Type 2 and SOC 2 Type 2 security examinations by Deloitte.” They assure us that assets will be “segregated on our internal ledger for the benefit of fund owners.” How reassuring! One can sleep soundly knowing their assets are tucked away safely. 🛌🔒

This partnership emerges as the New York-based crypto exchange, buoyed by the Winklevoss twins—those dashing figures of the digital age—has been courting the likes of Goldman Sachs and Citigroup for a potential public offering. Rumor has it, this grand unveiling could occur as soon as this year, though the final decision remains as elusive as a well-placed Bitcoin. 🕵️‍♂️💼

As noted by crypto.news, the twins have been rather vocal in their support of U.S. President Donald Trump during the election cycle. His potential return to the White House is viewed by many as a boon for the crypto industry. One can only hope that the winds of fortune blow favorably for our digital assets! 🍀🇺🇸

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2025-03-20 16:26