Senate Sets December 8 Vote on Trump’s NASA Nominee Jared Isaacman 
Baidu Cuts Jobs as AI Competition and Ad Revenue Slump Intensify 
YouTube Agrees to Follow Australia’s New Under-16 Social Media Ban 
Hikvision Challenges FCC Rule Tightening Restrictions on Chinese Telecom Equipment 
Banks Consider $38 Billion Funding Boost for Oracle, Vantage, and OpenAI Expansion 
Microchip Technology Boosts Q3 Outlook on Strong Bookings Momentum 
Apple Appoints Amar Subramanya as New Vice President of AI Amid Push to Accelerate Innovation 
Quantum Systems Projects Revenue Surge as It Eyes IPO or Private Sale 
Australia Moves Forward With Teen Social Media Ban as Platforms Begin Lockouts 
Apple Leads Singles’ Day Smartphone Sales as iPhone 17 Demand Surges 
TSMC Accuses Former Executive of Leaking Trade Secrets as Taiwan Prosecutors Launch Investigation 
Anthropic Reportedly Taps Wilson Sonsini as It Prepares for a Potential 2026 IPO 
Morgan Stanley Boosts Nvidia and Broadcom Targets as AI Demand Surges 
Amazon and Google Launch New Multicloud Networking Service to Boost High-Speed Cloud Connectivity 
Norway’s Wealth Fund Backs Shareholder Push for Microsoft Human-Rights Risk Report 
Samsung Launches Galaxy Z TriFold to Elevate Its Position in the Foldable Smartphone Market 
Coinbase, the leading crypto wallet and exchange platform in the U.S., has been making a lot of big moves to expand its reach in the industry. The most recent one is the opening of its index fund, which aims to unlock the untapped potential of industry investors who have been reluctant to enter the crypto market, Cointelegraph reported.
These investors make up one of the factors that Fundstrat tactician Tom Lee said can potentially push Bitcoin’s (BTC) trading value to $25,000. And the cryptocurrency is indeed included in the index fund that Coinbase just opened.
Aside from BTC, Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum Classic (ETC) are also on the index’s list, with the last one being the most recent addition to Coinbase’s operation. The company announced the creation of the fund last March, and Coinbase described it as something that would alleviate the fears of institutional investors. These fears include security and regulatory compliance.
It should be noted that the San Francisco-based crypto exchange recently acquired securities dealer Keystone Capital. This would allow Coinbase to operate under the Keystone license, which can then help transform itself into a fully regulated broker-dealer by the U.S. Securities and Exchange Commission.
As for the index fund, the company will allow authorized investors from the U.S. who will pour in anything from $250,000 to $20 million. These investors should also earn more than $200,000 a year or has a net worth of more than $1 million.
If Coinbase manages to draw in these huge players, the prediction of Tom Lee might come true. Bullish claims like this aren’t new in the crypto world and some are even pushing their speculations way beyond Lee’s number.
Tim Draper, for instance, stands firm in his belief that BTC can reach a $250,000 value in 2022. However, the cryptocurrency isn’t doing well in the market as it recently fell below the $7,000 threshold and is now trading at $6,673 as of this writing.
