Latest news with #Cboe
Yahoo
4 hours ago
- Business
- Yahoo
Solana Staking ETF Opens for Trade, Becoming First Such U.S. Crypto Staking Product
REX Shares and Osprey Funds have selected Anchorage Digital as the exclusive custodian and staking partner for their newly launched REX-Osprey Solana + Staking ETF (SSK), the first crypto staking exchange-traded fund (ETF) listed in the U.S. The fund, which offers investors exposure to Solana (SOL) while generating staking rewards, began trading Wednesday on the Cboe exchange Wednesday at $25.47 per share. Unlike existing spot bitcoin and ethereum ETFs, which fall under different regulatory frameworks, SSK is registered under the Investment Company Act of 1940. That means a qualified custodian — not the fund issuer — is required to hold the underlying assets. Anchorage Digital, currently the only federally regulated bank authorized to both custody and stake digital assets, will fill that role. 'Staking is the next chapter in the crypto ETF story," said Nathan McCauley, CEO and co-founder of Anchorage Digital, in a release. "The launch of crypto staking ETFs marks a win for consumers and a significant step forward in full access to the crypto ecosystem." The ETF gives investors indirect exposure to Solana while also participating in the blockchain's staking mechanism, which provides additional yield by helping to secure the network. Staking allows holders of certain cryptocurrencies to earn rewards by locking their tokens into the network, a process that previously required technical know-how and direct interaction with crypto protocols. By packaging staking into an ETF structure, REX Shares and Osprey aim to make that process accessible to a wider range of investors through traditional brokerage accounts. SOL is higher by 2% over the past 24 hours to $150. The SSK launch comes as the crypto ETF market continues to evolve beyond bitcoin and ether, with issuers exploring new ways to bring blockchain-based products to regulated exchanges. The introduction of staking ETFs marks a new phase for the industry, combining income-generating features with exposure to digital assets, all within an SEC-regulated investment in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Arabian Post
a day ago
- Business
- Arabian Post
Regulator Poised to Simplify Token-Based ETF Listings
The Securities and Exchange Commission is developing a standardised framework that would allow token-based exchange-traded funds to list directly on exchanges, without requiring individual Rule 19b‑4 filings. The initiative, still in early stages, would set eligibility criteria—such as specific thresholds for market capitalisation, trading volume and liquidity—to determine which tokens qualify for streamlined launches. This approach echoes previous SEC moves: in 2016, actively managed ETFs gained generic listing access under Rule 19b‑4, bypassing lengthy approval processes. Exchanges such as NYSE, Nasdaq and Cboe laid the groundwork by integrating uniform listing standards for index-based and active ETFs, paving the way for this token-focused evolution. In May, Nasdaq formally proposed Rule 5703 to facilitate generic listing of multi-class ETFs, provided they align with Rule 6c‑11 and relevant exemption orders—allowing shares to debut without SEC review per fund. Similarly, Cboe sought generic listing permission for commodity-based ETFs to enable immediate options trading once criteria are met. The current SEC effort extends that logic to the burgeoning field of digital asset tokens. ADVERTISEMENT Nasdaq has suggested the SEC adopt consistent standards for spot crypto ETPs under the 1933 Act, arguing that futures-based equivalents have already benefited from generic listing systems. This dovetails with mounting interest in regulated spot token funds, evidenced by amendments to listings such as Solana ETFs by issuers including 21Shares and Bitwise. Under the envisaged standard, exchanges would apply objective, measurable thresholds—minimum market cap, daily volume and liquidity—to lists of token ETPs. Meeting these thresholds would allow issuers to bypass the full Rule 19b‑4 paperwork and associated months-long wait. Exchanges would retain responsibility for ongoing surveillance, as required by Section 19b‑4, ensuring investor protection and market integrity. Stakeholders believe the move could vastly reduce time-to-market and cut legal and administrative costs. Industry analysts have highlighted that current Rule 19b‑4 reviews often delay ETF launches by months, even years. Exchanges argue that objectively defined generic standards provide predictability and efficiency—benefits that appear essential in digital asset markets known for rapid innovation. Critics caution, however, that token assets may present unique compliance and market-risk considerations. Spot crypto markets, for instance, remain vulnerable to manipulation, price fragmentation and regulatory uncertainty. Ensuring adequate surveillance and governance, they warn, is material to the standard's success. To address this, exchanges plan to build in monitoring mechanisms, adaptation of surveillance regimes, and safeguards to delist or suspend tokens that fail to maintain standards. Similar models have been applied to options on commodity ETFs and multi-class ETF shares, suggesting a tested regulatory infrastructure. The SEC's token-ETF framework is likely to include consultation with market participants and exchanges, incorporating feedback from recent proposals such as Nasdaq's push for spot crypto ETP generic listing. Legal advisors emphasise the importance of clear, data-driven criteria to withstand Rule 19b‑4's statutory requirement for investor protection. Key players expected to benefit include token issuers, established asset managers entering crypto, and intermediaries seeking to offer exchange-traded token exposure. Streamlined listing could also encourage institutional investors to enter the token market with confidence, potentially increasing adoption and liquidity. Within the regulatory community, observers note that the SEC is mindful of its 2024 approval of spot Ether ETFs via individual 19b‑4 forms; a broader listing standard could expand this success to a wider array of digital assets. Meanwhile, pending amendments relating to token staking in ETFs—such as those Cboe filed in March—underscore the growing diversity within crypto-linked products. As deliberations progress, industry and legal experts are analysing possible criteria thresholds, surveillance protocols, and whether the framework will initially apply only to spot token ETPs or extend to futures and hybrid products. Exchanges appear to favour a phased approach, beginning with established tokens that already meet basic listing requirements.
Business Wire
2 days ago
- Business
- Business Wire
Cybin Reports Fiscal Year 2025 Financial Results and Recent Business Highlights
TORONTO--(BUSINESS WIRE)-- Cybin Inc. (NYSE American:CYBN) (Cboe Canada CA:CYBN) (' Cybin ' or the ' Company '), a clinical-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options, today reported audited financial results for its fiscal year ended March 31, 2025, and recent business highlights. 'During the past 12 months, we have continued to focus on building out the strong foundation that underpins the clinical and regulatory milestones we anticipate in the coming year,' said Doug Drysdale, Chief Executive Officer of Cybin. 'Heartened by U.S. Food and Drug Administration Commissioner Dr. Martin Makary's recent comments in support of prioritizing this innovative scientific work, as well as the burgeoning government and media attention the field is receiving, we remain steadfastly committed to advancing our two lead programs, CYB003 and CYB004, toward potential approval and commercialization.' 'Developing novel therapies to address the unmet need in mental health care requires dedication, scientific rigor, and the integration of expertise across domains. To help us accelerate our clinical goals, we have entered into several strategic collaborations, including with Osmind and Thermo Fisher Scientific, and have formed strategic partnership agreements among our clinical trial sites. In this way, we leverage the competencies, resources, and infrastructures of these key stakeholders with a goal of expediting the development pathway. Cybin's lead clinical programs – CYB003, our Phase 3 pivotal program for the adjunctive treatment of major depressive disorder, and CYB004, our Phase 2 program in generalized anxiety disorder – continue to advance, and we look forward to sharing future updates.' Recent Business and Pipeline Highlights: Announced additional strategic clinical site partnerships ('SPAs') to support PARADIGM. The SPAs are designed to facilitate collaboration among sites, cultivate long-term partnerships, enhance efficiency in trial operations, and improve overall site performance. Engaged Thermo Fisher Scientific, a world-class manufacturing partner, to provide U.S.-based manufacturing for the CYB003 program. Thermo Fisher Scientific offers leading Contract Development and Manufacturing Organization services and has a successful track record across the manufacturing spectrum. Cybin broadened its existing strong relationship with Thermo Fisher Scientific to include the development of both the drug substance and drug product capsules for CYB003. Cybin has engaged Thermo Fisher Scientific as its manufacturing partner in the United States, including partnering with Thermo Fisher Scientific's pharma services sites in Florence, South Carolina, for Phase 3 clinical supply and future commercialization, and Cincinnati, Ohio, for Phase 3 capsule production. Partnered with Osmind, a leading service provider to psychiatry practices in the U.S., with the objective of accelerating commercial preparation for clinical-stage pipeline. Osmind advances psychiatry through technology and services to bring innovative mental health treatments to patients in need. Cybin expects to leverage Osmind's 800-clinic network, point-of-care software, and real-world data to support commercial preparation for its clinical-stage pipeline. Strengthened intellectual property portfolio with two additional U.S. patents in support of lead clinical programs CYB003 and CYB004. To-date, Cybin's growing intellectual property portfolio comprises more than 90 granted patents and over 230 pending applications. The recently issued patents are as follows: U.S. patent 12,291,499 includes pharmaceutical compositions and oral dosage forms within the CYB003 program with expected exclusivity until 2041. U.S. patent 12,318,477 is expected to provide exclusivity until 2040 and includes claims to novel formulations of DMT and deuterated isotopologues for intramuscular injection, including CYB004. Clinical Program Update CYB003: Summary of Phase 2 12-Month Efficacy Data in MDD Patients 100% of participants receiving two doses of 16 mg were responders. 71% of participants receiving two doses of 16 mg were in remission. Mean change from baseline in MADRS was approximately -23 points after two 16 mg doses. CYB004: Phase 2 proof-of-concept study in generalized anxiety disorder ('GAD') is underway The Phase 2 study is a randomized, double-blind study evaluating the safety and efficacy of CYB004 in participants with GAD, with concomitant antidepressant/anxiolytic treatment and co-morbid depression allowed. The Phase 2 study is being conducted at sites in the U.S. and is expected to complete around mid-2025. 1 Q4 and Fiscal-Year 2025 Financial Highlights Cash totaled C$135 million as of March 31, 2025. Net loss was C$31 million for the quarter ended March 31, 2025, compared to a net loss of C$21 million in the same period last year. Net loss was C$113 million for the year ended March 31, 2025, compared to a net loss of C$78 million in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled C$31 million for the quarter ended March 31, 2025, compared to C$24 million, in the same period last year. Cash-based operating expenses consisting of research, general, and administrative costs totaled C$100 million for the year ended March 31, 2025, compared to C$65 million, in the same period last year. Cash flows used in operating activities were C$21 million for the quarter ended March 31, 2025, compared to C$21 million in the same period last year. Cash flows used in operating activities were C$101 million for the year ended March 31, 2025, compared to C$69 million in the same period last year. About Cybin Cybin is a late-stage breakthrough neuropsychiatry company committed to revolutionizing mental healthcare by developing new and innovative next-generation treatment options to address the large unmet need for people who suffer from mental health conditions. With promising proof-of-concept data, Cybin is working to change the mental health treatment landscape through the introduction of intermittent treatments that provide long lasting results. The Company is currently developing CYB003, a proprietary deuterated psilocin analog, in Phase 3 studies for the adjunctive treatment of major depressive disorder and CYB004, a proprietary deuterated N, N-dimethyltryptamine molecule in a Phase 2 study for generalized anxiety disorder. The Company also has a research pipeline of investigational, 5-HT-receptor focused compounds. Founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom, the Netherlands and Ireland. For Company updates and to learn more about Cybin, visit or follow the team on X, LinkedIn, YouTube and Instagram. Notes: There is no assurance that timelines will be met. Anticipated timelines regarding the initiation, advancement and results of clinical trials are based on reasonable assumptions informed by current knowledge and information available to the Company. See 'Cautionary Notes and Forward-Looking Statements'. Cautionary Notes and Forward-Looking Statements Certain statements in this news release relating to the Company are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, 'forward-looking statements') and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as 'may', 'should', 'could', 'potential', 'possible', 'intend', 'estimate', 'plan', 'anticipate', 'expect', 'believe' or 'continue', or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the Company's plans to complete its Phase 2 study for CYB004 around mid-year 2025; the ability of the Company to enroll participants and add additional clinical sites for the PARADIGM program; the Company's expectation to enroll 220 participants at approximately 45 clinical sites across the United States for the APPROACH study; initiation of EMBRACE study around mid-year 2025; the anticipated approval and commercialization of CYB003 and CYB004; the ability to accelerate commercial preparation of clinical-stage programs through the Company's partnership with Osmind; and the Company's plans to engineer proprietary drug discovery platforms, innovative drug delivery systems, novel formulation approaches and treatment regimens for mental health conditions. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to materially differ from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: fluctuations in general macroeconomic conditions; fluctuations in securities markets; expectations regarding the size of the psychedelics market; the ability of the Company to successfully achieve its business objectives; plans for growth; political, social and environmental uncertainties; employee relations; the presence of laws and regulations that may impose restrictions in the markets where the Company operates; implications of disease outbreaks on the Company's operations; and the risk factors set out in each of the Company's management's discussion and analysis for the year ended March 31, 2025 and the Company's annual information form for the year ended March 31, 2025, which are available under the Company's profile on SEDAR+ at and with the U.S. Securities and Exchange Commission on EDGAR at Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Readers should not place undue reliance on the forward-looking statements contained in this news release. The Company assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law. Cybin makes no medical, treatment or health benefit claims about Cybin's proposed products. The U.S. Food and Drug Administration, Health Canada or other similar regulatory authorities have not evaluated claims regarding psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds. The efficacy of such products has not been confirmed by approved research. There is no assurance that the use of psilocin, psychedelic tryptamine, tryptamine derivatives or other psychedelic compounds can diagnose, treat, cure or prevent any disease or condition. Rigorous scientific research and clinical trials are needed. If Cybin cannot obtain the approvals or research necessary to commercialize its business, it may have a material adverse effect on Cybin's performance and operations.
Yahoo
3 days ago
- Business
- Yahoo
Options Markets Show Traders Reposition as Mideast Tension Fades
(Bloomberg) -- Stocks hit record highs last week and energy futures retreated after Middle East tensions eased. But in some parts of the options markets, there are still signs of stress as investors position for potential geopolitical and macroeconomic upsets. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown Sao Paulo Pushes Out Favela Residents, Drug Users to Revive Its City Center In the short term, equity investors are getting more bullish, with the premium for puts shrinking. But longer term, skew has barely changed, signaling less enduring optimism. Likewise, longer-dated futures on the Cboe Volatility Index have remained higher, showing more deferred angst around the economic impact of tariffs. 'Derivative markets have not fully returned to February levels,' Rocky Fishman, the founder of research firm Asym 500 LLC, wrote in a note Friday. 'This shows a justifiable lasting effect of April's volatility. The VIX futures curve has steepened, leaving the six-month area of the curve at a level that was rare in much of 2023-24.' There were signs of VIX call buying last week, when the Cboe VVIX Index — the so-called vol of vol — dropped below 90, which has been the lower end for the measure since last July. Oil markets are also slow to fully recover from the Israel-Iran conflict, even as attention is turning back to economic and fundamental factors. Brent implied volatility has fallen to the levels from early June, and the skew is flat, indicating there's no bullish or bearish bias. Still, bets for crude swings hold a wider premium to equities, after the S&P 500 Index's rally to a peak has put options under pressure. In a note last week, JPMorgan Chase & Co. derivatives strategists including Emma Wu suggested equity-oil hybrid trades, saying crude prices could rise should Middle East stress flare back up just as stocks may fall with interest rates staying higher for longer. While correlation between the two asset classes recently reached a high, they highlighted that the relationship tends to turn negative in periods of geopolitical tension. The fast-evolving geopolitical situation has given many investors whiplash. Hedge funds and other large money managers cut their net-long positions in Brent crude futures and options by the most since early April in the week through June 24, according to ICE Futures Europe data, after building up the largest bullish position in 11 weeks. And it's not just for oil. In the European natural gas market, trend-following Commodity Trading Advisors flipped to 18% net shorts from 9% net longs last Tuesday, according to data from Bridgeton Research Group LLC. The algorithms often exacerbate market moves, making it harder for traders with physical exposure to navigate the market. One area that has seen a rare influx of investor interest has been calendar spreads on crude oil, with options open interest reaching a record high this month. In an unusual situation, traders had bet that short-term tightness could reverse to a glut as OPEC and other producers add barrels to the market just as an uncertain economic outlook risks crimping demand. That 'hockey-stick' shaped curve — which disappeared due to the Israel-Iran attacks — has reverted to where it was three weeks ago. 'The sharp drop in the geopolitical risk premium likely reflects traders' recent experiences with major geopolitical shocks without significant oil disruptions, Iran's restrained response, strong US and China incentives to avoid large disruptions, and the likely shift to large inventory builds from the fall,' Goldman Sachs Group Inc. analysts including Yulia Zhestkova Grigsby and Daan Struyven wrote in a note. --With assistance from Alex Longley. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P.
Yahoo
3 days ago
- Business
- Yahoo
Options Markets Show Traders Reposition as Mideast Tension Fades
(Bloomberg) -- Stocks hit record highs last week and energy futures retreated after Middle East tensions eased. But in some parts of the options markets, there are still signs of stress as investors position for potential geopolitical and macroeconomic upsets. Philadelphia Transit System Votes to Cut Service by 45%, Hike Fares US Renters Face Storm of Rising Costs Squeezed by Crowds, the Roads of Central Park Are Being Reimagined Sprawl Is Still Not the Answer Mapping the Architectural History of New York's Chinatown In the short term, equity investors are getting more bullish, with the premium for puts shrinking. But longer term, skew has barely changed, signaling less enduring optimism. Likewise, longer-dated futures on the Cboe Volatility Index have remained higher, showing more deferred angst around the economic impact of tariffs. 'Derivative markets have not fully returned to February levels,' Rocky Fishman, the founder of research firm Asym 500 LLC, wrote in a note Friday. 'This shows a justifiable lasting effect of April's volatility. The VIX futures curve has steepened, leaving the six-month area of the curve at a level that was rare in much of 2023-24.' There were signs of VIX call buying last week, when the Cboe VVIX Index — the so-called vol of vol — dropped below 90, which has been the lower end for the measure since last July. Oil markets are also slow to fully recover from the Israel-Iran conflict, even as attention is turning back to economic and fundamental factors. Brent implied volatility has fallen to the levels from early June, and the skew is flat, indicating there's no bullish or bearish bias. Still, bets for crude swings hold a wider premium to equities, after the S&P 500 Index's rally to a peak has put options under pressure. In a note last week, JPMorgan Chase & Co. derivatives strategists including Emma Wu suggested equity-oil hybrid trades, saying crude prices could rise should Middle East stress flare back up just as stocks may fall with interest rates staying higher for longer. While correlation between the two asset classes recently reached a high, they highlighted that the relationship tends to turn negative in periods of geopolitical tension. The fast-evolving geopolitical situation has given many investors whiplash. Hedge funds and other large money managers cut their net-long positions in Brent crude futures and options by the most since early April in the week through June 24, according to ICE Futures Europe data, after building up the largest bullish position in 11 weeks. And it's not just for oil. In the European natural gas market, trend-following Commodity Trading Advisors flipped to 18% net shorts from 9% net longs last Tuesday, according to data from Bridgeton Research Group LLC. The algorithms often exacerbate market moves, making it harder for traders with physical exposure to navigate the market. One area that has seen a rare influx of investor interest has been calendar spreads on crude oil, with options open interest reaching a record high this month. In an unusual situation, traders had bet that short-term tightness could reverse to a glut as OPEC and other producers add barrels to the market just as an uncertain economic outlook risks crimping demand. That 'hockey-stick' shaped curve — which disappeared due to the Israel-Iran attacks — has reverted to where it was three weeks ago. 'The sharp drop in the geopolitical risk premium likely reflects traders' recent experiences with major geopolitical shocks without significant oil disruptions, Iran's restrained response, strong US and China incentives to avoid large disruptions, and the likely shift to large inventory builds from the fall,' Goldman Sachs Group Inc. analysts including Yulia Zhestkova Grigsby and Daan Struyven wrote in a note. --With assistance from Alex Longley. America's Top Consumer-Sentiment Economist Is Worried How to Steal a House Inside Gap's Last-Ditch, Tariff-Addled Turnaround Push Apple Test-Drives Big-Screen Movie Strategy With F1 Luxury Counterfeiters Keep Outsmarting the Makers of $10,000 Handbags ©2025 Bloomberg L.P.
