Among the financial titans cleared to sell “exchange traded funds” that invest directly in bitcoin are Boston’s Fidelity Investments, along with other heavies such as BlackRock and VanEck. On Fidelity’s investment platform, one of the largest in the world, you can nowbuy these ETFs right alongside regular stocks and bonds.
Franklin Templeton, another investment giant, on Thursday posted a picture of its Ben Franklin avatar featuring the ‘laser eyes’ meme, usually used by crypto superfans on social media to embellish their profile pictures with a tongue-in-cheek, futuristic vibe.
“It’s a very big deal but possibly not for some of the reasons people have been excited on X, and all the memes and jokes of the last few hours,” said Christian Catalini, founder of the MIT Cryptoeconomics Lab. “It’s a very important step toward bitcoin establishing itself as an important, new asset class that traditional finance institutions can directly engage with.”
(Catalini is also cofounder of the bitcoin payments company Lightspark.)
If you have not been paying attention to crypto following the market crushing implosion of the FTX exchange fourteen months ago, this might surprise you: Despite mounting regulatory and economic setbacks, crypto was a top market performer in 2023.
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Bitcoin, the largest and most valuable cryptocurrency, surged 154 percent last year. Meanwhile, the Standard & Poor’s 500 index gained 24 percent, and Nasdaq rose some 44 percent.
All this was happening as one-time FTX chief executive Sam Bankman-Fried went on trial — and was convicted — for the fraud associated with his firm’s collapse.
Sam Bankman-Fried, cofounder of FTX Cryptocurrency Derivatives Exchange, departed from court in New York on Jan. 3, 2023. Stephanie Keith/Bloomberg
“It’s been a wild ride to see the belief system of this industry come to fruition,” said Dave Balter, chief executive at FlipSide Crypto,a Cambridge firm that specializes in crypto data analysis. “The ‘big deal’ on a personal level’s a spiritual one, where disbelievers and contrarians now recognize why our conviction has never wavered.”
But even as some big names have come along to the crypto world, there are some high-profile holdouts — and they’re airing some of the same critiques that have faced crypto for years. Namely, bitcoin and other cryptocurrencies have always been among the riskiest, most volatile investments — prone to wild swings in value that are difficult to predict.
Vanguard, the bastion of plain-vanilla index funds, said it was not planning to offer bitcoin ETFs through its brokerage even as its competitors rushed to do so.
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“Our perspective is that these products do not align with our offer focused on asset classes such as equities, bonds, and cash, which Vanguard views as the building blocks of a well-balanced, long-term investment portfolio,” the company said in a statement to The Wall Street Journal.
And lest anyone think crypto had lost its ability to unpleasantly surprise investors, the market took another big hit just days after the ETF approval many boosters had been eagerly awaiting. By Sunday, bitcoin had seen its price drop by upward of 10 percent from its midweek high as investors sought to take profits following the recent runup.
It was just the first week of growing pains in the relationship between bitcoin and the big-time traditional investment firms.
“It’s like communing with the enemy,” said Ryan Shea, a London-based crypto economist at the financial technology firm Trakx. “But for moms and pops to get comfortable in this world, to gain legitimacy, it’s important to get to the next level.”
The Bitcoin logo appears on the display screen of a cryptocurrency ATM in Salem, N.H. on Feb. 9, 2021.Charles Krupa/Associated Press
Traditionally, buying bitcoin or other cryptocurrencies has looked a lot different than trading more familiar investments. Investors often must create accounts with crypto exchanges such as Coinbase (though a handful of stock brokerages offer some crypto services). And for those who want maximum control of their assets’ security, there are a handful of independent “crypto wallets” to use for storage.
Compare that process to the relative ease of investing in one of these new bitcoin ETFs, which you can buy and sell in the same way you’d trade shares in Microsoft or Nvidia. While ETFs for stock and other investments have long been available to brokerage customers, this is the first time one of these funds can actually hold bitcoin.
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Already, the 11 funds approved by the SEC are battling it out over the new money in the market, and that could mean lower costs for consumers in the short term. They are competing on fees, which tend to be below 0.5 percent of assets, and some, such as ARK Investment Management, have temporarily waived fees altogether.
Bitcoin-linked products that were on the market before, including derivatives-based funds and trusts, charge as much as 2 to 3 percent.
“It’s a land grab,” said Paul Karger, cohead of Boston’s Twin Focus, a wealth adviser. “A handful of big winners will own most of the Main Street in-flows.”
Given the lower fees, these new funds may hew tothe price action of bitcoin more closely. That is something their predecessors, which were largely based on futures contracts and have been around for two years and change, have not done. This discrepancy, called ‘tracking error’ in trade lingo, occurs when an ETF’s value diverges from its underlying assets.
Matthew Walsh, of Boston blockchain investor Castle Island Ventures, said that bitcoin futures ETFs have a “tracking error,” that can reach 5 to 10 percent, while he predicts the spot ETFs will have a one-to-one correlation to the underlying price of bitcoin. “It’s a huge win for the retail investor,” Walsh said.
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Eric Biegeleisen, partner and deputy investment chief at ETF investor 3Edge, said with this move, bitcoin is a step closer to becoming a “legitimate” asset. While he likes having 11 funds to choose from, now comes the work to figure out which one he likes best. “Certainly, there are concerns right out of the gate,” he added. Chief among them are fraud and asset security.
It is going to take a huge amount of education to get investors comfortable, said Ophelia Snyder, cofounder and president of 21Shares, a financial firm that worked with ARK to create one of the new bitcoin ETFs. But the early signals show there’s a lot of potential.
“Crypto’s never seen money like this. A billion dollars is a lot of money in one day, but we saw that within the first two hours. This isn’t the same ballgame anymore.”
The Nasdaq board in Times Square displays a message as Bitcoin Spot ETF’s are launched on the Nasdaq Exchange on Jan. 11 in New York City. Stephanie Keith/Getty
Suchita Nayar can be reached at suchita.nayar@globe.com.
While you certainly do not have to wait for the beginning of the new year to overhaul your financial habits, the calendar’s fresh start can offer a natural opportunity to reassess. But all too often, when we identify an area of our life that is not quite going as planned, there is a temptation to tear it all down and start from scratch, in the form of a broad-ranging — and overwhelming — resolution.
Sometimes, though, making small tweaks to existing habits, or introducing some fresh ones, is all it takes to course correct, allowing one good financial decision to snowball into the next. Sounds more manageable, right? Read on for some ideas to get started.
1. Dial up your retirement contributions
Increasing the amount you are diverting to retirement savings is easy enough to do, and it can make a sizable impact over time. As an illustration, a “worker who raises contributions by just 1% in their mid-20s — starting at a 5% rate and bumping up to 8% over three years — could accumulate about $84,000 more by retirement than someone who never increases their rate,” said Investopedia, citing analysis by J.P. Morgan.
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While on first glance, diverting more of your funds may seem like a stretch for your budget, “often, you can increase your retirement contributions without making a meaningful difference to your current lifestyle,” especially if the increments are smaller, such as an increase of 1%, said Yahoo Finance.
2. Start tracking your spending
This is another small adjustment that can result in major shifts to your financial life, both in terms of your understanding of where your money is going and in how much you spend. Once you start paying closer attention to your expenditures, you might realize that “some impulse purchases that you shrug off on a regular basis might be having a bigger impact on your bottom line than you think,” said Citizen’s Bank. This can also provide an opportunity to evaluate whether your spending is actually aligned with your larger goals (more on that next).
There are a variety of apps you can use to make this tracking super simple, or you can always make a simple spreadsheet to update regularly.
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3. Set goals and intentionally work toward them
When it comes to saving, budgeting or investing, it can be hard to get motivated if you do not know what you are getting motivated for. Defining your financial goals, both for the short- and long-term, can provide you with some much-needed clarity, and also ensure you start taking the actions necessary to actually achieve those goals.
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What shape these goals take is entirely up to you. For instance, “one person’s goals might be to pay off their student loans and save for a down payment on a house,” while “another might want to sock away enough cash in an online bank account to start their own business down the road,” said SoFi. It is really all about making your money work for you, instead of the other way around.
Former Ghana Finance Minister Kenneth Ofori-Atta was detained by US Immigration and Customs Enforcement (ICE) on January 6 in Washington, DC, where he remains in custody at the Caroline Detention Facility in the state of Virginia. His detention follows Ghana’s December 10 formal extradition request to the US Department of Justice for Ofori-Atta, who faces 78 counts of corruption and corruption-related offenses.
ICE agents arrested Ofori-Atta around 11:00 AM at a luxury apartment complex in Washington, DC. According to the ICE Online Detainee Locator System, Ofori-Atta remains “in ICE custody” as of January 11, 2026. Ghana’s Attorney General and Minister of Justice Dr. Dominic Ayine confirmed that Ofori-Atta is represented by private legal counsel. His lawyer, Frank Davies, stated that Ofori-Atta traveled to the United States for medical treatment and that a legal challenge to his custody has been filed in court. According to a January 10, 2026 press release signed by Ghana’s Ambassador to the United States Victor Emmanuel Smith, Ofori-Atta has declined consular assistance from the Ghana Embassy.
The US State Department revoked Ofori-Atta’s visa in 2025, according to Ghana’s Attorney General Dominic Ayine. The Attorney General further emphasized that it was the visa revocation—rather than a visa overstay or expiration—that triggered US federal enforcement action. The US Department of Justice is currently reviewing Ghana’s extradition request under the “dual criminality” doctrine, which requires confirmation that the alleged financial crimes in Ghana would also be prosecutable in the United States.
Kenneth Ofori-Atta served as Ghana’s Finance Minister under former President Nana Addo Dankwa Akufo-Addo. He faces charges related to alleged corruption in multiple government contracts, including a GHS 125 million contract between the Ghana Revenue Authority (GRA) and Strategic Mobilisation Limited (SML), the $400 million National Cathedral Project, ambulance procurement for the Ministry of Health, and electricity company contracts. Ghana’s Office of the Special Prosecutor (OSP) formally charged Ofori-Atta on November 18, 2025. The OSP seeks to recover misappropriated public funds through the government’s Operation Recover All Loots (ORAL) initiative launched after the National Democratic Congress won the 2024 presidential election.
The extradition request follows a months-long effort by Ghanaian authorities to secure Ofori-Atta’s return. The OSP requested Ofori-Atta appear for questioning on February 10, 2025 via a letter dated January 24, 2025. His solicitors responded January 31, stating he had left Ghana in early January for medical treatment in the United States and was “out of the jurisdiction indefinitely for medical examinations.” The solicitors requested rescheduling and offered to provide information to aid investigations.
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On February 10, the OSP directed Ofori-Atta to provide a reasonable return date, warning that failure to comply would compel the OSP to “take all legal steps to secure his return to the jurisdiction.” His solicitors responded the same day, stating a doctor recommended he remain in the US for possible surgical intervention. The following day, February 11, his solicitors inquired whether the OSP conducted a search of Ofori-Atta’s premises, which the OSP denied.
During a February 2025 press conference, the OSP declared Ofori-Atta a fugitive, stating it was unconvinced by the medical report and disagreed that returning to Ghana would endanger his life. The OSP characterized his extended stay as “an attempt to avoid return to the jurisdiction.” By June 2025, Ghana secured a judicial arrest warrant and successfully placed Ofori-Atta on Interpol’s Red Notice database, though the notice was temporarily removed from public visibility following a challenge by the accused. The OSP transmitted a letter to the Attorney General on December 9 requesting formal extradition proceedings.
The charges against Ofori-Atta and seven other individuals include conspiracy to commit the criminal offense of directly or indirectly influencing the procurement process to obtain unfair advantage in contract awards, contrary to section 23(1) of the Criminal and Other Offenses Act, 1960 (Act 29) and section 92(2)(b) of the Public Procurement Act, 2003 (Act 663) as amended by Act 914. The charges stem from investigations into alleged corruption and financial irregularities in the GHS 125 million contract between the Ghana Revenue Authority and Strategic Mobilisation Limited. The Special Prosecutor is seeking to recover the amount, describing it as unjust enrichment obtained through unlawful means.
Among the most prominent allegations against Ofori-Atta involves the National Cathedral Project. In November 2024, the Commission on Human Rights and Administrative Justice concluded an investigation into the project, which was initiated by former President Akufo-Addo with an estimated cost of $100 million from private funds. The cost surged to $400 million, with the investigation revealing that the contract awarded to Ribade Company Ltd was void ab initio for violating mandatory provisions of the Procurement Act. The investigation recommended that the Board of Public Procurement Authority cancel the contract and investigate the Board of Trustees. Ofori-Atta allegedly authorized the release of $58 million in state funds toward construction costs. The project remains an incomplete excavation site in central Accra, on land formerly occupied by government buildings and judges’ residences. Additional charges relate to alleged corruption in ambulance procurement for the Ministry of Health and the termination of a contract between the Electricity Company of Ghana and Beijing Xiao Cheng Technology.
The extradition proceedings will be governed by Ghana’s Extradition Act, 1960 (Act 22), which applies where an extradition agreement exists with the requesting state. Section 2 of the Act mandates declining extradition requests if the offense is of a political character, with a Magistrate responsible for determining whether charges meet this standard.
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Article 40 of Ghana’s 1992 Constitution requires Ghana to observe treaty obligations and settle international disputes peacefully. This aligns with Article 1 of the UN Charter, which requires states to maintain friendly relations based on principles of equality and respect for human rights. The principle of pacta sunt servanda, enshrined in Article 26 of the 1969 Vienna Convention on the Law of Treaties (VCLT), requires states to observe treaty obligations in good faith. Both Ghana and the United States are bound by their extradition agreement and are barred from invoking municipal law to avoid treaty obligations under Article 27 of the Vienna Convention, except in circumstances permitted under Article 46, which addresses capacity to conclude treaties and inconsistencies with normal practice and good faith.
The extradition request comes as Ghana and the United States maintain reciprocal cooperation on extradition matters. Ghana previously cooperated with US extradition requests, including the extradition of Ghanaian citizens to the United States for alleged crimes against US citizens. In one case, Abu Trica and other Ghanaian citizens were extradited to face charges related to an alleged $8 million romance scam targeting US citizens, demonstrating the mutual nature of bilateral treaty obligations.
The case against Ofori-Atta represents part of broader anti-corruption efforts in Ghana. Corruption has been a persistent challenge in the country since independence, with state officials diverting public resources to personal ventures. Ghana has implemented multiple measures to combat corruption, including Article 8(2) of the 1992 Constitution and Section 16 of the Citizenship Act, 2000 (Act 591), which restrict dual citizens from occupying certain key offices. The country has also created specialized institutions including the Office of the Special Prosecutor and the Economic and Organised Crimes Office. The 2024 presidential and parliamentary elections saw a change in political power, with the National Democratic Congress defeating the New Patriotic Party by approximately one million votes. The worst recorded corruption cases under Ghana’s fourth republic occurred during Ofori-Atta’s tenure as Finance Minister, prompting public demands for accountability that influenced the election outcome. The current NDC administration immediately established Operation Recover All Loots to recover misappropriated public funds.
Opinions expressed in JURIST Dispatches are solely those of our correspondents in the field and do not necessarily reflect the views of JURIST’s editors, staff, donors or the University of Pittsburgh.
Saks Global to file for Chapter 11 bankruptcy imminently, sources say
$1.75 billion financing led by Pentwater and Bracebridge
Financing allows Saks to repay vendors, restock inventory during reorganization
NEW YORK, Jan 13 (Reuters) – Beleaguered luxury retailer Saks Global is close to finalizing $1.75 billion in financing with creditors that would allow its iconic Saks Fifth Avenue, Bergdorf Goodman and Neiman Marcus stores to remain open, two people familiar with the negotiations said.
The department store conglomerate wants to reorganize its debt and operations in Chapter 11 bankruptcy, which it could file “imminently”, the people said.
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The financing would provide an immediate cash infusion of $1 billion through a debtor-in-possession loan from an investor group led by Pentwater Capital Management in Naples, Florida, and Boston-based Bracebridge Capital, the people said.
The company’s banks would also provide an additional $250 million in financing through an asset-backed loan, the people said, asking not to be identified because the discussions are private.
A DIP loan helps companies pay salaries, vendors and other ongoing expenses while a company goes through Chapter 11 bankruptcy, allowing it to continue operating while reorganizing its business. DIP financing gives investors priority repayment if the company isn’t successful and has to liquidate, so a bankruptcy judge will have to sign off on it.
Saks Global, which controls stores and brands that have helped shape America’s taste for high fashion over the last century, would have access to another $500 million of financing from the investor group once it successfully exits bankruptcy protection, the sources added.
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The negotiations are still fluid and the exact terms of the lending package could change, they cautioned. The financing plan would also need approval from a bankruptcy judge before it is finalized. The filing could come as soon as Tuesday, the people said.
The DIP finance package would allow Saks Global to repay its vendors and restock depleted inventory, one of the people said, while a Chapter 11 reorganization allows it to continue operating as it restructures its finances and renegotiates lease agreements and other contracts.
The so-called DIP loan could eventually be converted into equity or another type of asset, instead of repaid, if Saks successfully emerges from bankruptcy, one of the people said.
PJT Partners, which is advising Saks on its restructuring, declined to comment. Saks did not immediately return a request for comment.
A LUXURY DREAM THAT FAILED
Driven by the vision of real estate investor Richard Baker, Canada-based conglomerate Hudson’s Bay Co, which had owned Saks since 2013, bought rival Neiman Marcus in 2024 for $2.65 billion and spun off its U.S. luxury assets to create Saks Global. The plan was to more easily take on competitors like Bloomingdale’s (M.N), opens new tab and Nordstrom by bringing together two of America’s best-known department store chains.
Big names such as Amazon (AMZN.O), opens new tab and Salesforce (CRM.N), opens new tab backed the Saks Global deal by becoming equity investors.
While the marriage gave the newly formed luxury conglomerate more leverage to negotiate discounts with vendors, it also left it saddled with debt. Saks Global took on about $2.2 billion in fresh debt as part of the deal, targeting $600 million in annual cost savings, according to media reports citing the company’s investor call in October.
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But demand for luxury goods didn’t rebound as hoped for in 2025 and the servicing costs on that debt significantly ate into its cash flow, making it late in paying vendors and investors, according to interviews with former vendors, investors and analysts. Saks Global had to tap investors for another $600 million in June and missed a crucial bond payment last month.
Some of Saks’ bonds are trading at as little as a penny on the dollar. Its first lien bonds, which have the most protection in bankruptcy, are trading at 25 cents to 30 cents, one bond investor told Reuters.
The new cash injection should give Saks enough breathing room, and liquidity, to eventually recover, one investor said.
It wasn’t clear whether the restructuring plan will include additional changes to the company’s management team or its storied real estate holdings, which include its flagship Saks Fifth Avenue store in New York City. The company abruptly replaced its chief executive – veteran retail executive Marc Metrick – earlier this month, elevating Baker to CEO.
Reporting by Dawn Kopecki in New York and Matt Tracy in Washington; Editing by Lisa Jucca, Deepa Babington and Lisa Shumaker
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