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BlackRock & Grayscale Bitcoin ETF Grab Investment From Iowa Bank, What's Next?

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BlackRock & Grayscale Bitcoin ETF Grab Investment From Iowa Bank, What's Next?


City State Bank, an Iowa-based bank that offers investment management services, has revealed its exposure to Bitcoin (BTC) through exchange-traded funds (ETFs) in its recent 13F filing dated July 8, 2024. Moreover, BlackRock and Grayscale’s BTC ETFs took the center stage with investements from the bank.

Blackrock & Grayscale Bitcoin ETFs Witness Further Institutional Adoption

In the latest 13F filing, the bank reported the purchase of 33 units of the BlackRock iShares Bitcoin Trust (IBIT) during the second quarter. This move marks City State Bank’s growing interest in the crypto market. Furthermore, it reflects a broader trend among traditional financial institutions diversifying into digital assets.

In addition to its new position in the BlackRock iShares Bitcoin Trust, City State Bank has maintained its holdings in the Grayscale Bitcoin Trust (GBTC). The bank had acquired 50 units of GBTC in the first quarter of 2024 and has opted to retain this investment. This signals a sustained confidence in the long-term potential of Bitcoin.

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The BlackRock iShares Bitcoin Trust and the Grayscale Bitcoin Trust are among the most prominent BTC ETFs. They provide investors with exposure to Bitcoin without the complexities of direct crypto ownership. The adoption of these ETFs by traditional institutions like City State Bank highlights the increasing acceptance of Bitcoin as a legitimate asset class within mainstream finance.

City State Bank’s strategic investments come at a time when Bitcoin and other cryptocurrencies are experiencing heightened volatility. Moreover, last week, another significant entity had revealed exposure to Bitcoin ETFs. Bank of New Hampshire (BNH) revealed its Bitcoin ETF exposure in a recent SEC filing dated July 1, 2024.

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Also Read: Spot Bitcoin ETFs Inflow At 3-Week High, Institutions Buying Heavily Ahead Key Events

About Bank of New Hampshire’s Investment

The bank has invested $9,389 in BlackRock’s IBIT ETF, acquiring 275 units, according to the 13F filing. Moreover, this move signifies BNH’s foray into the crypto market. Though the amount isn’t very significant, this investment acts as a stepping stone towards embracing the crypto space.

Furthermore, it’s important to note that BNH is a subsidiary of Toronto Dominion (TD), a major financial player that also reported Bitcoin ETF exposure in its Q1 filings. This affiliation underscores a broader strategic alignment within the TD group towards embracing the potential of cryptocurrencies.

The investment in BlackRock’s IBIT ETF is particularly notable, given the asset manager’s reputation and influence in the traditional financial industry. In addition, the timing of the above-mentioned disclosures suggests the commencement of Round 2 of the 13F filings for Spot Bitcoin ETFs has begun. Hence, the coming days could see further Bitcoin ETF adoption by other institutions and fund managers.

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Also Read: DigitalX Gears to List Spot Bitcoin ETF on Australia’s ASX Exchange As Demand Soars

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Kritika boasts over 2 years of experience in the financial news sector. Currently working as a crypto journalist at Coingape, she has consistently shown a knack for blockchain technology and cryptocurrencies. Kritika combines insightful analysis with a deep understanding of market trends. With a keen interest in technical analysis, she brings a nuanced perspective to her reporting, exploring the intersection of finance, technology, and emerging trends in the crypto space.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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University of Iowa Athletics expects to break revenue records in upcoming year • Iowa Capital Dispatch

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University of Iowa Athletics expects to break revenue records in upcoming year • Iowa Capital Dispatch


The University of Iowa is expecting another record-breaking year for its athletics department while Iowa State University Athletics is working to handle changes to expected revenues as a result of collegiate athletic conferences shifting, university budget documents show.

With revenues slated to increase in football, women’s basketball, wrestling and volleyball, among other areas, the UI is projecting a total income of more than $150 million for fiscal year 2025, just over a 7% increase from last year.

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According to budgets submitted to the Iowa Board of Regents, which are set to be discussed at the board’s meeting next week, Hawkeye Football ticket revenue should increase this fall due to “a favorable home schedule and price adjustments,” and budgeted income for women’s basketball went from $1.3 million to $1.65 million in fiscal year 2025 because of “additional guarantees received for away contests.”

The university athletics department saw record-breaking revenue last fiscal year as well, prompted by soaring popularity in the women’s basketball team. Iowa women’s wrestling is projected to make $80,000 in fiscal year 2025.

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Renegotiated television contracts from the Big Ten Conference will give athletic conference revenue at the UI a $13.4 million bump from the $61.8 million the university saw last year.

ISU Athletics is expecting to earn around $114.2 million in revenue for fiscal year 2025, $2.7 million more than the fiscal year 2024 budget. Cyclone Football is also expecting increased ticket sales due to an additional home game, and the athletic department is also planning to see increased ticket sales for women’s basketball and wrestling. The biggest bump is expected to come from women’s basketball, with the budget line increasing from $450,000 to $700,000.

However, with changes to collegiate athletics conferences and tournaments, ISU Athletics has put certain projects on hold and “is continuing to make operational and personnel changes as necessary,” according to the budget document.

With four universities added to the Big 12 Conference as of July 1, ISU and the other continuing  conference members will receive $40 million less in Big 12 contributions through fiscal year 2031 than what was previously expected, according to the regents document.

Also impacting the ISU athletic department’s budget is the College Football Playoff expansion, which makes it so playoff revenues aren’t equally distributed among the different conferences, according to the document.

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“With two athletic conferences essentially receiving the contractual increases in television revenue resulting from the new playoff format, the revenue allocations to members of the Big 12 conference will remain flat,” the document stated. “The financial impact of this change is approximately $5M per year (through FY 2031) when compared to earlier projections.”

The University of Northern Iowa, the only state university to provide support to its athletics department, is also the only university to expect a decrease in revenue for its athletics this upcoming fiscal year. According to the budget document, athletics revenue is projected to fall from around $14.8 million to just under $14.7 million.

As with previous years, UNI men’s basketball doesn’t have game guaranteed revenue to include in the budget yet.

“Sports income for football includes game guarantee revenue resulting in a budgeted revenue increase when compared to the FY 2024 budget,” the budget document stated. “Conversely, men’s basketball has no game guaranteed revenue on the schedule at this time.”

The university will also see a more than $1 million reduction in revenue from marketing due to its new contract with sports marketing company Learfield. The UI will only see a $150,000 decrease in its income from the contract it holds with Learfield, according to the document.

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UNI will allocate $3.26 million in operational support, $1.28 million in scholarship funding and $485,000 for “one-time support,” according to the regent document.

The university included an almost $100,000 increase in income from UNI football, but decreases in other men’s and women’s sports.



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Kirk Ferentz still committed to Iowa after watching friends Bill Belichick, Nick Saban move on

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Kirk Ferentz still committed to Iowa after watching friends Bill Belichick, Nick Saban move on


INDIANAPOLIS (AP) — Iowa coach Kirk Ferentz watched two of his best coaching friends, Bill Belichick and Nick Saban, leave football after last season.

So, naturally, college football’s longest-tenured coach smiles and nods as he reflects on his own potential exit.

“All of us have to do that,” the 68-year-old Ferentz said Wednesday at Big Ten Media Days. “Fifteen years ago, the pause was going to come because I was going to get fired. I’m not saying that’s not a possibility as we move forward, but it’s probably a little less a percentage and more realistic toward retirement. At some point, you retire. It’s up to everybody. Both Bill and coach Saban are older than I am.”

The connection runs deep for Ferentz.

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In what seems like a lifetime ago, he and Saban were assistants on Belichick’s staff with the NFL’s Cleveland Browns coach from 1993-95.

Ferentz enters his 26th season as the Hawkeyes’ coach with a 208-140 record and as the school’s career leader in victories. His only Big Ten titles came in 2002 and 2004, and his contract, which pays $7 million per year, runs through 2029.

The Hawkeyes should be strong again this year, returning a veteran group from a squad that went 10-4 in 2023. Ferentz has hired a new offensive coordinator, Tim Lester, to replace his son Brian in hopes of producing more points. Iowa also believes former Michigan quarterback Cade McNamara could be part of the solution after suffering a season-ending knee injury in the Hawkeyes’ third game last year.

Meantime, Ferentz has been checking in on his friends.

“He and I have exchanged some notes, but we haven’t had a personal conversation,” Ferentz said when asked about Belichick. “I’m a little lower level than those guys, easily. They’ve got a little seniority on me, but it’s all relative, too. They’re both in good health. I feel good. As long as you feel good and like what you’re doing, you keep doing it.”

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Ferentz has been around long enough to see the Big Ten nearly double in size, with 18 members, athletes getting paid and the transfer portal. It’s not a world he recognizes.

“I’ll go back to 1990, when I was a head coach at Maine,” Ferentz said. “It was a couple of weeks into the job. I came home one day and I told my wife, ‘If I ever come home and say I’m surprised by anything, just hit me with a baseball bat right in the head.’ One thing I learned real quickly is you never know what’s going to happen.”

Rosy playoff

CFP Executive Director Rich Clark, a retired Air Force lieutenant general, confirmed Wednesday that Rose Bowl officials have requested the game continue to be played around New Year’s Day even though it could be out of the national championship game hosting rotation.

Game officials endorsed the new 12-team playoff format earlier this year.

Clark said the playoff committee would consider granting the request, though no other bowl game in the rotation has made a similar request.

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Known as “The Granddaddy of Them All,” the Rose Bowl has been played the first week of January every year since 1916. The first Rose Bowl was played in 1902.

Familiar foes

When first-year Michigan State coach Jonathan Smith left his alma mater, Oregon State, after last season, he landed in a league that doesn’t feel so new with four of his former Pac-12 foes — Oregon, UCLA, Southern California and Washington — joining the Big Ten.

What does feel different, though, is wearing green — the predominant color of Oregon State’s biggest rival.

“I have not worn much green leading into this,” Smith said Wednesday. “But I do have green eyes.”

He’ll be seeing plenty of green again on Oct. 4, when the Spartans play at Oregon. By then, he also could be seeing red thanks to a demanding midseason stretch during which the Spartans host Ohio State and Michigan while visiting Oregon and Iowa.

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Smith was a four-year starter at Oregon State and turned the program around when he returned as coach. He went 25-13 in three seasons and was named the league’s coach of the year in 2022.

Endorsing Leach

Southern California coach Lincoln Riley added his name to the list of advocates for the late Mike Leach to be inducted into the College Football Hall of Fame despite Leach’s 59.6% career win percentage falling short of the 60% minimum.

Riley played quarterback for Leach at Texas Tech in 2002 and then became a Red Raiders assistant through 2009. Leach died in 2002 at age 61 from heart complications.

“Obviously, Mike Leach meant a lot to my career, was instrumental in my upbringing,” Riley said. “I know there’s been a lot of debate and talk about him belonging in the College Football Hall of Fame, and certainly (I) want to voice my support for that happening here on this stage. That’s something that’s very important to me. He changed the game and changed a lot of people’s lives, mine included, in the process of it. I know there’s technicalities and rules that have to happen, but I totally agree that the Hall of Fame is simply not complete without Mike Leach being in it.”

Awkward moment

First-year UCLA coach DeShaun Foster turned heads with the briefest opening statement of the first two media days before saying he’d take questions. The ensuing pause led to an awkward moment on the stadium field, where reporters are working.

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The soft-spoken Foster explained later he’s an “ask me” kind of guy who doesn’t tend to give long opening statements.

___

Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP college football: https://apnews.com/hub/ap-top-25-college-football-poll and https://apnews.com/hub/college-football





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Ex-Iowa football wide receivers coach Kelton Copeland joins Kansas as offensive analyst

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Ex-Iowa football wide receivers coach Kelton Copeland joins Kansas as offensive analyst


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IOWA CITY — Former Iowa football wide receivers coach Kelton Copeland has joined the Kansas football program as an offensive analyst.

Copeland, who served as the Hawkeyes’ wide receivers coach for seven seasons, was a part of the changes made to the offensive coaching staff following the 2023 campaign. It was officially announced in January that Copeland’s contract at Iowa was not renewed.

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More: Former Iowa offensive coordinator Brian Ferentz to join Maryland football staff

“I appreciate Kelton’s contribution to the Hawkeye staff and wish him the very best,” Iowa coach Kirk Ferentz said in a statement released in January.  

Iowa made an internal hire to fill Copeland’s position, promoting Jon Budmayr to wide receivers coach. The Hawkeyes also added ex-Western Michigan coach Tim Lester as its new offensive coordinator, taking the place of Brian Ferentz.

Copeland shared a lengthy statement via social media in late January, reflecting on his time with the Hawkeyes.

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“Since my arrival in Iowa City seven years ago, my family has been welcomed with open arms. I extend my heartfelt gratitude to Kirk Ferentz & the coaching staff for inviting me to be the Wide Receivers coach at the University of Iowa. One person in particular I want to thank is Phil Parker. PP, I have learned a lifetime of lessons from you. I truly appreciate your leadership and wisdom!”

Kansas has built some significant momentum under head coach Lance Leipold. The Jayhawks have made a bowl game in each of the last two seasons, including a 9-4 mark in 2023.

Copeland’s coaching stops include Iowa, Northern Illinois, South Dakota and now Kansas, among others.

Follow Tyler Tachman on X @Tyler_T15, contact via email at ttachman@gannett.com





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