Summary:
According to Bloomberg Intelligence, the US Securities and Exchange Commission (SEC) is expected to respond to several applications for a spot Bitcoin exchange-traded fund (ETF) from BlackRock, Bitwise, WisdomTree, VanEck, and Invesco. The decision on Bitwise’s application is expected on September 1, while the other four filings will be decided on September 2. The SEC has previously rejected Grayscale’s Bitcoin trust ETF and delayed a decision on ARK Investment Management and 21Shares’ joint effort. Roxanna Islam, associate director of research at VettaFi, is pessimistic about the SEC’s decision, suggesting more delays may occur. However, the involvement of BlackRock, which has a strong record with the SEC, has infused optimism in the crypto space.
Key Points:
– The SEC is expected to respond to several applications for a spot Bitcoin ETF from BlackRock, Bitwise, WisdomTree, VanEck, and Invesco.
– Bitwise’s application will be the first considered by the SEC, with a decision expected on September 1.
– The other four filings will be decided on September 2.
– The SEC has rejected Grayscale’s Bitcoin trust ETF and delayed a decision on ARK Investment Management and 21Shares’ joint effort.
– Roxanna Islam from VettaFi is pessimistic about the SEC’s decision, expecting more delays.
Why BlackRock’s Application Could Be Successful?
– The US government and the Federal Reserve have high trust in BlackRock, which could play a role in the SEC’s decision.
– BlackRock’s CEO, Larry Fink, has changed his stance on Bitcoin and now supports the asset.
– BlackRock has previous experience in the field, having launched a BTC private ETF for institutional investors.
– The existence of spot BTC ETFs in other regions and the increase in applications from other asset managers are factors worth considering.
Hot Take:
The launch of a spot Bitcoin ETF in the US has been highly anticipated, and while there may be pessimism and expectations of delays, the involvement of BlackRock and other factors could increase the chances of approval. If approved, it could have a significant impact on the crypto space and further legitimize Bitcoin as an investment asset.
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