SEC Anticipated to Approve Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is expected to give the green light to several spot bitcoin exchange-traded funds (ETFs) on Wednesday, leading to potential trading activity later this week. On Monday, 10 applicants met the SEC’s deadline, submitting their final amendments. This news caused Bitcoin (BTC) to surge past $47,000.
The SEC decision on spot bitcoin ETFs has been highly anticipated, with CNBC reporting that the regulator could approve multiple applications on Wednesday. Wednesday also marks the deadline for Cathie Wood’s Ark Invest and 21shares’ proposed spot bitcoin ETF. If approved, potential trading would begin on Thursday or Friday.
Blackrock Expects Approval for Ishares Bitcoin Trust
Blackrock, the world’s largest asset manager, foresees SEC approval for its Ishares Bitcoin Trust on Wednesday. The company officially registered the Trust as a security with the SEC on Monday. Blackrock has reportedly raised over $2 billion for the launch of its spot bitcoin ETF.
Former SEC Chairman Jay Clayton and many others believe that the SEC’s approval of spot bitcoin ETFs is inevitable, as there is “nothing left to decide.”
Fee War Among Spot Bitcoin ETF Issuers
The final amendments filed on Monday revealed a competitive fee landscape among spot bitcoin ETF issuers. Grayscale Investments has set the highest fee at 1.5%, while Bitwise offers the lowest fee of 0.24% with a fee waiver for the first $1 billion of trust assets for six months. The authorized participants named in the filings are Jane Street, Virtu, JPMorgan, ABN AMRO, Macquarie, Cantor Fitzgerald, and Marex Capital.
Hot Take: SEC Preparing to Approve Multiple Spot Bitcoin ETFs
The SEC is poised to give the go-ahead for multiple spot bitcoin ETFs on Wednesday, which could have significant implications for the crypto market. This long-anticipated decision has created a sense of excitement among investors, leading to Bitcoin’s surge past $47,000. Blackrock, the world’s largest asset manager, expects approval for its Ishares Bitcoin Trust and has attracted substantial funds for its spot bitcoin ETF launch. The potential approval also signifies a fee war among issuers, with Grayscale Investments and Bitwise offering varying fee structures. With approval imminent, the crypto world eagerly awaits the SEC’s announcement and the subsequent trading opportunities that may arise.
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