Cboe Begins Trading Potential Bitcoin ETFs
Cboe has initiated trading for a range of potential spot bitcoin exchange-traded funds (ETFs), while awaiting a decision from the Securities and Exchange Commission (SEC) on whether to approve these products. The exchange has named several ETFs, including ARK 21Shares Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, Franklin Bitcoin ETF, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust, and WisdomTree Bitcoin Fund.
Cboe stated that one ETP will be listed and begin trading as a new issue on January 11, 2024. While six prospective spot bitcoin ETFs are planned for Cboe, three are set to list on the NYSE and two on the Nasdaq.
When Could the ETFs Get Approved?
An executive at a prospective spot bitcoin ETF issuer expects approvals for S-1 forms tonight. Bloomberg ETF analyst Eric Balchunas predicts formal approvals around 4-6pm ET, with trading commencing on Thursday. Another analyst, James Seyffart, suggests that approvals could come until roughly 6pm ET.
Despite a recent mishap where the SEC mistakenly posted about approving bitcoin ETFs but later deleted it, the incident does not seem to have delayed proceedings.
Hot Take: Anticipation Builds for Potential Approval of Spot Bitcoin ETFs
The cryptocurrency market eagerly awaits the SEC’s decision on potential spot bitcoin ETFs. If approved, these ETFs could provide investors with regulated exposure to bitcoin and potentially boost mainstream adoption of cryptocurrencies. Analysts widely expect the SEC to grant approvals for multiple spot bitcoin ETFs. This development could mark an important milestone for the crypto industry and further validate bitcoin as an asset class. Investors will closely monitor any updates from the SEC regarding the approval process and the subsequent impact on the market.
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