Cboe Accepts Registration
The Fidelity Wise Origin Bitcoin Fund has received approval from Cboe to be listed under the FBTC ticker. However, the Securities and Exchange Commission (SEC) has not yet made any announcements regarding this development. The fund filed a registration statement with the SEC stating its intention to register its shares as securities on the Cboe BZX exchange. While this is part of the process, it does not guarantee approval from the SEC. The SEC has a week to make a decision on whether to approve, delay, or reject the spot Bitcoin ETF.
Analyst Speculates
Bloomberg ETF analyst James Seyffart believes that this is a routine securities registration and that further approvals are still required. He mentioned that similar registration statements were filed by Bitwise and Volatility Shares Trust but does not mean they are approved. There is confusion among social media users about the distinction between a full SEC approval and registration with a US exchange. Seyffart and other experts speculate that the SEC may approve multiple spot Bitcoin ETF applications before the 10th of January deadline.
Spot Bitcoin ETF Approval
The SEC has never approved a spot Bitcoin ETF for listing and trading on a US exchange. However, it has approved investment vehicles linked to Bitcoin and Ether futures. Industry experts believe that if a spot Bitcoin ETF is approved, it could drive crypto adoption and acceptance of blockchain technology. This would allow traditional investors to access Bitcoin without directly buying it. Analysts predict that there will be an influx of Wall Street investor money into crypto if an ETF is approved.
Markets Await Approval
Bitcoin ETF applicants have faced numerous rejections from the SEC in the past, mainly due to concerns about market manipulation. However, the mere suggestion of possible rejections causes market volatility. Despite this, the recent approval of the Fidelity Wise Origin Bitcoin Fund by Cboe can be seen as a positive development.
Hot Take: What Does Cboe’s Approval Mean for Bitcoin ETFs?
Cboe’s approval of the Fidelity Wise Origin Bitcoin Fund is a significant step towards the potential approval of a Bitcoin ETF. While it doesn’t guarantee SEC approval, it shows that major players in the industry are making progress. If a spot Bitcoin ETF is approved, it could have a transformative impact on the crypto market, attracting more institutional investors and increasing mainstream adoption. Investors and industry watchers eagerly await the SEC’s decision on the various ETF applications that are currently under review. The outcome could shape the future of Bitcoin and the broader cryptocurrency ecosystem.
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