Spot Bitcoin ETF Filings Delayed by SEC
The U.S. Securities and Exchange Commission (SEC) has delayed the filings from Blackrock and Bitwise, reducing the chances of a spot Bitcoin ETF approval in 2023. The crypto community and financial analysts were expecting Blackrock to receive the quickest approval due to its dominance in various sectors. However, with the delay, only three out of seven filings have received a response from the SEC. The agency has issued an order to determine whether to approve or disapprove the proposed rule change for listing and trading shares of the iShares Bitcoin Trust.
Valkyrie Bitcoin and Ether Strategy ETF Launch
On September 30, 2023, Valkyrie is set to launch its Bitcoin and Ether Strategy ETF, offering exposure to Ethereum futures. This will be the first ETH futures product to launch in the United States. Additionally, Bloomberg analyst Eric Balchunas revealed that two other companies are preparing to issue futures ETFs if the SEC grants clearance before a potential government shutdown on October 1.
Hot Take: Spot Bitcoin ETF Approval Unlikely in 2023
The recent delays in spot Bitcoin ETF filings by Blackrock and Bitwise indicate that an approval for a spot Bitcoin ETF in 2023 is highly unlikely. While there was anticipation surrounding Blackrock’s dominance and its potential for quick approval, the SEC’s response has dampened these expectations. However, investors can still look forward to Valkyrie’s Bitcoin and Ether Strategy ETF launching soon, providing exposure to Ethereum futures. The crypto market continues to evolve, and despite setbacks with spot Bitcoin ETFs, other opportunities such as futures-based products are emerging.
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