The Race for Bitcoin ETF Approval Heats Up
The US regulators have faced pressure to approve a Bitcoin exchange-traded fund (ETF) since Cameron and Tyler Winklevoss filed the first application in 2013. Recently, major players in traditional finance, including BlackRock, Fidelity, Invesco, and VanEck, have submitted applications for spot Bitcoin ETFs.
Key Points:
- BlackRock, the world’s largest fund manager, filed for a spot Bitcoin investment trust fund through iShares.
- Other companies, such as Fidelity and Invesco, also resubmitted their applications.
- These companies have addressed the SEC’s concerns by including a surveillance-sharing clause in their applications.
- The SEC reportedly found BlackRock’s initial application lacking in specific details.
- Ark Invest, in partnership with 21Shares, amended its application to include a surveillance-sharing clause.
Cathie Wood, CEO of Ark Invest, believes her company is first in line for SEC approval, but the court’s verdict in Grayscale’s lawsuit against the SEC’s rejection of its spot Bitcoin ETF application could provide clarity. Wood argues that approving Bitcoin Futures ETFs without greenlighting a fully-backed Spot ETF is contradictory, giving Ark Invest an edge over BlackRock.
Hot Take:
The competition for Bitcoin ETF approval is intensifying, with major financial players entering the race. The outcome will have significant implications for the crypto market and could potentially lead to increased adoption and price stability for Bitcoin. However, the SEC’s final decision and the court’s verdict in the Grayscale lawsuit will ultimately determine the fate of these applications.
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