Key Points:
- Cathie Wood, CEO of ARK Investment Management, believes that the SEC might approve multiple spot-Bitcoin exchange-traded funds (ETFs) simultaneously.
- Grayscale is suing the SEC over rejecting their Bitcoin Trust conversion application to a spot Bitcoin ETF and has requested the approval of all proposed spot Bitcoin ETFs simultaneously.
- The SEC has until August 13 to decide on ARK Invest’s spot BTC ETF application and may choose to extend the deadline or request a comment period.
- Various asset managers, including BlackRock, Fidelity, Invesco, and Wisdom Tree, have submitted re-filings for spot Bitcoin ETFs, with the hope of receiving approval.
- Insiders from BlackRock and Invesco predict that a Bitcoin ETF approval in the US is likely within the next “four to six months.”
Rising Optimism for Bitcoin ETF Approval: Insiders Predict Timely Launch
In an interview, Cathie Wood suggested that the SEC may approve multiple spot-Bitcoin ETFs simultaneously. Grayscale, who is suing the SEC, has also requested the approval of all proposed spot Bitcoin ETFs at once. The SEC has until August 13 to decide on ARK Invest’s application, but they may choose to extend the deadline. Several asset managers, including BlackRock and Fidelity, have submitted re-filings for spot Bitcoin ETFs. Insiders from BlackRock and Invesco predict that a Bitcoin ETF approval in the US is likely within the next “four to six months.”
Hot Take:
The increased optimism for Bitcoin ETF approval suggests that the cryptocurrency market may soon have more institutional access to Bitcoin investments. If the SEC approves multiple spot-Bitcoin ETFs simultaneously, it could open up new opportunities for investors and potentially increase market participation. However, it remains to be seen how the SEC will ultimately decide on these applications and whether they will address concerns related to fraud, market manipulation, and regulation. The coming months will be crucial in determining the future of Bitcoin ETFs in the US.
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