The US SEC May Launch Bitcoin Spot ETF, BlackRock Application Favorite
Bloomberg Intelligence reports that the US Securities and Exchange Commission (SEC) may approve the launch of a spot ETF on Bitcoin this week. BlackRock’s application is believed to be the frontrunner. The SEC is expected to provide an answer on Bitcoin ETF applications within the next few days. Bloomberg Intelligence predicts that the first application to be considered will be Bitwise’s Bitcoin spot ETF, followed by decisions on applications from BlackRock, Invesco, WisdomTree, and VanEck. The SEC may choose to approve, reject, or delay the applications. Despite previous doubts, BlackRock’s involvement has increased the likelihood of approval.
BlackRock Insiders Predict Approval of Bitcoin ETFs
Galaxy Digital CEO Mike Novogratz revealed that insiders at BlackRock anticipate the approval of Bitcoin ETFs in the next four to six months. BlackRock’s application was formally acknowledged by the SEC in July, initiating the analysis and investigation process. Novogratz, along with BlackRock insiders and Grayscale CEO Michael Sonnenshein, believe that approval is inevitable and only a matter of time.
Approval of Ethereum Futures ETFs Expected on October 3
After nearly five years since the approval of Bitcoin futures ETFs, Ethereum futures ETFs may also receive approval. Bloomberg reports that Ethereum has gained recognition and the SEC may soon approve ETFs on the price of ETH. The expected deadline for SEC approval is October 3. Twelve companies, including ProShares, Volatility Shares, Bitwise, and Valkyrie, have applied to issue an ETF based on ETH price futures contracts in the US.
Hot Take
The SEC’s potential approval of a Bitcoin spot ETF and the anticipated approval of Ethereum futures ETFs reflect a growing acceptance of cryptocurrencies in traditional finance. This could provide new investment opportunities for crypto enthusiasts and further legitimize the digital asset industry.
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