The wait for approval of an exchange-traded fund (ETF) that directly trades Bitcoin, known as a Spot Bitcoin ETF, could end next Wednesday.
BlackRock, the world’s largest asset manager and one of the companies vying to bring a spot Bitcoin ETF to market, expects its application to be approved next Wednesday, according to a report by Fox Business.
BlackRock is one of several companies that submitted updated 19b-4 filings Friday for a proposed spot bitcoin ETF, along with Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. The Cboe BZX exchange also filed forms last week for VanEck, WisdomTree, Pando Asset AG and Franklin Templeton.
The approval of the Spot Bitcoin ETF is highly anticipated by crypto proponents, who bet the fund could bring billions of new funding to the cryptocurrency sector. The price of Bitcoin has skyrocketed in recent months, indicating market enthusiasm for the prospect of exchange-traded products holding Bitcoin, rather than speculating on the price through futures contracts.
Meanwhile, crypto skeptics have argued that Bitcoin is too volatile and unregulated to support a healthy market. In a letter to the SEC, non-partisan nonprofit Better Markets, which lobbies for increased financial regulation, said approving a spot Bitcoin ETF “would be a regulatory mistake of historic proportions.”
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is the majority investor of The Block. Foresight Ventures invests in other companies in the crypto sector. Crypto exchange Bitgate is an anchor LP for Foresight Ventures. The Block continues to work independently to deliver objective, influential, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not intended to be offered or used as legal, tax, investment, financial or other advice.