11 Asset Management Firms Pursue Spot Bitcoin ETF Applications

• Potential Approval of a Spot Bitcoin ETF in the U.S.
• SEC's Changing Stance on Spot Bitcoin ETF
• Candidates for the Spot Bitcoin ETF Approval
• High Expectations for Spot Bitcoin ETFs
• Potential Impact on the Bitcoin Investment Landscape

Potential Approval of a Spot Bitcoin ETF in the U.S.

There is anticipation that the winding path toward regulatory approval of a Spot Bitcoin$42,260 -0.64% Exchange-Traded Fund (ETF) in the U.S. may be nearing a conclusion. Analysts suggest that a breakthrough might occur in January 2024 after a history of delays and denials. A Bitcoin ETF would provide a platform for mainstream investors to experience Bitcoin's value within the conventional stock market infrastructure. This way, investors would trade an SEC-registered security created to monitor Bitcoin's market value, rather than purchasing and holding cryptocurrency directly.

SEC's Changing Stance on Spot Bitcoin ETF

Despite the international surge in Bitcoin ETFs, the SEC has regularly dismissed attempts to launch a spot Bitcoin ETF, expressing apprehensions about market manipulation within the unpredictable cryptocurrency sector. Nonetheless, SEC Chair Gary Gensler proclaimed in December 2023 that the regulatory body is reconsidering spot Bitcoin ETF applications, indicating a possible change in position.

Candidates for the Spot Bitcoin ETF Approval

Several heavyweight financial entities are vying for approval for the much-desired spot Bitcoin ETF. All applicants for Spot Bitcoin ETFs submitted their final 19b-4 amendments, including VanEck, Bitwise, Fidelity, Franklin$0.0015 -3.24%, Valkyrie, Hashdex, ArkInvest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy.

High Expectations for Spot Bitcoin ETFs

The industry is filled with optimism as all contenders turn in their final 19b-4 amendments. CNBC has even made a prediction, suggesting that Spot Bitcoin ETFs may gain approval this week, leading to potential trade shortly thereafter. This hope has sparked an advertisement war and pricing competition among leading asset management firms such as BlackRock, Fidelity, and Grayscale.

Potential Impact on the Bitcoin Investment Landscape

As the SEC stands on the verge of a decision, both the crypto and traditional finance sectors eagerly await an outcome that could transform the Bitcoin investment landscape in the United States.

Edited by Jonathan Stoker