Additional ETF applicants have secured update to have their funds reviewed for listing on the exchange. However, it is all pending ratification by the SEC.
Three companies, including VanEck, Grayscale, and Ark, are among those contesting to provide a spot in the Bitcoin exchange-traded fund (ETF) in the United States. They have been ratified to trade on their corresponding exchanges.
Grayscale Leading Other Spot Bitcoin ETFs Hopefuls in Registering Trade
The Grayscale Bitcoin Trust is a Bitcoin investment driver for qualified investors. At present, it trades under the GBTC ticker as a commodity investment product on the OTCQX. It has acquired approval to trade on the New York Stock Exchange (NYSE) Arca in case Grayscale’s proposal to change the trust to a spot Bitcoin exchange-traded fund is accepted.
The VanEck Bitcoin Trust would trade under the Chicago Board Options Exchange (Cboe). Ark collaborated with 21Shares, a fund manager, for its ARK 21Shares Bitcoin exchange-traded fund. It would trade on the Chicago Board Options Exchange in case it is ratified to be provided to investors.
Spot Bitcoin ETFs Applicants Yet to Sure SEC’s Approval
For clarity, this is only a bit of the needed paperwork. It is a good indicator of the exchanges’ approval for the trade of Bitcoin exchange-traded funds. However, no issuer has secured the Securities and Exchange Commission’s (SEC’s) all-critical consent.
The industry has been excited by the likelihood of a Bitcoin ETF’s approval. United States investors will acquire Bitcoin exposure without directly purchasing and holding the asset in case this happens.
Over the past decade, financial institutions have been applying to provide one. However, the Securities and Exchange Commission has dismissed all previous applications claiming the product would be risky to investors.
Owing to the stakes, regular filings from ARK, Grayscale, and VanEck, particularly a week before the upcoming deadline for the Securities and Exchange Commission to decide on Bitcoin exchange-traded fund application, heighten the hype.
The new registrations embrace the same filing from Fidelity for its Fidelity Wise Origin Bitcoin Trust. It might seem that the issuers are doing all it takes to ensure they are prepared when informed about their BTC fund’s approval for trading.
Regulator Meeting Nasdaq and Cboe Representatives
Despite the lack of clarification from prospective Bitcoin exchange-traded find issuers or the Securities and Exchange Commission, there have been rumours. For instance, unidentified sources revealed that the regulators and the exchanges, such as CBOE, Nasdaq, and NYSE, met. This indicates that the SEC might be preparing the exchanges for ultimate Bitcoin exchange-traded fund listings.
A Bitcoin flash was witnessed early on Wednesday, reducing the price to below $ 42,000. This happened after Matrixport, a digital asset manager, published a report postulating that the Securities and Exchange Commission would dismiss all awaiting applications.
At the time of writing, Bitcoin had significantly improved from the scare. CoinGecko data shows that it is currently trading for $44,163.
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