The Securities and Exchange Commission (SEC) formally acknowledged VanEck bitcoin ETF proposal from a few weeks ago which starts the countdown on a 45-day approval timeline. I'm not optimistic we will be seeing a bitcoin ETF approved in the next 30 days. My bet is it's more likely that the SEC will extend its timeline.
Rosenbluth, head of ETF and mutual fund research at CFRA Research shed some light on the state of a BTC ETF in the US.
We’ve got a number of firms that have either gone through the filing process or have previously filed, but are waiting for more clarity. We’ve got a number of firms that have entered and we think we’re likely to see one in the coming year or two, but we don’t have a firm time frame as to when the answer would be yes.
The titians of the financial markets are all looking to get a piece of the pie. Grayscale said Monday, it was 100% committed to converting its Grayscale Bitcoin Trust into an ETF. Then there's Fidelity and Valkyrie Digital Assets which have already filed applications.
Many ETF's are already looking to get exposure to Bitcoin, but not by owning the actual coin. They are looking to get into the ecosystem which carries less regulatory burden.
Art Amador, co-founder and chief operating officer of EquBot and the man behind the Artificial Intelligence Powered ETF (AIEQ), said that while his fund can’t invest in bitcoin, it’s important to get into the crypto ecosystem. AIEQ does this through small-cap names such as Silvergate Capital, which provides cash management services to digital currency businesses, and Marathon Digital Holdings, a cryptocurrency mining company.
The biggest obstacle for an ETF is not demand, but it's winning over regulators. I will keep saying it, I have faith that Biden SEC pick Gensler will be friendlier and advocate for crypto. I think he understands the time has come to allow more main stream trading opportunities because there is a place in people’s portfolio for digital assets. I feel the winds are shifting and it's apparent in the headlines I'm seeing and writing about.
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At the time of this article BTC's Price is $57,848
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