By Shelly Melancon (Switzerland)
Cryptocurrency lender, BlockFi, has joined the race for a Bitcoin ETF in the US. According to reports, BlockFi recently applied for a futures-based Bitcoin ETF to the US Securities and Exchange Commission (SEC). If approved, BlockFi’s ETF shares will trade on Cboe BZX Exchange.
Per details of the filing, the Futures Bitcoin ETF will not be a direct investment in Bitcoin but will rather give investors indirect exposure. BlockFi has indicated an interest in Bitcoin at a time when regulators are yet to approve any of the previously submitted ETF applications. Notwithstanding, speculations are rife that the US SEC will likely favour four ETF applications before the year ends.
Bloomberg Experts Predict Dates For Bitcoin ETF Approval by US SEC
ETF experts at Bloomberg were the first to make these predictions. James Seyffart is one of those that believe approval is possible this month. Other experts such as Eric Balchunas (ETF expert) and Mike McGlone (Commodities expert at Bloomberg). Bloomberg also released a list of firms that may qualify for approval and the dates. These include Vaneck, Galaxy Digital, Proshares and Valkyrie.
Mike Novogratz-owned Galaxy Digital recently filed for its own futures-based Bitcoin ETF and under the Company Act of 1940 which copiously provides for the protection of investors. US SEC chairman Gary Gensler has acknowledged the importance of the Act and noted that a Bitcoin ETF filed under the Act was likely to be more considered for approval. Despite the four other firms on Bloomberg’s list, Galaxy Digital seems to be the only one who has its Bitcoin ETF backed by the Act.
Also read:Galaxy Digital Bitcoin ETF Filing Likely to Be More Considered, Say Bloomberg Experts
The dates considered by Bloomberg in its report are spread across this month except for one approval that is likely to occur on November 1. Bloomberg also attached ratios to its report, representing how high the odds are for the ETF approval of the five firms. Galaxy Digital emerged with the highest ratio (50:1) among others.
Meanwhile, the US SEC has more than a dozen ETF applications before it, with all based on flagship cryptocurrency Bitcoin. Two ETF filings on Ethereum submitted in August by VanEck and Proshares were withdrawn immediately. Although both firms did not state the reasons for the withdrawal, there were reports that the US SEC had ordered them to do so.
While the US SEC remains hesitant on ETF approval, countries like Canada and Brazil have gone ahead to approve and list for trading several Bitcoin ETFs on their stock exchanges. Experts in the US have also highlighted the implications of delaying an ETF approval. The US SEC has cited concerns about investors’ protection.
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