SEC May Approve A Bitcoin ETF In The Coming Week
According to sources cited by financial media behemoth Bloomberg, the protracted delay for a Bitcoin exchange-traded commodity may soon come to an end. Bloomberg reported that the SEC of the United States is prepared to authorize the country’s pioneer Bitcoin futures ETFs, citing “people who are familiar with the subject.” “The authority is not expected to prevent the items from being on the market next week,” the unnamed sources stated.
Due to the fact that futures products are seen more positively by authorities, it is likely that one of them will be allowed first. The Chicago Mercantile Exchange (CME) regulates futures trading, which necessitates investors putting down cash on margin in order to trade futures contracts.
ProShares Bitcoin Strategy ETF Might Be First Launched
In light of the upcoming decision deadline of Oct. 18, Eric Balchunas, a senior ETF expert at Bloomberg, believes that the ProShares Bitcoin Strategy ETF will be one of the first to debut. If the SEC does not impose any additional delays, the Invesco Bitcoin Strategy ETF might be approved the next day. “Very much a foregone conclusion,” the expert wrote in a tweet on October 15: “I anticipate releases next week,” he says, before emphasizing that the “odds are now over 90 percent based on my calculations.”
“According to many sources who have confirmed this, Bitcoin futures ETFs will not meet any resistance from the SEC (as an afterthought, I’m hearing the same thing as well)… Almost everything is completed. Launches are expected to occur next week, according to expectations. @kgreifeld, @VildanaHajric, and @benbain have a nice late-night story for you” — Eric Balchunas (@EricBalchunas) on Twitter: 15th of October, 2021
Gary Gensler Further Pushes Prospects
As a result of his support for funds founded on CME-traded Bitcoin futures filed under a 1940s statute, SEC chair Gary Gensler has given additional weight to the prospect of a certification that has been in the works for a long time. Earlier, it was revealed that Ark Invest had partnered up with 21Shares to apply for an ETF that would deal in Bitcoin futures, signaling that they, too, were optimistic that regulatory clearance would be granted shortly after.
The timeframes for VanEck and Valkyrie ETF submissions are also coming on October 25, which means there could be a swarm of new ETFs listed on platforms in the coming weeks. Bitcoin prices are expected to rise significantly on Monday, Oct. 18, as investors have already been anticipating this historic occasion. According to CoinGecko, at the time of writing, Bitcoin had just reached a high of $59,600 before reversing course.
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