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U.S. SEC has 8-10 filings of possible bitcoin ETF products
The U.S. Securities and Exchange Commission (SEC) has eight to 10 filings of possible exchange-traded products for $Bitcoin (BTC.CC)$ in front of it for consideration, SEC Chair Gary Gensler said Thursday.
Bitcoin has rallied this week on speculation that SEC approval is imminent for a spot bitcoin exchange-traded fund (ETF) - seen as a driver of demand because it would allow investors to obtain direct exposure to the cryptocurrency via an exchange-listed product.
To date, the SEC has approved only ETFs tied to bitcoin futures contracts.
Cathie Wood's ARK Invest application is at the front of the line. The 240-day SEC comment period for that application expires on Jan. 10, 2024; regulators must either reject or approve it by that date.
$Blackrock (BLK.US)$ , Bitwise, $WisdomTree (WT.US)$ , Fidelity and $Invesco (IVZ.US)$ are among several other firms with pending applications for bitcoin funds in the U.S.
Anticipation around spot ETFs has been rising after the SEC opted not to appeal a court ruling it had been wrong to reject an application from Grayscale Investments to convert its existing bitcoin trust into a spot bitcoin ETF.
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Olivia Doe : still got time till January #hodl
Eric Shishefar : Bitcoin the garbage and why everyone dosent get paid high enough :(