BlackRock’s spot Bitcoin ETF filing sparks optimism

TL;DR Breakdown

  • BlackRock’s filing pushes other firms to file their applications.
  • Fidelity investments could make a last-minute entry into the market.

Description

The race for spot Bitcoin exchange-traded funds (ETFs) has intensified as two investment firms recently filed applications, following BlackRock’s move to seek approval for its spot Bitcoin ETF on June 15. BlackRock leads other firms in filing their spot Bitcoin ETF application WisdomTree, an asset management fund based in New York, is the latest firm … Read more

The race for spot Bitcoin exchange-traded funds (ETFs) has intensified as two investment firms recently filed applications, following BlackRock’s move to seek approval for its spot Bitcoin ETF on June 15.

BlackRock leads other firms in filing their spot Bitcoin ETF application

WisdomTree, an asset management fund based in New York, is the latest firm to file a new application for a spot Bitcoin ETF. In a filing to the United States Securities and Exchange Commission (SEC) on June 21, WisdomTree requested permission to list its “WisdomTree Bitcoin Trust” on the Cboe BZX Exchange under the ticker symbol “BTCW.”

This is not WisdomTree’s first attempt at a spot Bitcoin ETF. The SEC rejected its initial application in December 2021, and the second application faced rejection again in October 2022, with concerns raised about fraud and market manipulation. Currently, WisdomTree manages approximately $83 billion in assets.

One notable difference in BlackRock’s recent filing is its intention to enter into a “surveillance sharing agreement” with the Chicago Mercantile Exchange (CME) futures markets. BlackRock refers to the SEC’s approval of a Bitcoin futures fund by Teucrium, noting the CME’s comprehensive surveillance of futures market conditions to detect and prevent price distortions caused by manipulative efforts. WisdomTree’s filing also mentions its willingness to enter into a similar surveillance agreement with an operator of a US-based spot trading platform for Bitcoin.

Shortly after WisdomTree’s application, global investment manager Invesco “reactivated” its application for a similar product. Invesco submitted a request to the SEC, seeking approval for its “Invesco Galaxy Bitcoin ETF” to be listed on the Cboe BZX exchange. The filing highlights that a spot Bitcoin ETF utilizing professional custodians and service providers eliminates the need for investors to rely on loosely regulated offshore vehicles, offering better protection for their principal investments in Bitcoin.

Fidelity investments could make a late entry into the market

While the SEC has yet to approve a spot Bitcoin ETF, Bloomberg senior ETF analyst Eric Balchunas believes that BlackRock’s move has injected new energy into the race. Balchunas shared on Twitter that BlackRock has a successful track record of getting ETFs approved, with a record of “575-1” in favor of approval by the regulator.

Amidst this flurry of activity, rumors have emerged that Fidelity Investments, a multi-trillion-dollar fund manager overseeing $4.9 trillion in assets, may also be considering entering the spot Bitcoin ETF market. A tweet from Arch Public co-founder AP_Abacus suggested that Fidelity Investments might file its spot Bitcoin ETF or make an offer on Grayscale’s GBTC ETF product.

As the competition for spot Bitcoin ETFs heats up, investors and market observers are closely watching the regulatory developments and the potential impact on the cryptocurrency market. The approval of a spot Bitcoin ETF could offer investors a regulated and accessible way to invest in Bitcoin, potentially leading to increased adoption and liquidity in the cryptocurrency space. However, it remains to be seen how the SEC will assess these new applications and address the concerns regarding fraud, market manipulation, and investor protection.

As the race for spot Bitcoin ETFs intensifies, market participants will eagerly await updates from the SEC, and the decisions made regarding these filings will likely shape the future of cryptocurrency investment opportunities in the United States.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:BlackRock’s spot Bitcoin ETF filing sparks optimism

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年6月24日 03:18
Next 2023年6月24日 04:33

Related articles

  • Judge slams Biden officials’ censorship on social media as violation of first amendment

    TL;DR Breakdown A federal judge in Louisiana, Terry Doughty, recently issued a ruling stating that the Biden administration likely violated the First Amendment by censoring unfavorable views on social media during the coronavirus pandemic.  In his 155-page opinion, Judge Doughty compared the United States government’s actions during the COVID-19 pandemic to the fictional “Ministry of Truth” from George Orwell’s novel 1984.  The ruling takes immediate effect, but it is not a final decision and can be appealed by the Biden administration to the 5th U.S. Circuit Court of Appeals in New Orleans. Description A federal judge in Louisiana, Terry Doughty, recently issued a ruling stating that the Biden administration likely violated the First Amendment by censoring unfavorable views on social media during the coronavirus pandemic. Judge Doughty referred to these efforts as “Orwellian” and issued a preliminary injunction that prohibits several federal officials and agencies from contacting social … Read more A federal judge in Louisiana, Terry Doughty, recently issued a ruling stating that the Biden administration likely violated the First Amendment by censoring unfavorable views on social media during…

    Article 2023年7月7日
  • SBF’s lawyers deny DOJ’s claims on internet access

    TL;DR Breakdown Lawyers of Sam Bankman-Fried have refuted the DOJ’s claim that their client has been provided with sufficient internet access. SBF’s lawyers list the difficulties their client is experiencing. Description Prosecutors in the case involving FTX founder Sam Bankman-Fried are facing accusations of exaggerating the level of access he has to defense materials. In a memo submitted by his defense attorneys, it was asserted that Bankman-Fried’s access to critical resources for his defense has fallen short of the Department of Justice’s claims. SBF has been … Read more Prosecutors in the case involving FTX founder Sam Bankman-Fried are facing accusations of exaggerating the level of access he has to defense materials. In a memo submitted by his defense attorneys, it was asserted that Bankman-Fried’s access to critical resources for his defense has fallen short of the Department of Justice’s claims. SBF has been grappling with inadequate internet access, a significant hindrance when he is brought to a cell block at the Southern District of New York courthouse. SBF legal team refutes DOJ’s claim The SBF defense team has argued…

    Article 2023年9月10日
  • Uh-oh: U.S. gives China advise on economic slump

    TL;DR Breakdown The U.S. urges China to be transparent about its economic data. Concerns arise as China halts youth unemployment data publication. U.S. national security adviser, Jake Sullivan, stresses the importance of global financial stability. Description It seems the tables have turned. The U.S., in a bold move, is knocking on China’s door, urging transparency regarding the state of its economy. With China holding such a prominent position in the global economic theater, ripples from its slowdown could reverberate, impacting worldwide growth trajectories. U.S. concerned about China’s transparency Jake Sullivan, the … Read more It seems the tables have turned. The U.S., in a bold move, is knocking on China’s door, urging transparency regarding the state of its economy. With China holding such a prominent position in the global economic theater, ripples from its slowdown could reverberate, impacting worldwide growth trajectories. U.S. concerned about China’s transparency Jake Sullivan, the U.S. national security adviser, didn’t mince words. He voiced clear concern about Beijing’s recent decisions to halt the release of data about its swelling youth unemployment and its clampdown on corporate…

    Article 2023年8月24日
  • Binance.US addresses USD withdrawal concerns and raises caution on possible service discontinuation

    TL;DR Breakdown Binance.US fixed problems with withdrawing USD but warns of possible problems in the future. Some banking partners might cease offering the service to take USD. Customers are told to resend their requests and think about stablecoins to trade one crypto for another. Description Binance.US, one of the most popular crypto exchanges in the US, has recently taken steps to address worries about the ability to withdraw USD and put out a warning about the possibility of stopping service. As the rules about cryptos continue to change, the exchange wants to ensure it stays in line while giving its … Read more Binance.US, one of the most popular crypto exchanges in the US, has recently taken steps to address worries about the ability to withdraw USD and put out a warning about the possibility of stopping service. As the rules about cryptos continue to change, the exchange wants to ensure it stays in line while giving its users clarity and help. Customers of Binance‘s US-based subsidiary, Binance.US, have been advised that the company’s issues with USD withdrawals have been…

    Article 2023年6月26日
  • PancakeSwap price analysis: CAKE slowly trends towards $1.50 resistance

    TL;DR Breakdown . PancakeSwap price touched the $1.43 mark . CAKE could rise up to $1.5 over the coming 24 hours . Uptrend potential could be invalidated if price falls below $1.3 Description PancakeSwap price analysis shows a meagre uptrend taking place, as price slowly begins to trend upwards. CAKE price reached up to the $1.43 mark over the past 24 hours, in pursuit of the $1.5 resistance. The highest point this month has been set around $1.73, on June 5, when price declined 9 percent to initiate … Read more PancakeSwap price analysis shows a meagre uptrend taking place, as price slowly begins to trend upwards. CAKE price reached up to the $1.43 mark over the past 24 hours, in pursuit of the $1.5 resistance. The highest point this month has been set around $1.73, on June 5, when price declined 9 percent to initiate the current bearish trend. Price over the past 24 hours increased around 1 percent, suggestive of a slow-burning uptrend potentially in place for CAKE. Trading volume for PancakeSwap dropped more than 20 percent over…

    Article 2023年6月21日
TOP