1. BITBILIHome
  2. Article

BlackRock’s spot Bitcoin ETF filing sparks optimism

• 191 views

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

  • Venezuelan President calls for global de-dollarization amid BRICS summit

    TL;DR Breakdown Venezuelan President Nicolas Maduro calls for the de-dollarization of the global economy during the BRICS summit, advocating for alternative financial systems that use multiple national currencies. Maduro highlights the impact of U.S. sanctions on Venezuela and other countries, stating that at least 28% of the global population is affected by such “imperialist” measures. Despite Venezuela’s unsuccessful bid for BRICS membership, Maduro’s push for financial alternatives could align with BRICS countries’ own goals to reduce dollar dependence, potentially influencing future shifts in global financial systems. Description Venezuelan President Nicolas Maduro has urged for the de-dollarization of the global economy, citing the difficulties that the current dollar-dominated system imposes on emerging countries affected by U.S. sanctions. The call was made during Venezuela’s participation in the recent BRICS summit held in Johannesburg, South Africa. A push for financial independence Maduro’s message to the … Read more Venezuelan President Nicolas Maduro has urged for the de-dollarization of the global economy, citing the difficulties that the current dollar-dominated system imposes on emerging countries affected by U.S. sanctions. The call was made during Venezuela’s…

    Article 2023年8月29日

  • What exactly happened between Taylor Swift and FTX?

    TL;DR Breakdown Taylor Swift was in talks for a $100 million tour sponsorship deal with the now-defunct crypto exchange, FTX. Despite initial reports suggesting Swift pulled out, it was FTX’s former CEO, Sam Bankman-Fried, who left the agreement unanswered. Swift’s financial acumen, likely influenced by her father, a well-regarded investment banker, saved her from a potentially disastrous entanglement with the crumbling exchange. Description As the dust settles on the tangled relationship between 12-time Grammy award-winning singer-songwriter, Taylor Swift, and the now insolvent cryptocurrency exchange, FTX, one question remains. What exactly transpired between these two unlikely entities? This convoluted saga plays out like a chart-topping ballad, full of twists, turns, and a dash of corporate intrigue. The Opening Act: … Read more As the dust settles on the tangled relationship between 12-time Grammy award-winning singer-songwriter, Taylor Swift, and the now insolvent cryptocurrency exchange, FTX, one question remains. What exactly transpired between these two unlikely entities? This convoluted saga plays out like a chart-topping ballad, full of twists, turns, and a dash of corporate intrigue. The Opening Act: A Deal Gone Wrong…

    Article 2023年7月10日

  • Cryptocurrency Exchange Implements Bitcoin Lightning Network Integration for Enhanced Transactions

    TL;DR Breakdown Binance has completed the integration of the Bitcoin Lightning Network, offering users faster and cheaper transactions for BTC withdrawals and deposits. With the Lightning Network integration, Binance joins other prominent exchanges in embracing layer-2 scaling solutions to address network congestion and high transaction fees. Description Binance, one of the world’s leading cryptocurrency exchanges, has announced the completion of its integration with the Bitcoin Lightning Network. This eagerly awaited update allows Binance users to leverage the layer-2 scaling solution for Bitcoin withdrawals and deposits, enabling lightning-fast transactions with reduced fees. With this move, Binance joins the ranks of other prominent exchanges … Read more Binance, one of the world’s leading cryptocurrency exchanges, has announced the completion of its integration with the Bitcoin Lightning Network. This eagerly awaited update allows Binance users to leverage the layer-2 scaling solution for Bitcoin withdrawals and deposits, enabling lightning-fast transactions with reduced fees. With this move, Binance joins the ranks of other prominent exchanges that have embraced the Lightning Network, including Bitfinex, River Financial, OKX, Kraken, and CoinCorner. Lightning Network Integration as an Option…

    Article 2023年7月17日

  • Federal Reserve’s reaction to U.S. inflation data

    TL;DR Breakdown The U.S. consumer price index (CPI) may rise by 0.2% for the second month in July. Yearly forecast for the Labor Department’s gauge shows a 4.8% increase. Overall CPI, which includes food and energy, is predicted to have an annual rise of 3.3%. Description As the sun rises on a new economic horizon, the Federal Reserve stands at a precarious intersection of expectations and reality. The looming U.S. inflation data has been casting shadows of doubt on the nation’s financial stability, but recent insights hint at a silver lining that could change the narrative. Though optimism has always been … Read more As the sun rises on a new economic horizon, the Federal Reserve stands at a precarious intersection of expectations and reality. The looming U.S. inflation data has been casting shadows of doubt on the nation’s financial stability, but recent insights hint at a silver lining that could change the narrative. Though optimism has always been a fleeting guest in our financial halls, there’s no denying the data has tongues wagging. Let’s dissect. Unpacking the core For…

    Article 2023年8月7日

  • Nigeria takes top spot in global crypto awareness survey

    TL;DR Breakdown Nigeria has emerged as the country with the highest level of crypto awareness in a recent Consensys survey. Cryptocurrency trends beyond Nigeria. Description In a groundbreaking global survey conducted by ConsenSys and YouGov, Nigeria has emerged as the country with the highest level of cryptocurrency awareness. This survey, which aimed to gauge the perception of cryptocurrencies and the broader Web3 ecosystem in various countries, encompassed 15,158 individuals aged between 18 and 65 across 15 nations. Report shows that … Read more In a groundbreaking global survey conducted by ConsenSys and YouGov, Nigeria has emerged as the country with the highest level of cryptocurrency awareness. This survey, which aimed to gauge the perception of cryptocurrencies and the broader Web3 ecosystem in various countries, encompassed 15,158 individuals aged between 18 and 65 across 15 nations. Report shows that 99% of Nigerians understand Web3 The most striking revelation from this comprehensive study is that Nigeria, Africa’s largest economy, boasts the most cryptocurrency-aware population on the planet. An astounding 99% of Nigerians and 98% of South Africans demonstrated a deeper understanding of…

    Article 2023年9月5日
TOP