One bitcoin (BTC) exchange-traded funds (ETF) is now available in many countries, but the all-powerful United States is currently not part of this list. The American Securities and Exchange Commission (SEC) has only allowed funds based on BTC futures, not spot BTC.
When bitcoin ETF in US?
Bitwise’s CIO, Matthew Hougan, is far from hopeful about an approval of a bitcoin spot ETF in the near future. He gave to that there is currently ”no way forward” for a spot bitcoin ETF with the US regulator. The company currently has no filing with the SEC.
However, Hougan added that it has not lost hope for the long term regarding the arrival of a spot BTC ETF. Namely, he said the following:
“Spot bitcoin ETFs are operating successfully in many markets around the world, and we believe we will eventually see them here in the US.”
A bitcoin ETF is an investment product that tracks the bitcoin price. With such an ETF, it is possible to invest in the largest crypto by market capitalization without actually having to buy it. However, there is a clear difference between a spot and a futures ETF. With a spot ETF, the fund manager actually buys bitcoin, while this does not happen with a futures ETF. Here, a fund manager buys futures contracts instead of real BTC.
Grayscale bitcoin ETF lawsuit
US crypto asset manager Grayscale has even gone so far as to battle the SEC in court after its application for a bitcoin ETF was rejected. Specifically, Grayscale wants to convert its existing bitcoin fund into a spot ETF.
Earlier this month you could read in the Bitcoin news that Grayscale CEO Michael Sonnenshein is optimistic about the possible verdict of the judge in the case with the US regulator.