Home Business Multiple bitcoin exchange funds are approved at the same time

Multiple bitcoin exchange funds are approved at the same time

Cathie Wood: Banking Crisis Leads Institutional Investors to Bitcoin

In June, the crypto market was completely dominated by applications for a Bitcoin (BTC) spot exchange traded fund (ETF), or stock exchange fund. Several financial institutions, including giant Blackrock, have submitted Bitcoin ETF applications to the US regulator.

Another institution that has also submitted a Bitcoin ETF application is ARK Investment. Cathie Woods, CEO of ARK, is very optimistic about the prospects of success. In an interview She tells Bloomberg that the US regulator will likely approve multiple ETFs at once.

SEC investigating bitcoin exchange funds

The US stock exchange supervisory authority SEC (Security and Exchange Commission) is currently examining the several Apply for a spot bitcoin ETF. ARCs must first be approved or denied. The SEC is due next Sunday, August 13, to report whether or not ARK’s spot bitcoin ETF gets the green light. However, the SEC also has the option to delay that ruling until early 2024. The SEC is expected to choose this option.

The SEC has never approved a spot bitcoin ETF before. However, rumor has it that the time has come for a Bitcoin exchange fund. In particular, the filing by Blackrock, the world’s largest financial institution, seems to be a sign that the ETF could be in the game this time.

Will there finally be a spot bitcoin ETF in the US?

The interesting thing about the different ETF applications is that they are almost all identical. So if the SEC approves one, the regulators would have to approve them all, one would think. For that reason, ARK’s proposal is certainly relevant, but all eyes are carefully on Blackrock’s proposal. The first application period for Blackrock ends next month. However, the SEC can postpone this decision.

An American spot bitcoin ETF is expected to be a major catalyst for adoption and therefore bitcoin price. The anticipation is therefore great, but we may have to wait until 2024 for a definitive answer.

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