(MENAFN- coinxposure)
ark investment management, a bitcoin-friendly firm founded by veteran investor cathie wood, reportedly leads the competition for a spot btc exchange-traded fund (etf).
blackrock submitted an application for a spot bitcoin exchange-traded fund (etf) in mid-june, sparking notable optimism in cryptocurrency markets.
according to some executives and analysts, blackrock may not be the first issuer of a spot bitcoin etf in the united states, even though several reports suggest otherwise.
yassine elmandjra, an analyst at ark, was reportedly quoted as saying,“other applicants will be able to amend their filings with similar agreements at a low cost.”
elmandjra emphasized that ark and the european asset manager 21shares applied for a spot bitcoin etf with the u.s. securities and exchange commission (sec) in april.“this is the only one currently ahead of blackrock's,” he added.
more industry observers, including james seyffart, an etf analyst at bloomberg intelligence, argued that ark and 21shares should be in the lead for a spot bitcoin etf.
“21shares, ark, and cboe [chicago board options exchange] are first in line because their next sec decision date is august 13, 2023,” seyffart stated.“we do not yet have a date for the other 19b-4 applications, such as blackrock's.”
the filing for the ishares bitcoin trust by blackrock has prompted a flurry of reactivated bitcoin etf filings. companies such as crypto fund manager valkyrie, wisdomtree, and invesco reapplied for spot bitcoin etfs, with bitwise reportedly reapplying.
“our bullish argument for bitcoin spot etf approval can be summed up in four words: 'what does blackrock know?'” eric balchunas, a senior etf analyst at bloomberg, wrote on twitter.
nate geraci, co-founder of the etf institute, took to twitter on june 26 to express comparable sentiments.
many industry observers have commented on the timing of blackrock's filing for a spot bitcoin etf, with some speculating that the company may have insider knowledge of the sec's btc etf policies.
see also bitcoin wallets – types, security, and best practices 2 months ago
despite growing optimism regarding the possible introduction of a spot bitcoin etf to the u.s. market, many industry experts believe that such products will not be available in the immediate future.
the sec is unlikely to approve a spot bitcoin etf in 2023, according to wilshire phoenix's partner wade guenther, as little progress has been made since the winklevoss twins filed for one in 2017.
“there hasn't been a lot of development since the first time many of these sponsors filed their initial spot bitcoin etfs,” guenther said, adding:
etf institute co-founder nate geraci had previously predicted that the world would not see a spot bitcoin etf until 2023.
Comments
No comment