Published 1 minute earlier
The wait for approval of an exchange-traded fund (ETF) that trades Bitcoin directly, known as a spot Bitcoin ETF, could end as early as next Wednesday.
According to a report from Fox Business, BlackRock, the world's largest asset manager and one of the companies vying to launch a spot Bitcoin ETF, expects its application to be approved next Wednesday.
BlackRock is one of several companies that filed updated 19b-4 filings for planned spot Bitcoin ETFs on Friday, along with Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. The Cboe BZX exchange also filed forms for VanEck, WisdomTree, Pando Asset AG and Franklin Templeton last week.
The approval of spot Bitcoin ETFs is highly anticipated by crypto advocates, who are betting the funds could bring billions in new money to the cryptocurrency sector. Bitcoin's price has skyrocketed in recent months, reflecting the market's enthusiasm at the prospect of exchange-traded products with Bitcoin assets rather than simply speculating on the price through futures contracts.
Crypto skeptics, meanwhile, argue that Bitcoin is too volatile and unregulated to support a healthy market. In a letter to the SEC, the nonpartisan nonprofit organization Better Markets, which advocates for stronger financial regulation, said the approval of the spot Bitcoin ETFs was “a regulatory failure of historic proportions.”
Disclaimer: The Block is an independent media company providing news, research and data. As of November 2023, Foresight Ventures has been the majority investor in The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The block continues to operate independently to provide objective, meaningful and timely information about the crypto industry. Here you will find our current financial reports.
© 2023 The Block. All rights reserved. This article is for informational purposes only. It is not offered or intended to constitute legal, tax, investment, financial or other advice.