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BlockNews
Home BREAKING NEWS

Bitcoin Spot ETFs Amass Global Evaluation of $4.16B

by BlockNews.com Team
November 3, 2023
in BREAKING NEWS, CRYPTO, FEATURED
Reading Time: 2 mins read
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  • The SEC is reviewing several filings for potential bitcoin ETFs and may approve the first spot bitcoin ETF soon.
  • Current filings under review include applications from ARK Invest, BlackRock, Bitwise, WisdomTree, Fidelity and Invesco.
  • Potential SEC approval of bitcoin ETFs has lifted bitcoin’s price, as ETFs could spur more demand by making bitcoin exposure easier for mainstream investors.

The U.S. Securities and Exchange Commission (SEC) is currently reviewing several filings for potential bitcoin exchange-traded funds (ETFs). SEC Chair Gary Gensler said the agency has 8-10 bitcoin ETF filings in front of it for consideration. This news has fueled speculation that SEC approval of a spot bitcoin ETF may be imminent.

Current Filings Under Review

Gensler declined to comment on timing but said the filings have various submission dates. Cathie Wood’s ARK Invest application is first in line, with its 240-day SEC comment period expiring on January 10, 2024. The SEC must approve or reject ARK’s application by that date.

Other firms like BlackRock, Bitwise, WisdomTree, Fidelity and Invesco also have pending bitcoin ETF applications before the SEC. Investors are optimistic after the SEC recently declined to appeal a court ruling stating it was wrong to reject Grayscale’s application to convert its bitcoin trust into an ETF. The court has instructed the SEC to reconsider Grayscale’s application.

🚨 NEWS: Exchange-traded funds linked to #Bitcoin's spot price boast a global investment of $4.16 billion.

Canada leads with $2 billion across seven spot bitcoin ETFs

First-day demand of a 🇺🇸 approved Spot Bitcoin ETF is expected to exceed $1 billion, report Reuters.

What will… pic.twitter.com/GdmkuIpVYO

— BlockNews.com (@blocknewsdotcom) November 3, 2023

Bitcoin Price Reaction

The potential SEC approval of spot bitcoin ETFs has lifted bitcoin’s price this week. Bitcoin rallied nearly 14% over the past week but was last trading down 1.6% at $33,958. The cryptocurrency has gained on the view that SEC-approved ETFs would spur more bitcoin demand by making it easier for mainstream investors to gain exposure.

Conclusion

The SEC is actively reviewing several bitcoin ETF applications and may soon approve the first spot bitcoin ETF in the U.S. This would be a milestone for cryptocurrency adoption and could drive significant new demand for bitcoin from institutional investors. The market is optimistic the SEC will approve an ETF in the coming months now that it lost a court case over rejecting a bitcoin trust conversion.

Tags: BitcoinBlockchaincryptoETFWeb3
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