In a significant development, the U.S. Securities and Exchange Commission (SEC) has reportedly recognized BlackRock’s application for a spot Bitcoin exchange-traded fund (ETF).
Alongside BlackRock, other renowned financial firms including VanEck, Invesco US, Fidelity, and WisdomTree have also had their spot BTC ETF applications acknowledged, marking the beginning of a review process.
According to Bloomberg research analyst James Seyffart, the SEC’s acknowledgement of these applications is a promising sign. Seyffart further shared that ARK Invest and 21Shares are already ahead in the process, with Bitwise Asset Management having reached this stage just the day before.
Investors would gain access to the cryptocurrency asset through a brokerage firm, much like they would with commodities such as gold, thanks to a spot Bitcoin ETF. Seyffart predicts that the SEC will make a decision on BlackRock’s request by March of the coming year. Furthermore, he anticipates that the fate of ARK Invest and 21Shares’ bids will likely be determined by early January.
While the acknowledgment from the SEC is an important procedural step, Bloomberg ETF analyst Eric Balchunas suggests that it does not significantly alter the chances of approval for the applications. Balchunas emphasizes that this development merely starts the clock ticking and may be seen as good news for ARK Invest, given the order of acknowledgment based on filing dates.
It’s worth noting that last month, the SEC expressed concerns about the clarity and comprehensiveness of BlackRock’s BTC ETF bid, despite initial expectations that the application would satisfy the regulatory requirements.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.