As Bitcoin continues to approach all-time highs, the debate about approving a Bitcoin ETF in the US is escalating rapidly. The first ETF to be approved could be the ProShares Bitcoin Strategy ETF, powered by Bitcoin futures to be decided on October 18. Meanwhile, traders are keeping their eyes peeled for wider regulatory developments from the highest branches of the US government.
Crypto community looks forward to Bitcoin ETF approval
By the end of 2021, there are 8 Bitcoin ETF applications that will be approved by the US Securities and Exchange Commission (SEC). If all goes well, ProShares, the company that initially applied for the Bitcoin Strategy ETF, will be able to launch the ETF within five days, as the 75-day process will be over. October 18, 2021 has been given as the possible approval date for ProShares’ ETF. On October 18, 75 days will have passed since the application was filed with the SEC and its chairman, Gary Gensler.
On the other hand, secondly, the possible approval of Invesco’s application for the Bitcoin “Strategy” ETF is observed on October 19, 2021. The deadlines are October 25, 2021 for Valkyrie Investment and VanEck, November 1, 2021 for Galaxy Digital, and November 3, 2021 for Advisorshares Managed. On the other hand, the estimated approval date of Bitwise and BlockFi is seen as November and December.
Sharing estimated approval dates, Bloomberg ETF analyst Eric Balchunas charts that demand for Bitcoin ETFs could be high with just $4 billion invested in the first 12 months, and he thinks the SEC can approve all ETFs at once in a way that is fair to all.
What is an ETF?
An ETF is a group of securities that are traded like stocks on an exchange. An ETF can track an index, sector, commodity or asset. cryptocoin.com As we reported, Winklevoss twins Cameron and Tyler sought approval for a Bitcoin ETF in 2017 and their application was rejected. The reason for the rejection was that Bitcoin is traded on largely unregulated exchanges, which makes them vulnerable to fraud and manipulation.
VanEck CEO Jan van Eck remains optimistic and shows no signs of softening. He believes that a well-structured BTC ETF will be designed to invest in the price of bitcoin and that insurance will protect shareholders against the risks of supplying and holding Bitcoin.
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