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Cryptogambling / SEC may approve multiple spot Bitcoin ETFs, analyst says

SEC may approve multiple spot Bitcoin ETFs, analyst says

Publish Date: 24/10/2023
Stock Photo, tags: spot bitcoin - images.pexels.com

Stock Photo – images.pexels.com

Crypto ETF expert Stuart Barton has said that all spot bitcoin ETF applications to the U.S. Securities and Exchange Commission may be approved simultaneously. The 12 spot Bitcoin ETF applications come from Grayscale, 21Shares, Ark, BlackRock, Bitwise, VanEck, Wisdomtree, Invesco, Galaxy, Fidelity, Valkyrie, Global X, Hashdex and Franklin.

Volatility Shares, Barton’s company, achieved a significant milestone by launching the first leveraged crypto ETF in the U.S. called the 2x Bitcoin Strategy ETF (BITX) in June. Furthermore, they were pioneers in seeking approval for an ether futures-based ETF. Their initiative prompted other companies to apply for similar ether futures ETFs.

While several companies started trading their ether ETFs in October after getting SEC approval, Barton’s team chose not to launch their ether ETFs.

“We applied first but didn’t get the first mover advantage when all applications were approved in one go,” Barton said in an interview. “This is a precedent-setting event that could be replicated by the SEC in its considerations of spot-bitcoin ETFs.”

Volatility Shares retains the choice to launch its ether ETF. The slow beginning of ether ETFs, with less than $2 million traded on the first day and continued low volumes throughout the week, have prompted Barton and his team to consider reevaluating their product.

“We could launch any day we wanted but now we have the opportunity to figure out why these ether ETFs are so unpopular,” Barton said.

Barton found it unusual that ether ETFs are much less popular than Bitcoin, which raised a billion dollars in two days.

Spot Bitcoin ETF approval anticipated by retail investors

The anticipation for spot Bitcoin ETFs has been growing, especially among retail investors.

Coinbase emphasized that the market had already factored in the approval of spot Bitcoin ETFs to some degree.

When a false news report falsely claimed that BlackRock’s spot Bitcoin application had been approved, Bitcoin (BTC) jumped from $27,900 to $30,000, resulting in nearly $100 million in liquidations in just one hour.

JPMorgan expected the approval of spot Bitcoin ETFs to occur in the coming months, likely before the final deadline of January 10 for the Ark 21Shares application.

Bloomberg Intelligence analysts and ARK Investment Management’s Cathie Wood share Barton’s view that all spot Bitcoin ETF applications could receive simultaneous approval.

Coinbase voices optimism over Bitcoin ETF approval

Coinbase chief legal officer Paul Grewal recently expressed confidence over the approval of a Bitcoin ETF fund by the SEC.

“I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Grewal said.

The SEC recently faced a significant legal setback when a judge ruled that they had no valid reason to reject Grayscale’s request to convert its large GBTC Bitcoin fund into an ETF.

Last week, the SEC chose not to challenge the ruling, which suggests that a Bitcoin-related ETF may likely get approved in the coming months.

“I think that the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in financial services,” Grewal said. “So that, I think, suggests that we will see progress there in short order.

“I think that, after the U.S. Court of Appeals made clear that the SEC could not reject these applications on an arbitrary or capricious basis, we’re going to see the commission fulfill its responsibilities. I’m quite confident of that.”

Grewal expressed optimism about the possibility of more Bitcoin ETFs getting approved in the near future.

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