SEC Likely to Approve 'a Handful' of Spot Bitcoin ETFs on Wednesday
The US Securities and Exchange Commission (SEC) is likely to approve “a handful” of Spot Bitcoin Exchange-Traded Funds (ETFs) on Wednesday. Ten applicants submitted their final amendments on Monday. Blackrock also filed its Ishares Bitcoin Trust as a security for registration.
Market Optimism Pushes Bitcoin Beyond 47K
Ten applicants filed their final amendments with the US Securities and Exchange Commission (SEC) on Monday, meeting the 8 am deadline set by the regulator. Bitcoin breached the USD 47,000 threshold, riding the wave of market optimism.
CNBC reported on Monday that the SEC is likely to approve several applicants on Wednesday, with investors awaiting the SEC's decision on Spot Bitcoin ETFs. Reporter Kate Rooney stated:
"The Bitcoin ETF is now likely to get the green light this week. Two sources close to the process are now telling me it’s looking like Wednesday… The SEC is expected to approve a handful of applications at once."
Wednesday is also the deadline for the proposed Spot Bitcoin ETF from Cathie Wood’s Ark Invest and 21shares. If approval does happen, “I’m told potential trading would happen Thursday or Friday,” the reporter added.
The world’s largest asset manager, Blackrock, expects the SEC to approve its Ishares Bitcoin Trust on Wednesday. Blackrock also filed Form 8-A on Monday afternoon, officially registering the trust as a security with the SEC. The asset manager has reportedly set aside more than USD 2 billion for the launch of its Spot Bitcoin ETF.
Former SEC Chairman Jay Clayton believes that the SEC will approve Spot Bitcoin ETFs. Speaking to CNBC on Monday, he said, “I think approval is inevitable, and I think there is nothing left to decide.”
Fee Competition Hots Up Among the Issuers
The amendments filed on Monday revealed a fee competition among the issuers of the Spot Bitcoin ETF. Grayscale Investments has set the highest fee of 1.5%, while Bitwise offers the lowest fee of 0.24% with a fee waiver for 6 months on the first USD 1 billion of trust assets. Jane Street, Virtu, JPMorgan, ABN AMRO, Macquarie, Cantor Fitzgerald, and Marex Capital are the authorized participants named in the filings.
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