SEC Reportedly Likely To Approve Spot Bitcoin ETFs Soon
The US Securities and Exchange Commission (SEC) is reportedly likely to decide on the approval of spot bitcoin exchange-traded funds (ETFs) on Tuesday or Wednesday. The much-awaited first-ever US Spot Bitcoin ETFs intensified last week as reputed asset managers updated their filings with the SEC.
Green Light Imminent For Spot Bitcoin ETFs
The major asset management firms are eager to secure regulatory approval for the first-ever spot bitcoin exchange-traded funds (ETFs) in the United States, as market participants look forward with anticipation.
Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, Wisdomtree, and the Ark Invest and 21 Shares joint venture all submitted revised filings with the US Securities and Exchange Commission (SEC) on Friday. The first deadline is January 10 for the proposed spot bitcoin ETF by Ark Invest and 21 Shares. However, people are expecting the securities regulator to approve multiple-spot Bitcoin ETFs before the end of the first deadline.
Reuters spoke to people familiar with the filing process and reported last week:
"The SEC may notify issuers as soon as Tuesday or Wednesday that they have been cleared to launch the following week."
The asset managers are working on the final fee structures, with Valkyrie declaring a 0.80% management fee, similar to that of Ark Invest and 21 Shares. Fidelity hopes to undercut the competition with a low fee of 0.39% for its Wise Origin Bitcoin Fund. Invesco offers a 0.59% fee with a six-month waiver for the first USD 5 billion in assets.
Bitwise and Blackrock Plan to Seed Spot Bitcoin ETFs
Bitwise revealed during its filing on Friday that it plans to seed its spot bitcoin ETF with USD 200 million, while Blackrock recently unveiled a plan to seed its ETF with USD 10 million on January 3. The world’s largest asset manager has named JPMorgan as a lead authorized participant.
Do you think the SEC will approve spot bitcoin ETFs ahead of the January 10 deadline? Please share your thoughts and opinions in the comments section below.
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