News - Bitcoin ETF: De eerste deadline komt eraan

By Luc Vesters

Bitcoin ETF: De eerste deadline komt eraan

Bitcoin (BTC)

On June 15, the Bitcoin Spot ETF fever began. BlackRock filed an application with the SEC. The world's largest asset managers followed suit. There are now many motions on Gary Gansler's desk. The head of the U.S. Securities and Exchange Commission is under pressure - the first spot ETF was approved in Europe. This news hardly affects the Bitcoin price: In the past 24 hours, the cryptocurrency has collapsed by almost one percent.

The U.S. market is relevant for a rise in value. BlackRock's application was already enough for a proud rise in Bitcoin's price. If the application is approved, the question is not whether, but how much the BTC price will explode. After all, the world's largest asset manager could catapult Bitcoin's market capitalization to a new record high. It has not yet been decided whether this will happen at all. The SEC is taking its time. But it also has some deadlines to meet, as data from Bloomberg Intelligence shows.

ARK 21Shares Bitcoin ETF (ARKB)

Cathie Wood's company has been waiting since June 2021 on a ruling on their Bitcoin spot ETF. The SEC kept delaying its approval or rejection decision. In April 2023, Ark Invest and 21Shares filed another application. The SEC already ignored the second deadline of Aug. 13. Cathie Wood and 21Shares must now wait until Nov. 11.

VanEck Bitcoin Trust

Asset manager VanEck waits the longest: An initial application was received by the SEC in December 2020. The authority has repeatedly delayed the decision. After a new application, the first deadline is now Sept. 2.

Bitwise Bitcoin ETP Trust

A similar fate befell Bitwise's Bitcoin ETP Trust in 2021. The investment firm had already submitted the application for the spot ETF in mid-October. No approval was forthcoming until June 2023, forcing Bitwise to refile the paperwork. According to Bloomberg Intelligence, the first deadline is Sept. 1, 2023. How this ends or if the ruling is delayed again remains unclear.

BlackRock: iShares Bitcoin Trust

BlackRock ranks third behind ARKB ETF and Bitwise. As the world's largest asset manager, Larry Fink's company has a proud record when it comes to ETF applications: the SEC has rejected only one application out of hundreds. A decision on whether to launch a Bitcoin ETF could also be made on Sept. 2. That's when the first deadline expires.

The U.S. Securities and Exchange Commission still has a long way to go: Gary Gensler and co. do not have to make a final decision until March 15, 2024. If approved, it would be before the next Bitcoin Halving.

Invesco Galaxy Bitcoin ETF

Asset manager No. 15 in the world rankings must also be patient. Invesco and Galaxy Digital submitted the application on Sept. 21, 2021. The first deadline for resubmission: Sept. 2, 2023. Nearly two years later, the company is still hoping for approval.

Valkyrie Bitcoin Fonds (BRRR)

It continues with Valkyrie's Bitcoin Fund (BRRR). The application for a spot-based ETF has been with the SEC since early July 2021. After resubmitting - as with more than four other asset management firms - the company is waiting for Sept. 4, 2023. Whether the ETF will get the SEC's blessing by then is another matter. By the way: The ticker symbol of the Valkyrie ETF is actually BRRR - a reference to a meme widespread in the Bitcoin scene.

Fidelity: Wise Origin Bitcoin Trust

Of course, the world's third-largest asset manager cannot be left out either. Fidelity has more than $5 trillion under management and made its first ETF filing just as Bitcoin was heading for an early all-time high of $63,000 in 2021. After a long but ultimately hopeless test of patience, the reapplication also takes place in June 2023. Fidelity is now waiting - as you can imagine - for a decision in just over two weeks.

WisdomTree Bitcoin Trust (BTCW)

WisdomTree 's Bitcoin Trust (BTCW) completes the list of Bitcoin ETFs. The spot ETF has been applied since Aug. 12, 2021, and is awaiting a ruling from the SEC. The authority had rejected a similar product from the asset manager in late December 2020. It remains to be seen whether the dice will fall differently this time. The deadline is, yes, you guessed it: Sept. 2, 2023.

Bitcoin Spot ETFs: Just a little more patience

For some, it's a matter of time. Others reject it, assuming the SEC will block a Bitcoin Spot ETF for years to come. The authority's reasoning: trading oversight is inadequate and the underlying spot market could be exposed to fraud and manipulation.

Still: Bitcoin futures ETFs were approved by the SEC in October 2021. There has even been a leveraged Bitcoin futures contract on the market since January of this year. It remains to be seen whether the SEC will be able to turn a blind eye to the ever-increasing pressure from BlackRock and Co. Sept. 2 is important now. Once a bitcoin spot ETF is approved, the various asset managers will "fight like cats and dogs for market share," according to crypto billionaire Mike Novogratz. In favor of the bitcoin exchange rate.

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