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The approval wait for an exchange-traded fund (ETF) that trades Bitcoin directly, known as a Spot Bitcoin ETF, could end as early as Wednesday next week.
BlackRock, the world’s largest asset manager and one of the companies vying to bring a spot Bitcoin ETF to market, expects its application to be approved next Wednesday, Fox Business reports. It is said that there is.
BlackRock was one of several companies to file an updated 19b-4 filing for a proposed spot Bitcoin ETF on Friday, along with Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. be. The Cboe BZX exchange also filed applications from VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton last week.
The approval of the Spot Bitcoin ETF is highly anticipated by crypto advocates, who are betting that the fund could bring billions of dollars of new capital into the crypto sector. Bitcoin prices have soared in recent months, demonstrating the market’s enthusiasm for the prospects of trading on exchanges that hold Bitcoin, rather than simply speculating on prices through futures contracts.
Cryptoskeptics, meanwhile, argue that Bitcoin is too unstable and unregulated to support a healthy market. Better Markets, a nonpartisan nonprofit that advocates for stronger financial regulation, said in a letter to the SEC that approval of the Spot Bitcoin ETF would be a “regulatory error of historic proportions.”
Disclaimer: The Block is an independent media outlet that delivers news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block remains independently operated to provide objective, impactful, and timely information about the cryptocurrency industry. Current financial disclosure information is as follows:
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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