The crypto market and analysts are pretty confident about the arrival of the first Bitcoin ETF in the U.S. ahead of this month. It has been years of waiting for the crypto community and any such approval can lead to a 2017-like bull run in the BTC price.
As per the latest Bloomberg report, there’s every possibility that four Bitcoin ETFs could be coming ahead this month. SEC Chairman Gary Gensler has recently suggested a possibility of getting a Bitcoin ETF that tracks Bitcoin futures. Meaning, these ETFs will hold bitcoin futures offered by the CME Group rather than the underlying asset.
Thus, Bloomberg reports that there are four such Bitcoin Futures ETF proposals that can get the SEC greenlight ahead this month. James Seyffart, an ETF analyst with Bloomberg Intelligence said:
“We are pretty bullish on approval here. We just can’t see Gensler and the SEC going out of their way to state positive comments about a 1940-act Bitcoin futures ETF at the end of September and then denying all of them less than a month later.”
ProShares Bitcoin Futures ETF first In the Line
If the SEC follows the usual process without discriminating between different products, the Bitcoin futures ETF application from ProShares could be the first to get the SEC nod. The ProShares application has a clause that would allow its funds to hold other Bitcoin instruments.
Another player in the line that holds a good chance of getting the Bitcoin futures ETFs approval is Valkyrie Investments. Unlike ProShares, the proposed ETF from Valkyrie will only hold bitcoin futures. Speaking to Bloomberg, Nate Geraci, president of the advisory firm the ETF Store said:
“Given that ETF issuers have been tirelessly pursuing Bitcoin ETFs for over eight years now, it seems somewhat disingenuous for the SEC to encourage more filings at this point only to disapprove them. Approving futures-based Bitcoin ETFs seems like an easy way for the SEC and Chair Gensler to get a ‘win’ in terms of appearing forward-thinking on crypto.”
As of press time, Bitcoin is trading at $54,575 with a market cap of $1.028 trillion. If the SEC approves a Bitcoin ETF, BTC has a high chance of going to $100K by the end of this year.
The post Not One but Four Bitcoin (BTC) Futures ETFs Could be Coming This Month appeared first on Coingape.
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