Numerous financial organisations are lined up to provide exchange-traded funds (ETFs) linked to the value of Bitcoin, the largest cryptocurrency in the world by market capitalization.
Key dates in the fight for approval include deadlines for the ARK 21Shares Bitcoin ETF, BlackRock’s iShares coin Trust, Bitwise’s Bitcoin ETF, Van Eck Bitcoin Trust, Wisdomtree BitcoinTrust, and many others, according to a tweet from renowned ETF analyst James Seyffart.
The second deadline for ARK 21Shares is set on August 13. This early deadline might provide ARK 21Shares a competitive advantage.
On September 1, Bitwise has its first deadline. The initial deadline of September 2 is shared by a sizable number of issuers, including the iShares Coin Trust by BlackRock and numerous others. These issuers could face a collective judgement day as a result of being grouped together, which might possibly affect the SEC’s decision-making process.
The Valkyrie Bitcoin Fund’s first deadline is set for September 4. In order to potentially learn from the results of the earlier deadlines, this puts Valkyrie significantly behind the remainder of the field.
Since it would offer a more accessible and regulated way to invest in cryptocurrencies without having to deal with the complexities of crypto wallets and exchanges, investors have been clamouring for an ETF linked to Bitcoin.
BlackRock, one of the largest names on the list, filed last but is expected to receive a response on par with those of other applicants who did so far earlier.
Seyffart explained that although BlackRock’s prospectus filing dates could be later, all others had previously been rejected by the SEC in the 19b-4 process once or perhaps more than once, so their timing may not be as late as it seems. With this wave, BlackRock may be at the forefront of the ETF competition.
A lawsuit against the U.S. Securities and Exchange Commission (SEC) is one of the ways Grayscale’s GBTC, a well-known Bitcoin investment product, is striving for ETF designation. Judges’ judgement is anticipated within the next two months. If GBTC prevails in its legal battle with the SEC, some cryptocurrency aficionados think that it may become the first Bitcoin ETF.
Seyffart has cautioned that Grayscale might not be allowed to convert to an ETF even if it wins its legal battle.
