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"Recently, there has been a surge in applications for Bitcoin spot ETFs. BlackRock's application on June 15 triggered more applications.
In July, VanEck, Fidelity/Wise Origin, and Invesco Galaxy submitted applications to the SEC. Ark Invest was one of the earliest organizations to apply for a Bitcoin ETF.
Franklin Templeton recently submitted a document to the SEC outlining their design for a spot Bitcoin ETF held by Coinbase and traded on the Cboe BZX Exchange, Inc.
Spot Bitcoin ETFs have generated significant interest within the crypto community, partly because many organizations have applied for this service. While the SEC approval process has been slow, a recent positive decision for Grayscale could spark more ETF applications, bringing new participants into the market.
After BlackRock's application on June 15, the number of Bitcoin spot ETF applications began to rise. BlackRock is seeking approval for a spot Bitcoin ETF, utilizing Coinbase as the cryptocurrency custodian and market data provider, with New York Mellon Bank as the cash custodian. On July 15, the SEC formally accepted BlackRock's review application.
Following BlackRock, WisdomTree, a New York asset management company, filed an application on July 19. WisdomTree had previously applied for a spot Bitcoin ETF in the United States on December 8, 2021, but it was rejected by the SEC in 2022.
Similarly, asset management company Valkyrie had submitted a spot Bitcoin ETF application in January 2021, which was also rejected. However, they resubmitted their application on June 21.
In July, VanEck, Fidelity/Wise Origin, and Invesco Galaxy submitted applications to the SEC. Ark Invest was one of the earliest organizations to apply for a Bitcoin ETF. Additionally, Franklin Templeton recently joined the BTC ETF race and submitted an application on September 11. This latest application has garnered significant market attention.
Franklin Templeton stated in their application to the SEC that they have designed an ETF for spot Bitcoin trading held by Coinbase and traded on the Cboe BZX Exchange, Inc. However, they did not specify a particular ticker symbol for the product.
Bitcoin's popularity is once again on the rise due to news of another application, and this has extended beyond just Bitcoin. Bitcoin Cash (BCH), a fork of Bitcoin, has also gained widespread attention due to its trend leading Bitcoin. Historical trend data also indicates that BCH has consistently followed BTC closely when news related to ETF applications surfaces.
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Post time 19-9-2023 09:02:44