The three companies vying to offer spot Bitcoin ETFs in the U.S., Grayscale, VanEck, and ARK, have received approval to trade the funds on their respective exchanges.
Grayscale Bitcoin Trust, a Bitcoin investment vehicle for accredited investors, currently trades as a commodity investment product on OTCQX under the ticker GBTC. If Grayscale's bid to convert the trust into a spot Bitcoin ETF is approved, it will be approved to trade on the NYSE Arca. The VanEck Bitcoin Trust will then trade under the Chicago Board Options Exchange (Cboe). Ark, which partnered with fund manager 21Shares for the ARK 21Shares Bitcoin ETF, will trade on Cboe if approved to offer to investors.
Just to be clear, this is just a small portion of the documents you will need. While exchanges approving Bitcoin ETF trading is certainly a positive sign, the issuer has yet to get the all-important green light from the Securities and Exchange Commission.
The industry is excited about the possibility of a Bitcoin ETF being approved. That would allow U.S. investors to gain exposure to Bitcoin without having to buy and store the asset directly.
Financial institutions have been applying to offer such products for the past decade, but the SEC has rejected all previous applications, saying such products pose too much risk to investors.
Given the stakes, recurring filings from the likes of Grayscale, ARK, and Van Eck add fuel to the hype, especially with the next deadline for the SEC to make a decision on Bitcoin ETF filings just a week away. It turns out.
This new registration follows a similar filing by Fidelity yesterday for the Fidelity Wise Origin Bitcoin Trust. The issuer appears to have everything in place for when (and if) word arrives that the BTC fund is approved for trading.
There has been no official announcement from potential Bitcoin ETF issuers or the SEC yet, but there are rumors.
Just yesterday, anonymous sources said, fox business Securities regulators reportedly met with exchanges including Nasdaq, CBOE, and the New York Stock Exchange and indicated that the SEC may be preparing them to eventually list a Bitcoin ETF. Bitcoin's flash crash sent the price below $42,000 early Wednesday morning after digital asset management firm Matrixport released a bearish report speculating that the SEC will reject all pending Bitcoin ETF applications.
At the time of writing, Bitcoin has largely recovered from the scare. According to CoinGecko, it is currently trading at $44,163.
Edited by Guillermo Jimenez.
