The U.S. Bitcoin ETF race - Decrypt
01/08/2024 19:58
Many firms have filed applications for a spot Bitcoin ETF in the U.S., but the Securities and Exchange Commission (SEC) has historically rejected all of them. That could be set to change in 2024.
Many firms have filed applications for a spot Bitcoin ETF in the U.S., but the Securities and Exchange Commission (SEC) has historically rejected all of them. That could be set to change in 2024.
CollectionLast updated Jan 8, 2024
BlackRock, VanEck, WisdomTree Reveal Bitcoin ETF Fees in Amended S-1 Filings
Bitcoin ETF applicants BlackRock, VanEck and WisdomTree have revealed the fees for their proposed ETFs amid a flurry of amended S-1 form filings with the U.S. Securities and Exchange Commission (SEC). BlackRock has set its fee at 0.2% for the first year, or until the ETF reached $5 billion in assets, after which it will rise to 0.3%. WisdomTree has picked a higher 0.5% fee, while VanEck has opted for a 0.25% fee. VanEck last week pledged 5% of the profits from its proposed ETF to Bitcoin core de...
Bitcoin ETF Approval Odds Raised to 95%: Bloomberg Analyst
An analyst for Bloomberg Intelligence has increased their estimation for the likelihood of a spot Bitcoin ETF being approved in January to 95%, as a window for the U.S. Securities and Exchange Commission's decision looms this week. In a tweet Saturday, Bloomberg Intelligence's ETF analyst Eric Balchunas said he would "probably go with 5% at this point" in reference to the likelihood of the SEC rejecting the spot Bitcoin ETF applications on its desk. That's a step up from Bloomberg Intelligence's...
Bitcoin ETFs Take a Big Step Toward Approval, Analysts Say
Analysts are weighing in on what happens next as the financial world awaits the first Bitcoin ETFs to be approved by the U.S. Securities and Exchange Commission—especially as filings started to move forward late Friday. “Okay,” Bloomberg Analyst James Seyffart said on Twitter, “[BlackRock’s] 19b-4 amendment is in too. Expect to see 11 of these this evening.” There's the first 19b-4 amendment filing! Here we go. https://t.co/dz01aborw7 — James Seyffart (@JSeyff) January 5, 2024 Sure enough, by...
'Bitcoin's Time Has Arrived': ETF Hopefuls Eagerly Await SEC Decision
Bitcoin ETF hopeful Hashdex has released an advert proclaiming that “Bitcoin’s Time Has Arrived,” as speculation mounted that a decision from the U.S. Securities and Exchange Commission (SEC) on approval of a spot Bitcoin ETF could be imminent. Citing “sources extremely close to the matter,” TechCrunch’s Jacquelyn Melinek wrote Thursday that “the bitcoin spot ETF is going to be approved by the SEC for multiple firms' applications.” She added, “expecting something tomorrow,” pointing to potential...
Financial Advisors Are Still Skeptical SEC Approves Bitcoin ETF, Bitwise Says
About 40% of financial advisors said they’re confident that a Bitcoin ETF will be available to American investors in 2024—the rest aren’t so sure, according to a poll by Bitwise. It’s an interesting outcome, given that most market observers believe the SEC’s blessing for a Bitcoin ETF is likely a foregone conclusion. It’s a matter of when, not if, as crypto giant Grayscale wrote in early December. Yet most professionals charged with the task of advising clients on their investments aren’t so con...
Grayscale, VanEck and ARK Bitcoin ETFs Register to Trade on Exchanges
Grayscale, VanEck, and ARK, three firms vying to offer a spot Bitcoin ETF in the U.S., have gotten approval for their funds to trade on their respective exchanges. The Grayscale Bitcoin Trust, a Bitcoin investment vehicle for accredited investors, currently trades as a commodity investment product on the OTCQX under the GBTC ticker. It’s now been approved to trade on the NYSE Arca if Grayscale’s bid to convert the trust to a spot Bitcoin ETF is approved. And the VanEck Bitcoin Trust would trade...
Bitcoin ETF: Is It Priced In?
With anticipation of an approved spot Bitcoin ETF reaching fever pitch levels in the opening days of 2024, frenzied discourse on the subject has now settled around one question: Is it already priced in? Some in crypto think the answer’s yes. It’s been over two months of non-stop gains for BTC, fueled almost entirely by excitement surrounding a Bitcoin ETF’s imminent approval. At this point, with the cryptocurrency at near-double its price in October, how much more juice could possibly be left t...
Fidelity Bitcoin ETF Set to Trade on CBOE—But No Word From SEC
It’s not an approval from the Securities and Exchange Commission, but the Fidelity Wise Origin Bitcoin Fund has gotten the nod to be listed on the CBOE exchange, according to a new SEC filing. That will of course depend on whether the SEC grants Fidelity permission to offer its spot Bitcoin ETF to investors. As it stands, the SEC still has a week before it needs to approve, reject, or delay its decision. A Bitcoin ETF, the white whale of the crypto market for the last decade, would allow traditi...
Three Possible Scenarios for Bitcoin ETFs in 2024
A Bitcoin ETF could finally start trading in the U.S.—possibly as soon as next week—after 10 years of the U.S. Securities and Exchange Commission saying no to the investment vehicle. The long list of high-profile applicants have been fine tuning their S-1 filings and analysts at Bloomberg have said a launch now has a 90% chance of happening by January 10. If it happens, it means traditional retail investors will at last have a way to gain exposure to Bitcoin without having to buy and store the...
Bearish Bitcoin ETF Report Spooks Market—But Analysts Say Denial Is Unlikely
Bitcoin plunged by 7% Wednesday morning in the U.S., sinking as low as $41,804.95 before recovering slightly. At the time of writing, BTC is trading for $43,287.67, according to CoinGecko. The impetus appears to be a report from digital asset manager Matrixport with an ominous title: “Why the SEC will REJECT Bitcoin Spot ETFs again.” The report, written by Matrixport Head of Research Markus Thielen, also appeared on the 10x Research blog under a much more tepid headline. 🚀 The Potential Ramifi...
Grayscale Bitcoin ETF: Here’s What’s in the Latest SEC Filing
Crypto asset manager Grayscale has again amended its Bitcoin exchange-traded fund (ETF) filing with the Securities and Exchange Commission—but there is an important part missing. In the latest amendment, Grayscale has not mentioned who will partner with the firm as an authorized participant. In the world of ETFs, an authorized participant is the organization that works to create and redeem shares of a fund so that an investor can cash out. The SEC doesn’t usually put a lot of pressure on issue...
These Are the High-Profile Spot Bitcoin ETF Applications Currently in Play
Editor's note: This article was originally published in October 2021 and last updated on January 2, 2024, to reflect the current status of spot Bitcoin ETF applications. Since the first application for a U.S. Bitcoin exchange-traded fund was filed in 2013, a spot Bitcoin ETF has become something of a holy grail for the crypto community. An ETF is a publicly traded investment vehicle that tracks the value of an underlying asset; in the case of a Bitcoin ETF, that asset is Bitcoin. Advocates for a...
What Is a Bitcoin ETF, and Why Does Everyone from BlackRock to Grayscale Want One?
Want to earn a free on-chain certificate showcasing your Bitcoin knowledge? Take our free course, Bitcoin Halving 101: What it Means for Miners and Investors. Many of the crypto-curious still view buying Bitcoin from a crypto exchange as an intimidating and opaque process. The technical aspects of holding Bitcoin—such as crypto wallets, Bitcoin addresses and private keys—are confusing to newcomers, and scare some investors away. All of this has intensified the appeal of a Bitcoin ETF, or exchang...
Crypto Crystal Ball 2024: Will a Bitcoin ETF Be a Game-Changer?
By all accounts, crypto is at a crossroads. Across markets, the legal and regulatory landscape, and the Web3 startup ecosystem, there’s little disagreement among industry leaders that 2024 could shape up to be one of crypto’s most consequential years yet. Whether those events will finally lift the industry out of winter to new highs, or imperil it, remains another question. But do not panic, dear reader. While nothing about the future can ever be certain—least of all when it comes to crypto—Decr...