TL;DR: The approval of all spot Bitcoin ETF applications by the U.S. Securities and Exchange Commission (SEC) could be just around the corner, according to crypto ETF expert Stuart Barton, Chief Investment Officer at Volatility Shares. Barton’s prediction is based on recent developments in the crypto ETF space and precedents set by the SEC.
A History of Firsts
Barton’s company, Volatility Shares, made history by launching the first leveraged crypto ETF in the U.S., the 2x Bitcoin Strategy ETF (BITX), back in June. They also filed the first application for an ether (ETH) futures-based ETF. While the SEC eventually approved several ether ETFs from different applicants, Barton’s team held back, observing the slow start and low trading volumes of these products.
A Change in Strategy
Despite having the opportunity to launch their ether ETF, Barton’s team decided to take a step back and reevaluate their product’s design. They were puzzled by the lackluster response to ether ETFs compared to the tremendous demand for Bitcoin ETFs, which saw a billion dollars traded within two days of launch. Barton emphasized the importance of understanding why ether ETFs were less popular and making the necessary adjustments.
All Spot Bitcoin ETFs at Once?
Barton believes that the SEC could approve all spot Bitcoin ETF applications simultaneously, much like they did with ether ETFs. This strategy not only streamlines the approval process but also passes the public litmus test without legal challenges. Bloomberg Intelligence analysts and Cathie Wood of ARK Investment Management share this perspective, suggesting that such a coordinated approval could be on the horizon.
The List of Applicants
Currently, there are 12 spot Bitcoin ETF applications pending with the SEC. These applications come from various financial giants, including Grayscale, BlackRock, Bitwise, Fidelity, and more.
As anticipation builds around the approval of spot Bitcoin ETFs, the crypto community eagerly awaits the SEC’s decision, which could have significant implications for the broader adoption of cryptocurrencies.
Thank you for reading “All Hands on Deck: SEC May Approve Bitcoin Spot ETF Rush“.
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