- Fred Thiel, CEO of Marathon Digital, continues to remain optimistic that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin
exchange-traded fund (ETF). - Currently, there are approximately six applications for the launch of a spot Bitcoin ETF. This ETF will directly track the price of Bitcoin.
- Among the hopes for a Bitcoin ETF are other major players such as BlackRock, the world’s largest asset manager, as well as Wisdom Tree, VanEck, and Fidelity.
Spot Bitcoin ETFs have long been a significant topic in the crypto agenda; what does the CEO of Marathon, a BTC mining giant, think about these ETF applications?
Marathon Digital CEO Talks About ETFs
Fred Thiel, CEO of Marathon Digital, continues to remain optimistic that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin exchange-traded fund (ETF). Thiel said the following to COINOTAG:
“I cannot know how likely it is to provide this as data, but the fact that Larry Fink and BlackRock are trying this means they will most likely accept it.”
Currently, there are approximately six applications for the launch of a spot Bitcoin ETF. This ETF will directly track the price of Bitcoin (BTC) instead of tracking futures or other derivatives. This will make it easier for investors to be exposed to Bitcoin without buying and storing the cryptocurrency themselves.
Among the hopes for a Bitcoin ETF are other major players such as BlackRock, the world’s largest asset manager, as well as Wisdom Tree, VanEck, and Fidelity. Thiel commented on the approvals:
“What is certain is that if one is approved, several will be approved. This does not mean that all of them will be approved, but it is certain that several will be approved. It is not possible for the SEC to select and prioritize only one.”
The Marathon CEO apparently believes that the SEC will approve an Ethereum futures ETF and said, “If they do this, it potentially increases the chances of approving a spot Bitcoin ETF.” He added:
“Personally, I am quite optimistic. The probability of the SEC approving this is better than fifty-fifty.”
Thiel says the SEC needs ‘positive results’
According to Thiel, the current level of institutional interest would not exist if companies wanting to launch a Bitcoin ETF did not believe it was possible.
Referring to the example of the Prometheum exchange, a little-known crypto firm that raised eyebrows when the SEC unexpectedly approved it as a Special Purpose Broker-Dealer (SPBD) for digital asset securities, and Ripple, which partially won the lawsuit filed by the agency. In December 2020, Thiel said that the regulator was now under increasing pressure from Congress:
“The SEC needs positive results here, otherwise they will be under more pressure.”
American investors are still waiting for any positive decision from the SEC, and the recent delay in the ARK 21Shares Bitcoin ETF application is causing further disappointment.
