- The number of Bitcoin spot ETF applications before the SEC is increasing daily, with the first decision to be made for Bitwise ETP Trust on September 1.
- Following the Bitwise decision, the SEC will announce its initial decision on BlackRock’s spot Bitcoin ETF application, along with decisions for VanEck, WisdomTree, and Invesco.
- Despite high expectations, experts believe the SEC’s acceptance rate for these applications is low, although the size of BlackRock, which manages over $10 trillion in assets and has had all but one of its hundreds of ETF applications accepted, gives hope.
The article discusses the increasing number of Bitcoin spot ETF applications before the SEC, with decisions to be made for Bitwise ETP Trust, BlackRock, VanEck, WisdomTree, and Invesco. Despite high expectations, experts predict a low acceptance rate, although the size of BlackRock, which manages over $10 trillion in assets, provides some optimism.
Bitcoin Spot ETF Applications Surge
There has been a notable increase in the number of Bitcoin spot ETF applications submitted to the SEC. The first decision will be made for Bitwise ETP Trust on September 1. The SEC has the power to either approve or reject this application, or it may choose to delay the decision, as it did with the ARK decision.
You can check the Bitcoin ETF Dates.
Decisions Awaited for Major Applications
Following the decision on the Bitwise application, the SEC will announce its initial decision on BlackRock’s spot Bitcoin ETF application. Decisions for VanEck, WisdomTree, and Invesco will also be made. These decisions could result in approval, rejection, or delay. Despite the anticipation surrounding these dates, experts believe the SEC’s acceptance rate for these applications is low. However, the size of BlackRock, which manages over $10 trillion in assets and has had nearly all of its hundreds of ETF applications accepted, provides some optimism.
Expectations of Delay
James Seyffart, a prominent ETF analyst at Bloomberg, expects a delay in the decisions for these applications. Seyffart previously wrote a report stating that he sees a 65% chance of Bitcoin spot ETF applications being accepted in 2023. He believes that the only event that could change his opinion is a decision against the SEC in the Grayscale case. However, even if such a decision were made, he still expects the SEC to delay. If an approval decision were to be made, he believes it would only happen in this manner.
Conclusion
Cryptocurrency investors have been waiting for years for the SEC to approve Bitcoin ETFs. So far, the agency has consistently rejected spot ETF applications, although it accepted Bitcoin futures ETFs for the first time in October and November 2021. SEC Chairman Gary Gensler claims that spot Bitcoin ETFs are too susceptible to manipulation and cannot be accepted in their current form. Many experts also suggest that Gensler’s position may be at risk.
