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- There has been a recent surge in applications for Bitcoin
spot ETFs. BlackRock’s application on June 15th led to more applications.
- July saw VanEck, Fidelity/Wise Origin, and Invesco Galaxy submitting their applications to the SEC. Ark Invest was one of the first organizations to apply for a Bitcoin ETF.
- In a recent filing with the SEC, Franklin Templeton stated that they designed an ETF for spot Bitcoin trading, held by Coinbase, to trade on Cboe BZX Exchange, Inc.
Spot Bitcoin ETFs keep the crypto community excited: Franklin Templeton’s filing reignited the trend and BCH also gained traction.
Spot Bitcoin ETFs Keep the Community Alive
Spot Bitcoin ETFs are generating significant interest, partly due to the multitude of organizations applying for this service. While the SEC’s approval process has been progressing slowly, a recent positive decision obtained by Grayscale could inspire more ETF applications, bringing new participants into the market.
The surge in applications for Bitcoin spot ETFs started when BlackRock submitted its application on June 15th. BlackRock sought approval for a spot Bitcoin ETF, utilizing Coinbase as the crypto custodian and spot market data provider, and BNY Mellon as the cash custodian. On July 15th, the SEC officially accepted BlackRock’s application for review.
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Following BlackRock, WisdomTree, a New York-based asset manager, applied on July 19th. WisdomTree had previously applied for a spot Bitcoin ETF in the U.S. on December 8, 2021, but it was rejected by the SEC in 2022.
Similarly, asset management company Valkyrie had submitted an application for a spot Bitcoin ETF in January 2021, which was also rejected. However, they resubmitted their application on June 21st.
July saw applications to the SEC from VanEck, Fidelity/Wise Origin, and Invesco Galaxy. Ark Invest was one of the first organizations to apply for a Bitcoin ETF. Additionally, Franklin Templeton recently joined the BTC ETF race, submitting an application on September 11th. This latest application generated significant excitement in the market.
In their application to the SEC, Franklin Templeton stated that they designed an ETF for spot Bitcoin trading, held by Coinbase, to trade on Cboe BZX Exchange, Inc. However, they did not specify a particular ticker symbol for this product.
Bitcoin, Trending Again with News of Another Application
Templeton’s application, as noted in a post by Santiment, garnered significant interest. This post, which tracks social trends in cryptocurrencies, revealed that the excitement extends beyond just Bitcoin.
In addition to Bitcoin, Bitcoin Cash (BCH), a fork of Bitcoin, also gained substantial attention as it trended ahead of BTC. Historical trend data also indicated that when news related to ETF applications surfaced, BCH consistently trended alongside BTC.