This Wednesday could finally bring about the long-awaited approval for a spot Bitcoin exchange-traded fund (ETF).According to a Fox Business story, BlackRock, the biggest asset management in the world and one of the competitors looking to introduce a spot bitcoin exchange-traded fund, is supposedly anticipating that its application would be accepted.Several companies, including BlackRock, amended their 19b-4 files for proposed spot bitcoin exchange-traded funds (ETFs) on Friday.Invesco, Valkyrie, ARK 21Shares, Grayscale Investments, and more businesses are included in the mix.Furthermore, last week the Cboe BZX exchange submitted documents for Franklin Templeton, VanEck, WisdomTree, and Pando Asset AG.Cryptocurrency aficionados have been eagerly awaiting the approval of spot Bitcoin ETFs, believing that these funds have the potential to draw billions of dollars in new investments into the cryptocurrency market.
As a result of the market’s excitement for exchange-traded products that actually hold bitcoin rather than just using futures contracts to speculate on its price, the price of bitcoin has significantly increased in recent months.
The volatility and absence of regulation in the bitcoin market, however, have alarmed cryptocurrency opponents. Authorizing spot Bitcoin exchange-traded funds (ETFs) would be “a regulatory mistake of historic proportions,” according to a letter sent to the U.S. Securities and Exchange Commission (SEC) by the nonpartisan group Better Markets, which supports more financial regulation.