Last Updated: August 2, 2023
• Valkyrie Investments has applied for SEC approval for its Bitcoin ETF, joining BlackRock and other major firms.
• The SEC’s stance on Bitcoin ETFs has been cautious, but there is a push for their regulatory acceptance.
• Fidelity has not made any ETF filings since 2022 when it was previously denied.
Valkyrie & BlackRock Among Giants to Launch Bitcoin ETFs
Major financial institutions like Valkyrie Investments and BlackRock are seeking approval from the US Securities and Exchange Commission (SEC) to launch Bitcoin Exchange Traded Funds (ETF). This move comes amidst a broader push of crypto-based financial products for regulatory acceptance.
Will the SEC Approve?
The SEC’s stance on Bitcoin ETFs has been cautious so far, having only approved futures-based Bitcoin ETFs. The first such ETF, the ProShares Bitcoin Strategy ETF, was approved in October 2021. However, the agency has consistently rejected applications for spot Bitcoin ETFs since then. The approval of a Bitcoin ETF could impact BTC’s price significantly.
Other Investment Giants Pushing For A Change
Aside from Valkyrie and BlackRock, Invesco, WisdomTree and Bitwise have also filed applications with the SEC recently. It remains unclear if these applications will be accepted or not due to filing restrictions imposed by the SEC on commentating further on the matter by all involved parties.
Fidelity Has Not Made Any Filings Since 2022
Fidelity had previously attempted to file an application in 2022 which was unfortunately rejected by the SEC at that time and stated that it had no made any further filings since then despite rumors that suggested otherwise.
Impact On Crypto Markets
The potential approval of one or more of these companies’ applications would likely have a large impact on cryptocurrency markets as well as institutional investors moving into crypto trading activities if successful given its current state within traditional finance markets so far