Tuesday, May 11, 2021

US SEC to begin assessing WisdomTree’s Bitcoin ETF proposal.

The Takeaway:

The SEC announced that it would begin assessing and evaluating asset manager, WisdomTree’s Bitcoin ETF that was filed in March.

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The SEC announced on Friday that it would begin assessing and evaluating asset manager, WisdomTree’s Bitcoin ETF that was filed in March. In addition to this, crypto investment managing firm, Kryptoin has also refiled for a Bitcoin ETF. The firm had previously done so in October 2019 and had proposed to list the ‘Kryptoin Bitcoin ETF Trust’ on NYSE Arca. However, in the refiling, that has been swapped to Cobe’s BZX exchange. 

 

SEC is evaluating eight similar applications for Bitcoin ETFs.

These Bitcoin ETFs applications have been filed at a time where the SEC’s table has eight similar applications for Bitcoin ETFs from firms like VanEck, ASkyBridge Capital, and NYDIG. The regulators haven’t yet approved any Bitcoin ETF to date. However, the tables might turn as the year progresses. Bitcoin ETFs offer institutional and retail investors a chance to invest in a regulated asset class that incorporates Bitcoin without actually investing in the cryptocurrency directly. This provides a safe haven for them to park their funds in a market prone to volatility.

 

The SEC has also been evaluating VanEck’s application.

The United States SEC has also been evaluating VanEck’s application. The initial comment period for this filing closed on Friday, with only five comments recorded at closing time. The final call to approve or reject the filing would likely be announced next month. Interestingly, Bitcoin ETFs have already launched themselves in full swing in Canada and Brazil, amongst other nations. Fidelity, one of the world’s largest financial service providers, is also planning to launch a Bitcoin ETF to expand its digital currency business. The financial company said that the digital assets ecosystem had grown significantly in the last few years.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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