As expected, the US Securities and Exchange Commission (SEC) has again postponed the verdict on VanEck’s application for a spot BTC ETF.
Up to 13 companies are currently applying to the SEC for BTC’s ETF approval, but VanEck is the first to know the final verdict. Company submitted application as early as December 2020. The SEC then had several options to postpone the final verdict and eventually used all of them. This time, reached for the last opportunity to postpone the decision for another 60 days. The final opinion must be given by November 14.
In addition to VanEck, several other strong players are requesting permission from BTC ETF. He is one of them One River Asset Management, NYDIG (Stone Ridge), Valkyrie Investments, Ark Invest, Galaxy Digital, WisdomTree, SkyBridge Capital or the administrator giant Fidelity which estimates BTC by 2035 will cost up to $ 100 million.
Analysts expect that all applications will eventually be rejected, and the US will not see the first spot BTC ETF in 2021.
“Futures BTC ETF” has a better chance
The chances of approving the first traditional BTC ETF in the US have declined after recent statements by the new SEC boss Gary Gensler, who has made it clear that he is more in favor of allowing the so-called BTC futures ETF.
It is a kind of hybrid BTC ETF, which does not follow the trading on spot exchanges itself, but only the futures trading of BTC on the regulated CME in Chicago. For the SEC, such an ETF is easier to regulate, but from an investors’ point of view, it’s not “real nutty.” We wrote about it in this article.
Some companies, which are aware of the probability of rejecting the more traditional spot BTC ETF, have also asked for this type of BTC ETF after Gensler’s comments. Companies did so Valkyrie, ProShares, Invesco, VanEck a Galaxy Digital. According to Bloomberg analysts, it is possible that this type of BTC futures ETF may get the green light as early as October this year.