By: Eva Baxter
Leading executives from the likes of Valkyrie and VanEck have expressed optimism regarding the approval of a spot Bitcoin ETF. The much-anticipated decision is expected to arrive on shortly and if approved, trading on these ETFs is slated to commence the following day. The Securities and Exchange Commission (SEC) is awaiting decisions from several applicants, including Ark Invest and BlackRock.
Steven McClurg, Valkyrie’s Chief Investment Officer, stated his confidence in the likelihood of a spot Bitcoin ETF approval, suggesting the potential introduction of spot Ethereum and XRP ETFs in the not-so-distant future. Ark Invest's Cathie Wood also shone a positive light on the ETF application process, stating it was more detailed and technical than previous attempts, an indicator of increased disclosure and exploration.
With more final S1 filings pouring in, market competition further intensifies. Firms like Bitwise are leading the ‘fee wars’ by cutting its fee to a mere 0.2%, even waiving it completely for the first $1 billion. The market awaits SEC's decisions, which may very well lead to an influx of investments into spot Bitcoin ETFs. Despite the prevailing optimism, some anticipate the possibility of a last-minute delay or denial by the SEC.
Rumors of an approval coming as soon as Friday have reached fever pitch on social media. However, several analysts still expect potential approvals to arrive the following week.
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