When Will Spot Bitcoin ETF Approval Come? Insights from Cathie Wood

Author: COINTURK NEWS

ARK Invest is one of the biggest institutional investors in the crypto space, known for its bold moves in bear markets. The company accumulated a massive amount of Coinbase shares and made millions of dollars as the stock rallied. Now, there are some important statements regarding ETF applications.

When Will Spot Bitcoin ETF Approval Come?

It is highly unlikely that we will see an ETF approval this year. In fact, Grayscale had stated that the ongoing “Conversion of BTC Spot Bitcoin to ETF” case would be resolved before the end of the year. While the case is still ongoing, the SEC is unlikely to grant approval and Grayscale is not withdrawing the case. So, investors now need to wait for the conclusion of the case. The outcome of the case will also impact the decision, which seems to have cornered Grayscale into an “honorable U-turn” with the SEC for now.

On the other hand, Cathie Wood, the CEO of ARK Invest, predicts that the SEC will likely grant another extension for their own applications on August 13.

“I think you are probably right that August 13 will come and go without approval. I believe if the SEC approves a bitcoin ETF, they will approve multiple ones at the same time.”

Spot Bitcoin ETF

The regulatory agency is currently reviewing applications for eight separate funds, and it has accepted most of the recent updates from asset managers such as BlackRock, Fidelity, VanEck, and Invesco. ARK 21Shares Bitcoin ETF is ahead of these funds and currently has the next final decision date that the SEC can further extend.

Furthermore, the SEC is completing a public comment period for most of the funds in a process that includes input from a former cricket player, an urban planner, a mechanic, and a physicist. The excitement about the possibility of a spot fund triggered a rally in the Bitcoin price, which rose by about 20% in the days following BlackRock’s application. However, SEC Chairman Gary Gensler expressed concerns about fraud and manipulation in the industry.

When deciding on Spot ETF rejections, SEC Chairman has always emphasized the security concerns in the industry. However, it has approved Bitcoin futures ETFs that are pegged to the same BTC price. Now, it is contemplating how to resolve the contradiction it has fallen into and how to reject the $10 trillion BlackRock application. So far, BlackRock has only received 1 rejection and is the most powerful company in terms of politics and economy in the country.