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The US Securities and Exchange Commission (SEC) is facing a busy schedule of Bitcoin spot exchange-traded fund (ETF) applications pending approval or rejection.
Eight Bitcoin spot ETFs from different backers have submitted their bids to the SEC, hoping to launch the first such product on the US market.
The SEC was reluctant to approve the BTC spot ETF, citing concerns about market manipulation, investor protection, and custody. However, the regulator has recently approved several BTC futures ETFs that have attracted significant interest and trading volume.
The first BTC spot ETF proposal that the SEC is expected to decide is the ARK 21Shares Bitcoin ETF, which was re-applied by 21Shares and ARK Invest on June 28, 2021. The SEC has set August 13, 2023, to approve or reject the proposal, or to extend the review period for another 240 days. The deadline for the SEC to make a decision is December 27, 2023.
Personally, I think ETF approvals will be positive in BTC.
As ETF approvals arrive, as institutional investors increase demand for Bitcoin Futures products, the issuer will have to increase the amount of physical Bitcoin in its portfolio to support this demand.
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