Benzinga - Through the years, the U.S. Securities and Exchange Commission has dealt with proposals for exchange-traded funds (ETF) offering more exposure to Bitcoin (CRYPTO: BTC). The regulatory body rejected every application for a spot market Bitcoin ETF until now when it has started reviewing proposals.
The first-ever U.S. Bitcoin ETF (spot Bitcoin ETF) was filed in 2013 by Cameron Winklevoss and Tyler Winklevoss.
Read More: Court Backs Grayscale: SEC To Reassess Spot Bitcoin ETF Application After DC Circuit Ruling
Crypto ETF expert, Volatility Shares Chief Investment Officer Stuart Barton, said all applications to the SEC for spot Bitcoin ETFs will be approved together, as reported by CoinDesk. Meanwhile, inaccurate reports last week pushed Bitcoin prices significantly higher above $30,000, and liquidations were reported at $100 million in an hour.
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There are currently 12 spot-Bitcoin ETF applications: Grayscale, 21Shares & Ark, BlackRock, Bitwise, VanEck, WisdomTree, Invesco and Galaxy, Fidelity, Valkyrie, Global X, Hashdex and Franklin.
In early August, ARK Invest CEO Cathie Wood also said the SEC would approve multiple Bitcoin ETFs in one go, as reported by Bloomberg. Bloomberg Intelligence ETF analyst James Seyffart reaffirmed her statement citing, “I think Cathie is seeing and hearing the same things we are.”
Read Next: Cathie Wood Says 'Hopes Are Rising' For Bitcoin ETF Approval By SEC
JPMorgan believes the approval of the spot Bitcoin ETFs is likely to happen within months, maybe before Jan. 10, the final deadline for the Ark 21Shares application.
In June 2023, Barton’s Volatility Shares’ 2x Bitcoin Strategy ETF (BATS: BITX), became the first leveraged crypto ETF available in the U.S. It was also the first company to submit an Ethereum futures ETF application.
Barton said, “We applied first but didn't get the first mover advantage when all applications were approved in one go. This is a precedent-setting event that could be replicated by the SEC in its considerations of spot-Bitcoin ETFs.” Despite many future Ethereum ETFs that started trading in October, Barton's company did not launch its Ethereum ETF.
Also Read: EXCLUSIVE: Tim Draper Reflects On Bitcoin ETF As Grayscale Announces New Ethereum Fund
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