Everything You Should Know About The Expected US SEC Approval of Bitcoin Spot ETFs This Week
There are currently 13 proposed spot Bitcoin ETFs under review by the SEC. There is a lot of excitement among market players because of the frantic attempts of large asset management companies to obtain regulatory clearance to introduce the first spot Bitcoin exchange-traded funds (ETFs) in the US. Prominent organizations like Ark Invest and 21shares, Blackrock, Vaneck, Valkyrie, Bitwise, Invesco, Fidelity, and Wisdomtree have all meticulously updated their files with the US Securities and Exchange Commission (SEC). Last Friday saw the culmination of this group effort, which was a significant step toward the US Bitcoin ETFs' first-place realization. The SEC may approve numerous spot Bitcoin ETFs by that crucial date, as there is a notable deadline approaching on January 10th for the proposed spot Bitcoin ETF by Ark Invest and 21shares. Undisclosed individuals familiar with the filing process told Reuters last week that the SEC might notify issuers as early as Tuesday or Wednesday, indicating that they had permission to debut the following week. Fee schedules for these potential spot Bitcoin ETFs are also beginning to take shape. Valkyrie has declared rather loudly that it will charge a 0.80% management fee, which is the same as what Ark Invest and 21shares have suggested. In contrast, Fidelity offers a surprisingly low 0.39 percent fee for its Wise Origin Bitcoin Fund in an attempt to beat rivals. In the meanwhile, Invesco offers a six-month waiver along with a 0.59 percent charge on the first $5 billion in assets. Bitwise and Blackrock disclosed their intentions to seed their Bitcoin ETFs with $200 million and $10 million, respectively, on Friday in their filings. Remarkably, JPMorgan has been named the primary authorized participant for Blackrock's ETF, even though Jamie Dimon, the CEO of JPMorgan, has consistently taken a negative position. Concurrently, Coinbase claims to be well-prepared to serve as a custodian for Bitcoin held by possible spot Bitcoin ETF issuers, as the deadline for the SEC to make a decision regarding the approval of a spot Bitcoin ETF draws near. Blackrock, Ark Invest, Bitwise, Wisdomtree, and Invesco are among the spot Bitcoin ETF applicants that have named the Nasdaq-listed cryptocurrency platform as its preferred Bitcoin custodian. A Coinbase representative told Bloomberg on Friday: "We've worked hard to get approved as an ETF. Our technologies have been developed and put through testing to withstand increases in trade volume, liquidity, and overall system demand." The spokesman also verified that Rick Schonberg has taken over as Head of Custodial at Coinbase Global Inc., following Aaron Schnarch's recent departure. The SEC is now reviewing 13 proposed spot Bitcoin exchange-traded funds (ETFs). Cathie Wood's ARK Invest and 21shares' joint proposal has a January 10 deadline. In the financial community, the general consensus is that the SEC will likely approve several applications by the impending deadline. This is because the regulatory body had instructed spot Bitcoin ETF issuers to submit updated filings by the previous Friday in order to have them taken into account for the early January decisions. Conclusion NFTs and cryptocurrency products are unregulated and very dangerous. For any losses resulting from such transactions, there might be no regulatory redress. Cryptocurrency is vulnerable to market risks and is not a form of legal tender. Before making any form of investment, readers are urged to consult an expert and carefully study the offer document(s) and any relevant key literature on the subject. Predictions about the cryptocurrency market are speculative, and readers assume all risk and expense associated with any investments they make.
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