The two bitcoin ETF bids join four others under official review with more still pending.SEC Will Consider Yet Another Bitcoin ETF ApplicationA new bitcoin ETF application from Wise Origin will join the growing line of would-be ETFs awaiting SEC approval. CoinDesk’s Nik De breaks down what we know so far about Wise Origin’s application and shares his thoughts about whether the influx of ETF applications is a positive or a negative for the crypto industry.Volume 90%
Filings with the Securities and Exchange Commission (SEC) show the U.S. regulatory agency is kickstarting its review of two more bitcoin (BTC, +2.66%) exchange-traded fund (ETF) applications.
Recent filings naming Anthony Scaramucci’s SkyBridge Capital and Fidelity Investments’ Wise Origin Bitcoin Trust officially commence the SEC’s review of the two bitcoin ETF bids. SkyBridge’s offering would trade on the New York Stock Exchange; Wise Origin’s would trade on Cboe’s BZX Exchange.
The pair of bitcoin ETF applications join four others under official review with roughly 10 more still pending.
The SEC will render an initial decision on the respective applications within 45 days unless it extends the window, which it can do for a maximum of 240 days.
The other bitcoin ETFs under official review are from VanEck, Kryptoin, WisdomTree and Valkyrie.Read more: SEC Staff Calls Bitcoin ‘Highly Speculative,’ Hints at ETF Skepticism
U.S. regulators have been extremely reticent to approve the investment vehicle, which would provide retail investors with access to the bitcoin market without having to own bitcoin itself. ETFs are a staple of many retirement portfolios.
In North America, Canadian regulators have approved a slew of bitcoin ETFs as well as similar vehicles for ether, the native currency of the Ethereum blockchain.
