The US Securities and Exchange Commission (SEC) is expected to approve several exchange-traded funds (ETFs) based on the first cryptocurrency simultaneously. This information has been reported by CoinDesk, referring to a report by the crypto financial service Matrixport.
Analysts believe that such an event will have a “significant positive impact” on the digital gold quotes. If the SEC delays the decision on applications, a correction in Bitcoin’s price could occur in mid-September.
The head of Matrixport’s research department also anticipates “significant marketing expenses to attract retail and institutional capital” from ETF providers.
The decision on GBTC is expected from the SEC next week. On August 11, the regulator postponed the application from asset manager ARK Invest and cryptocurrency ETP provider 21Shares.
Matrixport predicts that the Commission will decide on another seven ETFs based on the first cryptocurrency in early September. On June 15, BlackRock submitted an application to the SEC for a spot Bitcoin ETF. Following the financial giant, similar requests were made by Valkyrie, Fidelity Investments, WisdomTree, and Invesco.
Interestingly, in the consideration lists, ARK Invest and 21Shares are ranked above BlackRock based on the time of document submission. The firm led by Cathie Wood sent its documents back in April.
Later, the Commission returned all applications as they lacked sufficient information regarding the so-called joint surveillance agreement or details of this mechanism. Subsequently, the aforementioned companies promptly submitted revised proposals to the agency. On July 14, the regulator accepted applications from BlackRock, VanEck, Invesco, Fidelity Investments, and WisdomTree for review.
The Chicago options exchange also amended the document for launching ARK 21Shares, incorporating a joint surveillance agreement to prevent fraud and market manipulation, copying a portion of BlackRock’s application.
As of now, the SEC has not granted approval for any Bitcoin spot ETFs. The Commission made an exception for similar products based on futures of the first cryptocurrency from ProShares and Valkyrie Investments.
However, experts from Bernstein and former SEC chairman Jay Clayton have assessed the chances of a new wave of applicants as high.
Recall that Cathie Wood, the head of ARK Invest, predicted a positive decision on several applications simultaneously.