Bloomberg Terminal has listed all eleven spot Bitcoin exchange-traded funds (ETF) following their appearance on brokerage platforms, which strongly suggests imminent SEC approval.
Bloomberg ETF analyst Eric Balchunas broke the news of the listing and believes the regulator will officially announce the approval within a few hours, between 4 pm to 6 pm Eastern time.
These ETFs are expected to lead to a watershed moment for Bitcoin (BTC) as they will legitimize and regulate institutional investing in the flagship cryptocurrency.
ETF ticker populating on brokerages
Spot Bitcoin ETFs, including ARKB, HODL, FBTC, BTCO, and BTCW, began popping up on Fidelity’s brokerage platform, Morgan Stanley’s E-trade platform, and Webull Global around noon on Jan. 10, with the option to create limit orders.
Most of the ETFs are now visible on Fidelity’s brokerage platform, leading to intense speculation in the industry about the approvals.
Balchunas’s prediction adds weight to the already significant steps taken by Cboe BZX Exchange in approving listings for ETFs from key asset managers like ARK Invest, Invesco Galaxy, Fidelity Investments, VanEck, WisdomTree, and Franklin Templeton.
Analyst James Seyffart has emphasized that these Cboe approvals should not be mistaken for official SEC approval. They are requests for acceleration, a necessary step before the S-1 filings by asset managers can be fully approved by the SEC. The final SEC approval was still pending as of the latest updates.
In addition to these developments, WisdomTree and VanEck have successfully listed their ETFs on the Depository Trust & Clearing Corporation (DTCC) with the ticker symbols $BTCW and $HODL, respectively. The listing on the DTCC, while a crucial step, also does not imply SEC approval, which remains pending.
Official approval pending
Analysts have been quick to provide context and manage expectations in light of these developments. James Seyffart, an ETF analyst, has pointed out that while these are positive steps, they do not constitute official SEC approval.
The listings, both on Fidelity and DTCC, are preparatory actions by the ETF applicants as they await the final decision from the SEC.
The market’s response to these developments has been notable, with Bitcoin’s price experiencing fluctuations amid heightened anticipation. The visibility of these ETFs on platforms like Fidelity and Bloomberg Terminal is seen as a strong indicator that the SEC will approve the ETFs rather than delay them further.
These developments represent a critical moment in the integration of cryptocurrencies into the broader financial landscape. The visibility and accessibility of these ETFs on established financial platforms demonstrate the increasing recognition of cryptocurrencies’ potential in investment portfolios.
The situation remains dynamic, with the official word from the SEC being the final determinant in this significant chapter of cryptocurrency’s integration into mainstream finance. The potential approval of these spot Bitcoin ETFs could mark a pivotal moment, potentially unlocking new opportunities for investors and further establishing cryptocurrency’s role in the financial sector.
The ETF is expected to go live almost 15 years to the day that Hal Finney, a developer who received the first Bitcoin transaction from Satoshi tweeted “Running bitcoin” on Jan. 11, 2009.
— halfin (@halfin) January 11, 2009
At the time of press, Bitcoin is ranked #1 by market cap and the BTC price is down 0.7% over the past 24 hours. BTC has a market capitalization of $908.07 billion with a 24-hour trading volume of $44.49 billion. Learn more about BTC ›
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At the time of press, the global cryptocurrency market is valued at at $1.73 trillion with a 24-hour volume of $97.34 billion. Bitcoin dominance is currently at 52.58%. Learn more ›
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Author: Assad Jafri