First US Bitcoin Fund Goes Public Next Week

With a market value of $ 6.7 trillion, the ETF market is bullish. Indeed, the first US dollar bitcoin may start trading next week after nearly a decade of adopting the chain.

The Office of Investor Education and Advocacy of the United States Securities and Exchange Commission (SEC) has posted the Bitcoin futures investment on its official Twitter account. “Carefully consider the potential risks and rewards when investing in currencies that hold Bitcoin futures,” the tweet wrote.

Such a statement is considered if the SEC of the United States would release the affected goods immediately. Previous press reports have suggested that previously requested funds for Bitcoin ETFs have been transferred to the stock exchange, which is usually the last step in the whole process.

This tweet has already pushed the price of Bitcoin around $ 1,800 during the last session of the US stock market on Thursday. According to market information, the Bitcoin Futures ETF is not expected to be attacked by the United States Securities and Exchange Commission (SEC). According to the press release, Bitcoin rose almost $ 1,800 in the short term to reach $ 59,300 per coin.

Last week, cryptocurrency lender BlockFi Inc. and “Mu Mujie” company Ark Investment Management signed an application for a future Bitcoin ETF. SEC chairman Gensler hinted at an opening for the model. At the same time, Valkyrie Investments revised its listing on futures ETFs with the symbol BTF on Wednesday. According to Bloomberg's Eric Balchunas, it's usually a sign of an upcoming headline.

The Securities and Exchange Commission Act of 1940 requires the SEC to reject or cancel Valkyrie Investments futures contracts listed on Bitcoin ETFs by Monday. Provides higher protection.

Balchunas said that since Cameron Winklevoss and Tyler Winklevoss of Gemini Trust Co. filed their first ETF listing application in 2013, the ETF industry has seen numerous SEC denials of these ETF names. . , but this time it's different. In August of this year, Gensler announced its support for the Bitcoin-based futures exchange on the Chicago Mercantile Exchange (CME) and reaffirmed its position at the end of September.

Our Bitcoin futures ETFs will start trading on the US stock exchanges this month, if approved by US regulators as the ETF registration deadline. Invesco Ltd., VanEck and Valkyrie arrive. At the same time, a dozen cryptocurrency exchange (ETP) products have been developed across Canada and Europe.

Estimates surrounding the potential US Bitcoin ETF announcement pushed Bitcoin down faster, surpassing $ 58,000 for the first time since May. Since July, Bitcoin has grown by over 90%.

Of course, it is not yet clear whether such a notion is a pointless idea for the market. Balchunas said the SEC has about a 25% chance of rejecting or delaying the decision next week. The Bitcoin ETF announcement sounds like a promise, according to Morningstar Inc., but it's not yet clear what management thinks.

“They are still considering the SEC's position on Bitcoin ETFs,” said Ben Johnson, Morningstar director of global ETF research.