SEC Now Reviews Bitwise’s Bitcoin ETF Application As BlackRock Awaits Fate

Key Points:

• SEC receives Bitwise’s spot Bitcoin ETF application, marking the start of the review process.
• According to industry players, BlackRock’s Bitcoin ETF application faces low chances of approval.
• Europe’s first spot Bitcoin ETF set to launch this month after a year-long delay. Bitcoin price continues to rise.

In a notable development for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) has officially commenced its review process for Bitwise’s application to launch a spot Bitcoin ETF.

The news was confirmed by Bloomberg ETF analyst James Seyffart, who revealed that the SEC acknowledged the submission, signaling a significant step forward in the ETF approval journey. While the review process has begun, industry experts caution that the ultimate decision, expected to be announced next month, remains uncertain.

Bitwise Asset Management, a prominent crypto asset manager, is closely monitoring the progress of its Bitcoin ETF application. Coinciding with this milestone, Bitwise also celebrated a significant achievement, as its Bitwise Crypto Industry Innovators ETF recently surpassed $100 million in assets under management. This milestone underscores the growing interest and positive developments within the cryptocurrency sector, including robust market performance and increasing investor participation throughout 2023.

As Bitwise’s Bitcoin ETF application undergoes regulatory scrutiny, the spotlight also shines on BlackRock, a billion-dollar asset manager that has filed its own application for a Bitcoin ETF in the United States. The approval of BlackRock’s application would mark a historic milestone, as it would become the country’s first spot Bitcoin ETF. However, industry observers express skepticism about the likelihood of acceptance, citing the SEC’s track record of rejecting previous ETF applications from various firms for a range of reasons.

Meanwhile, in Europe, investors eagerly await the launch of the continent’s inaugural spot Bitcoin ETF. After experiencing a year-long delay from its initially planned date, the ETF is now expected to be publicly listed later this month. This landmark event highlights the evolving landscape of cryptocurrency investments and is anticipated to provide new opportunities for investors seeking exposure to the digital asset market.

Bitcoin continues to captivate the attention of market participants as its price demonstrates remarkable resilience and growth. Year-to-date, Bitcoin has surged over 83%, approaching the $31,000 mark. The outcome of these ETF applications holds significant implications for the cryptocurrency industry, potentially shaping its future trajectory and further influencing investor sentiment in the broader market. As regulatory agencies deliberate on these applications, stakeholders eagerly await the SEC’s decision, which will undoubtedly have a profound impact on the evolving landscape of cryptocurrency investments.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.