News

12 Spot Bitcoin ETF Applications Are Now Under Review By SEC, Gensler Was Wrong

Key Points:

SEC considers multiple spot Bitcoin ETF applications, stoking cryptocurrency speculation.
Conflicting reports suggest up to 12 ETF applications are under consideration.
A decade later, firms like BlackRock await decisions, boosting optimism for a Bitcoin ETF.

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler revealed that the regulatory body has between 8 to 10 filings pertaining to a potential spot Bitcoin ETF currently under consideration. This announcement comes as the cryptocurrency community eagerly anticipates a decision on the matter.

SEC Weighs Multiple Spot Bitcoin ETF Applications Amid Market Fervor

However, Bloomberg ETF analyst James Seyffart, speaking on the X platform, claimed that there are, in fact, 11 spot Bitcoin ETF applications currently under review by the SEC. If the applications for GBTC conversion ETFs are included, the total number rises to 12. This discrepancy underscores the growing interest in Bitcoin-related investment products.

Chairman Gensler’s stance on the digital asset sector has been notably cautious and even critical. At the 2023 Securities Enforcement Forum, he cautioned: “Don’t get me started on crypto.” Despite this, Bitcoin’s value has surged this week, fueled by speculation that the SEC is nearing approval of a spot Bitcoin ETF.

Hope and Speculation Surround U.S. Spot Bitcoin ETF Approval

Remarkably, a decade has passed since the first application for a spot Bitcoin exchange-traded fund was submitted by Tyler and Cameron Winklevoss in 2013, yet no such product exists in the U.S. market.

Several major financial firms, including BlackRock, Bitwise, WisdomTree, Fidelity, and Invesco, have pending applications for Bitcoin-related funds in the United States. The renewed optimism for a spot Bitcoin ETF has gained momentum with the recent court decision and the entry of the world’s largest asset manager into the arena.

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.

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.