The crypto community has long awaited the approval of a Bitcoin spot exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). This desire stems from beliefs that an SEC-approved spot ETF would propel Bitcoin firmly into the mainstream, opening the floodgates for institutional capital.
Keypoints
- Cathie Wood of ARK Invest is optimistic the SEC will approve multiple spot Bitcoin ETFs by the end of 2023. She believes the SEC’s recent actions signal a change in attitude.
- This change in attitude may be due to the recent court ruling against the SEC in the Grayscale Bitcoin Trust case, which found the SEC’s rejection of GBTC’s ETF application was “arbitrary and capricious.”
- Wood expects a decision by January 10, 2024 and thinks multiple Bitcoin ETFs could be approved at the same time.
- There was a brief Bitcoin price rally when an erroneous tweet claimed the SEC approved BlackRock’s Bitcoin ETF application. This…
