The U.S. Securities and Exchange Commission (SEC) has officially recognized BlackRock’s recent spot Bitcoin ETF application. As seen on its official website, the regulatory body acknowledged the ETF filing from BlackRock in a section dedicated to ETFs filed during the third quarter of the year.
Along with BlackRock, the SEC also acknowledged other applications sent in by a handful of other leading asset managers. Applications from Fidelity, WisdomTreeFunds, VanEck, Galaxy Digital, Invesco US were also posted on the site.
It is noteworthy that Bitcoin ETF applications filed by leading investment firms like ARK Invest, 21Shares, and Bitwise Invest have already passed this stage.
Key figures in the cryptocurrency market have responded to the recent development. Market players have collectively shared positive sentiments regarding the update on the SEC’s website.
James Seyffrat, a research analyst covering Crypto and Bitcoin relation stories for Bloomberg, seems to think the market is already off to a good start. “We’re off to the races,” he asserted, adding that Valkyrie Funds’ application is next in line.
It bears mentioning that this is only one of many steps required for ETF applications to be recognized by the SEC. However, the steps are not determining factors in the approval process.
As Seyffrat explained;
“Gotta expect ValkyrieFunds’s application to be acknowledged on ~Monday based on recent trends. Also — as I said yesterday this is just a step in the process and does *NOT* mean these will be approved. Just that the official process has begun.”
Meanwhile, anticipation for the approval of a Bitcoin Spot ETF has intensified following news that Europe is preparing to launch its first spot Bitcoin ETF. According to Jacobi Asset Management, the asset manager responsible for the Bitcoin ETF listing, the ETF is set to go live this July.
The asset manager first received approval for its application in 2021 but failed to launch the ETF due to unfavourable market conditions. After 12 months, the asset manager is ready to meet market demands, which it claims have “shifted since last summer”.
On the other hand, spot Bitcoin ETF applications are still pending. Although market players are not certain how long it will take to get a response from the SEC, a prominent figure in the market is convinced that the approval of a Bitcoin Spot ETF could be significantly favourable for Bitcoin’s price.