Bloomberg has recently reported that the US Securities and Exchange Commission (US) has plans to approve a Bitcoin exchange-traded fund (ETF) already next week.
According to the publication, the investment instrument will be based on Bitcoin futures. The price of Bitcoin has positively reacted to the announcement with a significant price jump that has taken the asset above the $60,000 psychological barrier for some time, however, now it is trading below this level.
Bloomberg has reported citing sources that the US Securities and Exchange Commission (SEC) “is unlikely to block” the launch of the instrument. The agency named applications from ProShares and Invesco as the main favorites.
In August, the SEC head Gary Gensler said the regulator would consider Bitcoin ETFs if they were based on Chicago Mercantile Exchange futures and were in compliance with the Investment Company Act of 1940.
This was followed by a wave of applications for registration of such funds from Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital, AdvisorShares and BlockFi. The offered investment products do not provide for direct investments in cryptocurrency.
According to the estimates of the analytical firm Arcane Research, at the beginning of October, the SEC was considering applications for 12 spot Bitcoin ETFs and seven based on futures.
The SEC has approved an ETF based on a basket of shares of Bitcoin-related companies from Volt Equity. The tool does not provide direct access to digital gold.