Bitcoin ETF

Bitcoin

Read

James

<div class="cryptonews"> 
 <p class="is-style-lead">Cathie Wood believes the SEC’s decision on spot Bitcoin ETFs may significantly impact <a rel="dofollow" title="institutional" href="https://thebittimes.com/tag/institutional.html">institutional</a> crypto adoption.</p> 
 <p>Wood views this imminent approval as a pivotal moment, suggesting that such approval could be the “final seal of approval” for institutions considering crypto <a rel="dofollow" title="invest" href="https://thebittimes.com/tag/invest.html">invest</a>ments. In collaboration with 21Shares, ARK Invest awaits a decision on their ARK 21Shares Bitcoin ETF (ARKB) proposal, with a ruling expected by Jan. 10.</p> 
 <p>The SEC’s previous approval of Bitcoin futures ETFs in October 2021 was seen as a cautious yet progressive step despite concerns about counterparty risks compared to spot products backed by Bitcoin in cold storage. Most Bitcoin ETF proposals name Coinbase as the custodian, which adds a layer of security and legitimacy.</p> 
 <p>A court victory in July by Grayscale Investments against the SEC further underscores the tension and evolving landscape. The court criticized the SEC’s decision to deny Grayscale’s Bitcoin ETF conversion while allowing futures-based funds, labeling it “arbitrary and capricious.”</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper"> 
   <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
    <p lang="en" dir="ltr">What does this mean? Without having read them — it just means that the wheel is still turning. Both the SEC and these issuers are working hard to iron things out. These filings are likely the result of many conversations and a lot of man hours on/between both sides.</p>— James Seyffart (@JSeyff) December 4, 2023
   </blockquote> 
  </div>
 </figure> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> K33 Research: Bitcoin’s return to ATH will be soon thanks to Bitcoin ETF 
 </div> 
 <p>Wood’s optimistic forecast for Bitcoin’s value (BTC), predicting it could exceed $1 million in the long term, is matched by Bloomberg Intelligence analysts’ high confidence in approving a spot Bitcoin ETF by Jan. 10. This optimism is a departure from the SEC’s historical reluctance to support spot Bitcoin ETFs.</p> 
 <p>21Shares President Ophelia Snyder noted recent pattern breaks in the approval process, indicating a potential shift in the SEC’s stance. Recent updates in Bitcoin ETF filings, such as BlackRock’s inclusion of seed capital language and technical amendments addressing concerns like Bitcoin mining’s electricity usage, suggest an active dialogue with the SEC.</p> 
 <p>The entrance of major firms like BlackRock into the Bitcoin ETF space has reinvigorated efforts by other financial giants like Fidelity and Invesco. Wood anticipates that multiple firms, including ARK Invest, could receive approval simultaneously, depending on their filing specifics.</p> 
 <div class="cn-block-related-link"> 
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"> <use xlink:href="#"></use> 
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Bitcoin primed for $100,000 says crypto analyst 
 </div> <span class="google-news-banner__label">Follow Us on Google News</span> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/cathie-wood-spot-bitcoin-etf-seen-as-ultimate-endorsement-for-institutional-investors-tbt72853.html">https://thebittimes.com/cathie-wood-spot-bitcoin-etf-seen-as-ultimate-endorsement-for-institutional-investors-tbt72853.html</a></p>

Cathie Wood: spot Bitcoin ETF seen as ultimate endorsement for institutional investors

TheBitTimes

Other articles published on Dec 6, 2023

The Graph: A Protocol for Querying Data from Blockchains

SEC postpones decision on Grayscale’s application for spot Ethereum ETF

SOL Price Jumps 8% Today, Will Solana Cross $75 This Year?

Bonk Surges to Become the Fourth Largest Meme Coin: What Sparked the Rise?

Lugano Switzerland Now Accepts Bitcoin, USDT for Tax Payments

Campbell Soup Reports 2% Decrease in Q1 Sales, Yet Optimistic for Future Growth

Join our free newsletter for daily crypto updates!