The crypto community has been eagerly awaiting the approval of a Bitcoin spot ETF by the US Securities and Exchange Commission (SEC), but the process may not be as fast as some had hoped. According to Fox Business reporter Eleanor Terret, the SEC still has to review and comment on the changes made to the S-1 forms filed by the issuers last week.
Terret, who has been covering the Bitcoin ETF story closely, explained in a post on X that the SEC needs to examine all the amendments made to the S-1 forms, which are the registration statements for the proposed ETFs. She said, “From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.”
She added that the SEC will then communicate to the issuers a final date for filing the S-1 forms and make them practical within 24-48 hours. This timeline is similar to the one followed by the SEC when it approved the first Ethereum futures ETF in October last year.
Terret expressed her optimism that the next two weeks will be exciting for the crypto market, as the SEC is expected to decide on the Bitcoin spot ETF soon. However, not everyone in the crypto community shares her enthusiasm. Some members are sceptical that the SEC will approve the ETF and suspect the agency will find reasons to delay or deny it. One member commented, “Gary would try to drag this out as long as he can, like he does with everything else.”
Bitcoin ETF Could Attract $100 Million In Initial Funds
Meanwhile, Gabor Gurbacs, an advisor for the American investment firm VanEck, one of the issuers of the Bitcoin spot ETF, shared his bullish outlook on the potential impact of the ETF launch. He estimated that the ETF could initially attract around $100 million in funds, mainly from institutional investors. He described this as mostly recycled money, meaning it would come from existing Bitcoin holders who want to switch to the ETF for convenience or regulatory reasons.
Gurbacs also predicted that the Bitcoin spot ETF would eventually surpass the gold ETF in terms of assets under management as more investors realize the benefits of Bitcoin as a store of value and a hedge against inflation. He said, “I think Bitcoin will be bigger than gold in the long run. I think Bitcoin is digital gold. It’s better than gold in many ways.”
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