SEC Considers Multiple Bitcoin ETF Applications, Markets Anticipate Approvals

The U.S. Securities and Exchange Commission (SEC) has received eight to ten filings for potential bitcoin exchange-traded products (ETFs) for consideration, according to SEC Chair Gary Gensler. The approval of a spot bitcoin ETF is speculated to drive demand for bitcoin, as it would allow investors to gain direct exposure to the cryptocurrency through an exchange-listed product. Currently, the SEC has only approved ETFs tied to bitcoin futures contracts. Various firms, including Cathie Wood's ARK Invest, BlackRock, Bitwise, WisdomTree, Fidelity, and Invesco, have pending applications for bitcoin funds in the U.S. The anticipation for spot ETFs has increased after the SEC chose not to appeal a court ruling that deemed its rejection of Grayscale Investments' application for a spot bitcoin ETF as incorrect.