2 years ago
Institutional investors rejoice, determination is 1 much mode to summation vulnerability to Bitcoin (BTC). The United States Securities and Exchange Commission (SEC) announced overnight the approval of a 4th Bitcoin futures exchange-traded money (ETF).
Fund radical Teucrium is down the astir precocious approved Bitcoin Futures ETF. The ETF joins a increasing fig of approved futures ETFs, complementing ProShares, Valkyrie, and VanEck Bitcoin Futures ETFs.
The SEC filing for the Teucrium ETF. Source: SEC.govEvery Bitcoin spot ETF has been rejected to date, however, for 1 invested observer, the mode successful which the support was made could beryllium a boon for expectant spot investors.
The crippled thickens connected the way to $GBTC’s spot #Bitcoin #ETF conversion…
— Sonnenshein (@Sonnenshein) April 7, 2022In a Tweet thread, Grayscale CEO Michael Sonnenshein erstwhile again banged the drum for a Bitcoin spot ETF. 71st connected the database of Cointelegraph’s Top 100, Sonnenshein manages the Grayscale Bitcoin Trust (GBTC) Trust, 1 of the main avenues for buying Bitcoin successful the accepted world.
Grayscale CEO Michael Sonnensheinin tweeted that “if the SEC is comfy with a Bitcoin futures ETF, they indispensable besides beryllium comfy with a spot Bitcoin ETF.”
His statement surmises that arsenic “all Bitcoin futures ETFs are created equal,” and that the Teucrium falls nether a 1933 act, not the 1940 enactment which the different 3 ETFs autumn under, past the statement for filing a Bitcoin spot ETF becomes “stronger.”
Therefore, if the SEC is comfy with a #Bitcoin futures #ETF, they indispensable besides beryllium comfy with a spot Bitcoin ETF. And they tin nary longer justifiably mention the ‘40 Act arsenic being the differentiating factor.
— Sonnenshein (@Sonnenshein) April 7, 2022Sonnenshein has been a proponent and protagonist for the instauration of a Bitcoin spot ETF for immoderate time; the institution shared plans to person the GBTC Trust into an ETF successful October 2021. With implicit $35 cardinal successful assets nether management, the GBTC Trust is the largest successful the bequest concern world–the conversion to a spot ETF would beryllium consequential.
A Bloomberg analyst, Eric Balchunas shares his presumption that it's a "good motion for spot", meaning a Bitcoin spot ETF.
JUST IN: SEC Approves Teucrium Bitcoin Futures ETF. Notable bc it was filed nether the 33 Act, which Genz has said doesn't person capable inv protections vs 40 Act. So poss this is bully motion for spot, altho we inactive deliberation exchanges request regs bf helium volition greenish light. h/t @CoinDesk pic.twitter.com/SZMkuMrASc
— Eric Balchunas (@EricBalchunas) April 6, 2022Related: SEC rejects ARK 21Shares spot Bitcoin ETF application
However, portion investors hold with bated enactment for a Bitcoin Spot ETF, expert Doomberg suggests that the contented whitethorn not subordinate to antithetic acts but owed to the information that futures contracts are “settled successful cash.”
Gary Gensler, the Chairperson for the SEC whitethorn successful information beryllium blocking the spot ETFs due to the fact that “as agelong arsenic funds travel into spot ETFs faster than they are redeemed, the nett effect provides US dollar exit liquidity to those looking to currency retired their Bitcoin.”
In the meantime, ProShares precocious filed with the SEC for its Short Bitcoin Strategy ETF. The Bitcoin spot ETF saga continues.
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