We could get the first spot Bitcoin ETF on the market later this year, as Grayscale wants to file for SEC approval for its products “Next week is coming,” According to CNBC.
Official grayscale filing will begin a 75 days review period for SEC approval or denial The proposed spot is Bitcoin ETF, the first of its kind, physically stable, Bitcoin financial product.
Bitcoin Future ETF opens the door
Following the approval of Bitcoin Future ETFs by the company ProShares and Valkyrie, the door has opened for this move. An instantly path to a physically stable bitcoin ETF Coming to market.
Barry Silbert, founder and CEO of Digital Currency Group, appealed to Grayscale in his back pocket for the Space ETF to allow the SEC to allow grayscale competitors to enter the market.
“The investment firm planned to apply to the Securities and Exchange Commission as soon as the agency allows competitors to attempt futures-based bitcoin ETFs,” the person said. It happened late Friday night, “said Tariq al-Hashimi, the party’s secretary general. CNBC Report
Bitcoin ETF enables one to approve the product A more competitive landscape, and opens up new pools of capital From the various pockets of traditional endowment financial institutions that previously faced many obstacles in coming into contact with Bitcoin.
How is Bitcoin Spot ETF different?
A spot ETF product tracks the price of Bitcoin rather than a Future ETF. The spot price of Bitcoin is the current USD cost for immediate purchase and delivery. To be physically stable with instant delivery, A spot product will be able to track bitcoin prices more closely and reduce uncertainty It tracks the estimated value of a future with an ETF.
“Bitcoin” spot “will be good for ETF investors from the point of view of price tracking and fee structure.”– Anthony Pompliano, Morgan Creek Digital Resources
If approved, Grayscale’s spot comes at an interesting moment in the market during the ETF. Bitcoin has continued to push above 60 60,000 and is looking at its all-time high price. When to lift the ban on bitcoin mining in China, and as U.S. politicians continue to signal support For new digital assets.