Hello everyone, I am abt. The price of the pie is still fluctuating around 30,000 today. There is not much fluctuation. I will not do market analysis today. The more important thing to arrange for everyone is whether the SEC has approved the BTC ETF application!
Today I will explain to you whether this week’s key SEC has approved BTC’s ETF application, as well as some of my personal opinions. (Please correct any mistakes and discuss them)
First, let’s understand what ETF is
An ETF is a publicly traded investment vehicle that tracks the value of an underlying asset; in the case of the Bitcoin ETF, that asset is Bitcoin. Advocates of Bitcoin ETFs argue that the complexity of exchanges, crypto wallets, and private keys still poses a huge barrier to newcomers entering the crypto space, and Bitcoin ETFs will allow ordinary users to obtain investments in Bitcoin without actually holding it. Own cryptocurrency.
Bitcoin ETFs are popping up around the world, including Canada, Brazil, and Dubai, and in October 2021, ProShares’ Bitcoin Futures ETF was listed on the New York Stock Exchange. However, so far, the U.S. Securities and Exchange Commission (SEC) has rejected all applications for spot Bitcoin ETFs, which offer the opportunity to invest directly in Bitcoin rather than futures contracts. The SEC has repeatedly pointed out possible market manipulation by cryptocurrency traders.
However, spurred by the asset management giant BlackRock, many financial companies have joined the competition to apply for new spot ETFs. Here are the spot Bitcoin ETFs currently queued for approval (public data as of June 29, 2023):
1、 Ark Invest
Ark Invest, an investment company led by Cathie Wood, submitted an application for the Ark 21 Shares ETF in June 2021. ARK Invest has partnered with Swiss ETF provider 21 Shares AG to launch the ARK 21 Shares Bitcoin ETF; if approved, it will trade on Cboe’s BZX exchange under the ticker ARKB.
The company was also the first to disclose fees for its Bitcoin ETF, with the filing revealing plans to pay 21 Shares a 0.95% fee, which the company will use to cover operating expenses.
Ark Invest has invested in cryptocurrency exchange Coinbase, Grayscale Bitcoin Trust and payments processor Square, which holds more than 8,000 Bitcoins on its balance sheet. Cathie Wood is a passionate advocate of Bitcoin, arguing that the cryptocurrency represents "a new asset class" and can become a reserve currency.
2. BlackRock
On June 15, BlackRock, the world’s largest asset manager (with over $9 trillion in assets under management as of the first quarter of 2023), shocked TradFi and the crypto industry by filing an application for a Bitcoin spot ETF. The filing proposes Coinbase as a cryptocurrency custodian and spot market data provider, and BNY Mellon as a cash custodian.
Eric Balchunas, senior ETF analyst at Bloomberg, said the investment product is technically a trust but is functionally a “real deal” — a cash market ETF. Balchunas said BlackRock has repeatedly fought with the U.S. Securities and Exchange Commission (SEC) over the launch of ETFs, but it has successfully received approval at a ratio of 575 to 1.
BlackRock's ETF application was recognized by former Barclays CEO Bob Diamond. It also led WisdomTree, Invesco and Valkyrie to file new applications with the SEC, while helping the Bitcoin price return to 30 in June 2023. 000+.
3、 Bitwise
Bitwise Asset Management has filed a new application with the U.S. SEC on June 16, requesting rule changes to accommodate its planned Bitwise Bitcoin ETP Trust.
The U.S. SEC rejected Bitwise’s application for a Bitcoin spot ETF in June 2022, arguing that the ETF was unable to achieve adequate sharing of supervision, provide protection against market manipulation and prove the size of the relevant market.
In April, Bitwise Chief Investment Officer Matt Hougan said that while a spot Bitcoin ETF would be “fantastic” for investors in the long term, Bitwise may wait until there is more regulatory clarity before launching another ETF.
In a new filing, BitWise said the SEC should approve, deny or initiate additional proceedings surrounding its proposed rule changes within 45-90 days. It is reported that the application was released by the New York Stock Exchange (NYSE), but has not yet been processed by the U.S. SEC, which means that the actual deadline for the relevant application is not yet known.
4、Invesco Galaxy Bitcoin ETF
Galaxy Digital and Invesco jointly filed a Bitcoin ETF on September 22, 2021, called the Invesco Galaxy Bitcoin ETF. Its ETF will also be "physically backed" by Bitcoin, rather than through derivatives such as futures, according to the filing. Invesco Capital Management LLC is the sponsor of the application, but it is unclear which company will host the application’s bitcoins.
The sponsor is a wholly-owned subsidiary of Invesco Ltd, the fourth-largest ETF provider in the United States, a qualification that may aid submissions. "For people who have been in the ETF business for a long time, this is very similar to the early days of ETFs (late 1990s, early 2000s)," said John Hoffman, head of U.S. ETF strategy at Invesco.
The product is the first in a series of crypto ETFs the companies hope to list on the U.S. market.
5、WisdomTree
New York-based asset manager WisdomTree already has experience operating a Bitcoin ETF; it launched a Bitcoin ETF on Switzerland’s SIX exchange in 2019. joined the ranks of candidates for a U.S. Bitcoin ETF in March 2021, filing an S-1 with the SEC proposing to list the WisdomTree Bitcoin Trust on the Cboe bZx exchange under the ticker BTCW.
Since then, the SEC has repeatedly delayed, first soliciting public feedback on the proposal and then announcing that it needed more time to consider "the issues raised" in the comment letter.
The SEC rejected WisdomTree’s application in late 2021, and around the same time, it rejected similar applications from Valkyrie and Kryptoin. WisdomTree filed a new application in mid-2023, shortly after BlackRock filed.
6、 Valkyrie Investments
A newer player, asset manager Valkyrie filed its first Bitcoin ETF application in January 2021. The ETF will reference the Chicago Mercantile Exchange’s (CME) Bitcoin Reference Price and trade on the New York Stock Exchange Arca, “providing investors with an efficient means to implement a variety of investment strategies,” the company wrote in the proposal. ”, Cryptocurrency custodian Xapo is responsible for custody and cold storage of the fund’s Bitcoin.
In the filing, Valkyrie cited the cryptocurrency’s volatility — one of the SEC’s main concerns about a Bitcoin ETF. "The potential consequences of a Bitcoin exchange failure could adversely affect the value of the shares," it said in its risk assessment.
Unsurprisingly, the SEC delayed ruling on Valkyrie’s filing, along with those of Kryptoin, WisdomTree, and Global X, ultimately rejecting Valkyrie and Kryptoin’s filings around Christmas 2021.
In early 2022, Valkyrie’s Bitcoin Mining ETF successfully received SEC approval. The tool is backed by holdings in companies that use an average of 77% renewable energy, including industry heavyweights such as Argo Blockchain, Bitfarms, Cleanspark, Hive Blockchain and Stronghold Digital Mining.
In June 2023, Valkyrie filed another Bitcoin spot ETF application with the SEC.
7. Fidelity
Financial services giant Fidelity, which manages about $11 trillion in assets, filed on June 29 for the ETF, which was filed under the name Wise Origin Bitcoin Trust. According to the document, Fidelity Digital Asset Services will be “responsible for custody of the trust’s Bitcoin.”
Unlike BlackRock, Fidelity has previously attempted to launch a spot Bitcoin ETF. The company filed in 2021 for the Wise Origin Bitcoin Trust, a proposed ETF that was ultimately rejected by the SEC in January 2022. The rejection comes nearly two months after Fidelity successfully launched a spot Bitcoin ETF in Canada.
Fidelity has been involved in the crypto space for many years. It launched Fidelity Digital Assets in 2018 to provide cryptocurrency custody and trade execution services to institutional investors such as hedge funds, family offices and market intermediaries. And in April 2022, it launched the Crypto Industry and Digital Payments ETF (FDIG) and the Fidelity Metaverse ETF (FMET).
The above are some simple data views, (some of which are reprinted) and based on these, I concluded that this ETF application is very likely to pass one or two companies. If it does not pass in time, the market will be a trend of BTC and crypto market. The pie is just waiting for another news to appear. Since the bottom of 25,000, it has surged to 30,000 for the second time and stabilized, it has been in continuous shock for almost a month. There was a breakthrough in the middle of the month but it was not strong, and there was no correction! And many small coins are also gradually making a bottom. (The probability of passing is quite high)
Then how should we operate? My personal opinion is that the current big market is not to do too much, buy some promising small coins (pay special attention to the small coins that are not listed on CB and Binance, and push them later when there is time), and then wait. It is relatively safe to make a correction in the market and then directly enter the market and wait for the news to come out. Even if the news is negative, I personally think that the decline will be limited and the profit margin will be sufficient. Later, everyone can focus on bnb. In terms of form, the decline will hit the bottom. bnb will work hard again in the future! The above are personal opinions for reference only! Be cautious when investing!
Dear readers, you will become rich after watching One Click Three in a Row! If you have different opinions, welcome to discuss in the comment area! #荣耀时刻 #BTC #