The race for a spot Bitcoin exchange-traded fund (ETF) has been heating up, with key players making strategic moves and filing amendments to their prospectuses. Among the latest developments in this ongoing saga, the Invesco Galaxy Bitcoin ETF (BTCO) has made an appearance on the Depository Trust and Clearing Corporation’s (DTCC) website. This move aligns BTCO with BlackRock’s spot Bitcoin ETF (IBTC), further fueling speculation about the potential arrival of institutional investors in the Bitcoin market.
However, it’s important to note that the listing of these ETFs on the DTCC website doesn’t equate to approval by the Securities and Exchange Commission (SEC). A spokesperson for the DTCC clarified that this listing is a routine step and doesn’t provide any insights into the SEC’s stance on Bitcoin ETFs.
Despite the lack of a clear indication from the DTCC listing, the crypto community remains vigilant. Asset managers are preparing for the possible approval of spot Bitcoin ETFs. Notably, BlackRock and VanEck have commenced seeding their respective funds, signaling their confidence in the SEC’s forthcoming decision.
Amid this anticipation, asset managers like Valkyrie, ARK Invest, Fidelity, and Bitwise have been actively amending their prospectuses, raising speculation that the SEC might greenlight a spot Bitcoin ETF in the near future, with some experts suggesting as early as next year.
While these developments are noteworthy, it’s worth mentioning that Grayscale’s ETF application is still pending with no official comment from the SEC. However, all eyes are on a closed SEC meeting scheduled for November 2, where the fate of pending Bitcoin ETF applications could potentially be addressed.
As the race for a spot Bitcoin ETF continues, the crypto market remains in a state of anticipation and preparedness, ready for the potential influx of institutional investors once the SEC makes its decision. Stay tuned for further updates on this evolving narrative.
