Ark Invests in Bitcoin futures-based ETF under the BTF ticker. Could an SEC approval be coming soon? Valkyrie is also assigning its BTC futures prospectus with the said BTF ticker.
Bloomberg Senior ETF Analyst
According to CoinTelegram, Bloomberg's own senior ETF analyst notes that there are "good" signs that a Bitcoin ETF will be approved very soon. The analyst points towards Ark Invest filing for an upcoming Bitcoin futures ETF with a newly assigned ticker and Valkyrie updating its very own ETF prospectus along with a ticker.
Cathie Wood's very own Ark Investment Management LLC has actually filed for a Bitcoin futures ETF that is to be under the ARKA ticker. Valkyrie is also assigning its own BTC futures prospectus along with the BTF ticker. BetaShares crypto innovators ETF is set to track exchanges, mining companies, and service providers.
Green Light by SEC
Bloomberg analyst Eric Balchunas notes that the firms typically update their own proposals whenever they have everything already set up and "ready for launch." This suggested that Valkyrie could soon be given the green light by the United States Securities and Exchange Commission or SEC.
Balchunas also pointed towards Ark Invests' very own Bitcoin futures ETF application on October 13, 2021, in partnership along with 21Shares and white Alpha Architect's white label. It was noted that the assigned ARKA ticker was yet "another good sign" that the SEC was also set to give a tick.
Valkyrie ETF Analyst
When it comes to the Valkyrie ETF, the analyst even added that he now looks for "these types" of different updated prospectus filings when it comes to determining whether an official SEC greenlight is coming. It was said that applicants often update the final details just before the said launch.
Balchunas reportedly stated that earlier this October, the whole Bitcoin futures-backed ETFs actually have a high chance of being approved this October 2021. He then argued that they are regulated under the said "40 Act" which is currently favored by the SEC as it will offer greater consumer protections compared to the physically-backed Bitcoin ETFs that are regulated under the said "33 Act."
SEC Bitcoin ETF
Balchunas noted that the SEC has actually kicked can when it comes to the Bitcoin ETF approval, but this is actually for the physically-backed ones under the said "33 Act." It was noted that futures ETFs that are filed under the "40 Act" are actually very much alive and also and also likely on schedule. El Salvador is set to spend $4 worth of its profits from Bitcoin on a new veterinary hospital.
It was noted that there is a 75% chance of its approval in October 2021. Opinions, however, currently vary as senior director of ETFs as well as mutual fund research at research firm CFRA, Todd Rosenbluth, argued that he believes that approval of a BTC futures ETF could be delayed until 2022.
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Written by Urian B.