Tag: ETF

First Trust files for Bitcoin ‘Buffer ETF’ with SEC

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The financial services firm First Trust is the latest company to file for a Bitcoin (BTC) exchange-traded fund (ETF), and not for a spot one. First Trust on Dec. 14 submitted a Form N1-A filing with the United States Securities and Exchange Commission (SEC) to launch a new Bitcoin-linked product called the First Trust Bitcoin Buffer ETF. According to the prospectus, the fund is designed to participate in the positive price returns — before fees and expenses — of the Grayscale Bitcoin Trust or another exchange-traded product (ETP) that seeks…

SEC is taking ‘new look’ at spot Bitcoin ETF applications

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted that the regulator has updated its approach to Bitcoin (BTC) ETFs. In an interview with CNBC, Gensler was asked about considering applications for spot Bitcoin ETFs. In response, the head of the regulator noted that the SEC is now considering “from eight to a dozen applications.” According to Gensler, the SEC has rejected several applications in the past, however, the regulator now appears to be changing course. “We’re taking a new look at this based upon those court rulings.” Gary…

Matrixport Predicts Bitcoin 2024 Surge, Regardless Of Spot ETF Approval

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As the final months of the year approach, the anticipation surrounding the approval of spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has generated considerable excitement among analysts and traders. While many stake their hopes on these index funds to fuel a significant price surge for Bitcoin and the broader crypto market, Matrixport, a digital assets financial services platform, offers a distinct perspective. According to their latest report, Matrixport firmly believes that Bitcoin and crypto prices are destined to soar in 2024, irrespective of the SEC’s…

SEC reevaluating spot Bitcoin ETF with fresh perspective

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U.S. Securities and Exchange Commission Chair Gary Gensler indicated a possible change in the agency’s approach towards Bitcoin ETFs. During a CNBC interview, Gensler revealed that the U.S. Securities and Exchange Commission (SEC) is reconsidering “between eight and a dozen filings” for spot Bitcoin ETFs, a move influenced by recent court decisions in the District of Columbia. 🇺🇲 SEC Chair Garry Gensler commented on @CNBC about SPOT #Bitcoin ETF. How they have been denying a dussin of these ETFs in the past, but now BlackRock… I mean Courts in DC…

Bitcoin ETF applicants must sport cash redemption model

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The United States SEC is showing a clear preference for a cash redemption model in spot Bitcoin ETFs. Notably, Invesco and Galaxy Digital have recently updated their filings to align with this model, indicating a broader industry shift. This development was highlighted on Dec. 14 by finance lawyer Scott Johnsson. The updated S-1 filings of these firms now show a commitment to cash transactions to create and redeem ETF shares. This move signals a significant pivot in handling Bitcoin ETFs, contrasting with the in-kind redemption model proposed by firms like…

Valkyrie files new S-1, adopts cash-only approach for spot Bitcoin ETF

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In an update on X, Bloomberg Intelligence analyst James Seyffart shares that Valkyrie Funds has filed a new S-1 at 6:01 a.m. today. This move follows the lead of Bitwise and Invesco, emphasizing cash-only creations and redemptions.  Looking ahead Like Invesco, the filing expresses a desire to transition to in-kind transactions when regulations permit. In response to a post from North Rock Digital, which raised concerns about the cash-only approach for ETF creations and redemptions, Seyffart clarified that the SEC’s stance could impact the tax efficiency of spot ETFs.  Acknowledging…

Bitcoin Spot ETF Applicants To Integrate Mandatory Cash Redemption Model

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Recent reports have revealed that the United States Securities and Exchange Commission (SEC) has implemented a “new regulatory standard” for all Bitcoin Spot Exchange-Traded Fund (ETF) applicants while awaiting approval from the regulatory body. Cash Redemption Model For Bitcoin ETF Applicants Top Bloomberg Analyst James Seyffart took to X (formerly Twitter) to share the latest update by the regulatory watchdog. According to him, every Bitcoin Spot ETF applicant will have to bend their knees to this new model. The SEC’s latest “Cash Redemption Model” came amid the spot Bitcoin ETF…

Bitwise’s Spot Bitcoin ETF Listed on DTCC Under BITB Ticker

DTCC data shows that the Wise Origin Bitcoin FD SHS is listed under the ticker BITB. Bitwise joins BlackRock, Invesco Galaxy, and Fidelity on the DTCC’s list.  Bitwise Asset Management has listed its spot Bitcoin exchange-traded fund (ETF) on the Depository Trust and Clearing Corporation (DTCC). This comes after Fidelity Investments listed its FBTC spot Bitcoin ETF on the DTCC’s active and prelaunch list last week. Bitwise’s move is evidence of the firm’s confidence that a spot Bitcoin ETF will be approved in the United  States soon. Chief Investment Officer…

SEC Chair Gensler dodges question about spot Bitcoin ETF

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Securities and Exchange Commission (SEC) Chairman Gary Gensler refused to talk about cryptocurrency after a meeting on the U.S. Treasury market. Bloomberg reporter Kailey Leinz asked Gensler about the current status of various applications for spot Bitcoin (BTC) ETFs. Gensler did not want to talk about #Bitcoin or Crypto with @kaileyleinz today after their meeting where the SEC made changes to the treasury markets haha (admittedly he does have a point but Kailey focused on treasuries for 5 minutes before this question lol) pic.twitter.com/Ll9uCGJYEX — James Seyffart (@JSeyff) December 13,…

Bitwise Bitcoin ETF listed on DTCC along with Fidelity and BlackRock

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Another spot Bitcoin (BTC) ETF from Bitwise (BITB) has appeared on the website of the clearing and settlement company Depository Trust & Clearing Corporation (DTCC). The spot Bitcoin ETF was listed by DTCC, which is in charge if clearing trades. It provides post-trade clearance, settlement, custody and information services for stocks, exchange-traded funds and other products, according to NASDAQ. Source: DTCC Listing on DTCC is part of the process of bringing an ETF to market. Typically, the DTCC list includes active and potential ETFs. Prior to this, Fidelity’s Wise Origin Spot…