The U.S. Securities and Exchange Commission (SEC) is likely to approve several spot Bitcoin ETFs. This, according to CoinDesk citing a Matrixport report.
Analysts expect the development to have a “significant positive impact” on the price of digital gold. If the SEC delays ruling on the applications, a Bitcoin price correction could occur in mid-September.
The head of Matrixport’s research department also expects “significant marketing spend to attract retail and institutional capital” from ETF issuers.
The SEC is expected to decide on GBTC next week. On August 11 the regulator delayed the filing from asset manager ARK Invest and crypto ETP provider 21Shares.
Matrixport believes the Commission will decide on seven more spot Bitcoin ETFs in early September.
On June 15, BlackRock submitted an application to the SEC for a spot Bitcoin ETF. Following the financial giant, similar requests were filed by Valkyrie, Fidelity Investments, WisdomTree and Invesco.
In the review lists, ARK Invest with 21Shares are ahead of BlackRock in terms of submission timing, which Cathie Wood sent in April.
The Commission later returned all filings, citing a lack of information regarding the so-called joint surveillance agreement or details of this mechanism.
Subsequently, the above-mentioned firms promptly submitted revised proposals. On July 14 the regulator took up for consideration applications from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.
The Chicago Board Options Exchange also updated the document for the ARK 21Shares launch, including the joint surveillance agreement to prevent fraud and market manipulation, copying a portion of BlackRock’s filing.
So far the SEC has not approved any spot Bitcoin ETF launches. The Commission has granted an exception for similar products based on Bitcoin futures from ProShares and Valkyrie Investments.
However, Bernstein and former SEC chair Jay Clayton assessed the odds of a new wave of contenders as high.
Cathie Wood, head of ARK Invest, forecasted a positive decision on several applications.