An Exchange Traded Fund (ETF) based on Bitcoin (BTC) has a 75% chance of somehow getting approved this month.
This weekend, Eric Balchunas, Bloomberg senior ETF analyst said that US Bitcoin futures ETFs “are likely on schedule” for the regulatory go-ahead.
Bitcoin futures ETFs are “very much alive”
The month of October began with the announcement of a frustrating, albeit fairly frequent, delay in the SEC’s decision on whether or not to approve four Bitcoin ETFs.
The various applications will not be accepted or rejected this month, but will be processed in November.
Nevertheless, According to Balchunas, futures-based ETFs are more likely to pass the test in the coming weeks.
“Yes, the SEC went out of its way to approve Bitcoin ETFs, BUT this is for those who are physically protected under Law 33”, he told his Twitter followers.
“Futures ETFs filed under the law of 40 (which Genz loves) are very much alive and likely on schedule (we believe there is a 75% chance they will be approved in October).”
Balchunas was referring to the President of the SEC, Garry Gensler, that last week he indicated a permissive stance on these instruments.
“As a result, we have begun to see applications under the Investment Company Act in relation to Exchange Traded Funds (ETFs) that intend to invest in Bitcoin futures traded on the CME.” he said at the end of his speech at the Future of Asset Management North America conference.
“Combined with the other federal securities laws, the Act of 40 provides important investor protection for mutual funds and ETFs. I hope the staff will look into these filings.”
The Canadian ETF Purpose bitcoin, which gave the green light to American offers at the beginning of the year is getting stronger.
A long and winding ETF path
The history of Bitcoin ETFs now spans several years and has seen several moments of success or failure where proponents were almost certain the SEC would give their approval.
Initially, the price of BTC could move significantly due to rumors related to these events, although this effect subsided over time.
Bitcoin futures themselves received formal approval in December 2017, in time for the final days of Bitcoin’s race to hit its all-time high of $ 20,000.