Alternative Investments/Digital: Bloomberg Analysts Believe A Bitcoin Futures ETF Could Arrive October
The analysts read more into the sudden withdrawal of applications with the SEC for approval of Ethereum (ETH) futures ETFs just two days after filing.
Bloomberg analysts James Seyffart and Eric Balchunas have homed in on the sudden withdrawal of applications for futures-based Ethereum ETFs by VanEck and ProShares last week. Reading the tea leaves, the analysts say the withdrawals augur well for the SEC’s approval of a futures-based bitcoin ETF. (Coin Telegraph)
“VanEck and ProShares’ rapid withdrawal of proposals for Ethereum futures ETFs is a good sign for a potential Bitcoin futures ETF, given the SEC has allowed those filing to remain active,” the analysts wrote in an investor note issued Tuesday. “A launch could come as soon as October, and we believe the SEC should permit several at once to avoid handing out a first-mover advantage.”
One reason for the withdrawal could be that the SEC spoke to the proposers and likely made it clear that the approval of an Ethereum fund was unlikely.
A number of futures-based bitcoin ETF applications were filed after SEC Chairman Gary Gensler recently suggested that the regulator might consider approving Bitcoin futures ETFs under the Investment Company Act of 1940.
These applications are still under active consideration of the SEC, giving credence to the analysts’ theory of an en masse approval by the regulator.
Analyst Seyffart went so far as to say that at least one bitcoin futures ETF could launch in the U.S. in the fourth quarter, maybe as soon as October.
Balchunas said in a Tweet:
“New note out today from @JSeyff re how the Ether ETF withdrawals adds to likelihood that a bitcoin futures ETF will be launched by end of October with ProShares as favorite, altho it could (and arguably should) be a group to avoid first mover advantage.”
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