SEC Likely to Approve Bitcoin ETFs by November: Bloomberg ETF Experts

SEC Likely to Approve Bitcoin ETFs by November: Bloomberg ETF Experts

Bloomberg’s senior ETF strategist Eric Balchunas has taken to Twitter to share that the recent Ether ETF withdrawals by VanEck and ProShares is a good sign, meaning that Bitcoin futures ETFs may be approved soon.

In this he, referred to a note by a Bitcoin Intelligence ETF analyst James Seyffart.

Will US Bitcoin futures ETFs launch by November?

Balchunas tweeted that once a Bitcoin futures ETF gets a SEC approval, this exchange-traded fund would be launched approximately 75 days after the filing. He cites a new note published by Seyffart earlier today.

The most probable ETF that is likely to be launched, Balchuinas says, is the one filed for by ProShares.

Although, he adds that, this company should avoid a first mover advantage here.

As reported by U.Today earlier, VanEck and ProShares withdrew their Ethereum ETF filings (in which they intended to give investors exposure to regulated Ether-based futures) just several days after submitting them.

Back then, Balchunas opined that the two companies may have had a conference call (“Godfather style) with the SEC, in which the regulatory agency rejected the filings.

Previously, U.Today covered that another company, Kryptoin, filed for an Ethereum ETF with the SEC after submitting a filing for another Bitcoin ETF in April.

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. pic.twitter.com/zXFFgmEHw6— Eric Balchunas (@EricBalchunas) August 24, 2021

Several Bitcoin ETFs filed for recently

Earlier this month, several consecutive Bitcoin ETF filings were submitted to the SEC under the under the 1940 Investment Company Act as required by the agency’s chairman Gary Gensler.

According to him, an ETF filed under this act ensures a substantial protection for investors. Among those companies were Invesco, Mike Novogratz’a Galaxy Digital, VanEck, etc.

Wilshire Phoenix co-founder William Cai, however, reckons that no Bitcoin ETF is likely to be approved in the USA until next year.

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