These new ETF tickers could be the first Bitcoin ETFs in the U.S.
As per Bloomberg analyst reports, the recent changes administered in the Futures ETF prospectus by leading alternate asset management firm Valkyrie suggest that Bitcoin ETF approval is imminent in near future.
A Bitcoin Futures ETF is a prominent regulated financial product that allows investors and proponents to invest in the BTC market indirectly.
In simpler terms, its a type of exchange-traded fund that allows people to gain investment and revenue without the need to go out and purchase cryptocurrency directly. With this type of trading asset, the investors are given a chance to explore other alternatives of earning more profits through Bitcoin.
Analyst Eric Balchunas stated firms will actively update their proposals at the time when they are ready to go ahead with the launch and proceed with the said project. According to Balchunas, Valkyrie adding a ticker at the very last moment usually signifies that its Bitcoin Futures ETF approval is just around the corner.
The increasing fanfare around the approval of the first-ever Bitcoin ETF is gaining more momentum as the approvals were scheduled to receive their final decision in October.
Why were Bitcoin ETFs turned down?
Gary Gensler, chief of Securities and Exchange Commission US, had earlier stated that crypto, which is based on the Futures market, has a higher chance of getting approval as compared to the physical ETF proposals.
Due to this, some of the leading companies that were looking forward to applying for their ETF proposals had withdrawn their application to file for the latest ETF futures one. Ark Invest is one of the first organizations to have recently filed for a futures ETF.
Balchunas took to Twitter to announce and clarify that many people would ask him about the signs that could confirm the prior SEC approval. He elaborated further citing Valkyrie’s last-minute ticker update as an example that can be perceived as a positive sign that indicates SEC’s impending approval.
In the meanwhile Bitcoin’s prices have soared 28% since the beginning of October and have maintained a steady pace ever since. Many crypto enthusiasts have accredited the recent surge of BTC to the fact that the SEC will soon authorize a Bitcoin Futures ETF.Source