Bloomberg’s senior ETF strategist, Eric Balchunas, recently took to Twitter to highlight that VanEck and ProShares’ recent withdrawals of Ether ETFs are a positive sign that Bitcoin futures ETFs may be approved shortly.
He was referring to a note by James Seyffart, an ETF analyst specializing in Bitcoin intelligence. Balchunas stated that after the SEC approves a Bitcoin futures ETF, it will be released around 75 days later. He refers to a new note published earlier today by Seyffart.
According to Balchunas, the most likely ETF to be issued is the one submitted by ProShares. He does caution, though, that this corporation should avoid the first-mover advantage in this instance. As previously reported by U.Today, VanEck and ProShares withdrew their Ethereum ETF registrations (which sought to provide investors with exposure to regulated Ethereum-based futures) only a few days after submitting them.
Balchunas speculated at the time that the two corporations may have held a conference call with the SEC (“Godfather” style), during which the regulatory agency rejected the submissions. Previously, U.Today reported that another business, Kryptoin, had registered with the SEC for an Ethereum ETF, following its April filing for another Bitcoin ETF.
Several Bitcoin exchange-traded funds (ETFs) have recently been filed.
Earlier this month, the Securities and Exchange Commission (SEC) received several consecutive Bitcoin ETF submissions pursuant to the 1940 Investment Company Act, as requested by the agency’s chairman, Gary Gensler. According to him, an ETF registered under this law provides substantial investor protection. Invesco, Mike Novogratz’s Galaxy Digital, and VanEck were among them.
However, co-founder of Wilshire Phoenix William Cai believes that no Bitcoin ETF would likely be approved in the United States until next year.
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