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New ticker and ARK filing suggests bitcoin futures ETF approval is imminent: Analyst

Bloomberg’s senior ETF analyst says there are “good” signs that a bitcoin ETF will be approved soon, according to an Arc Invest filing for a bitcoin futures ETF with a specified ticker and Valkyrie updated its ETF prospectus with a ticker. did.

Cathy Wood’s Arc Investment Management LLC filed for a bitcoin (BTC) futures ETF under the ARKA ticker, while Valkyrie has submitted its BTC futures prospectus with the BTF ticker.

According to Bloomberg analyst Eric Balchunas, companies usually Update Their proposal is when they have everything set up and “ready to launch”, suggesting that the Valkyrie may soon be given the green light by the US Securities and Exchange Commission (SEC).

childlike too sharp On October 13, Arc Invest’s bitcoin futures ETF application, in partnership with 21Shares and WhiteAlpha Architect White Label, noted that the assigned ARKA ticker was “another good sign” that the SEC was ready to give a tick.

Referring to Valkyrie’s ETFs, the analyst said he looks for “this type” of updated prospectus filings when determining whether an official SEC greenlight is coming, and added that applicants are often “just before launch”. Lets update the final details. He acknowledged that with the crypto sector, however, nothing is certain.

Permabear Mr. Whale downplayed the importance of Arc Invest News, saying that all of Arc had updated its “ARKW ETF prospectus” to say it could be exposed to BTC through exchange-traded funds in Canada. Is.

However, Arch’s latest ETF filing with the SEC makes no mention of the word “Canada” and the application explicitly outlines that the fund is in “exchange-traded bitcoin futures contracts that are cash-settled in US dollars” on the Chicago Mercantile. wants to invest. Exchange (CME).

BTC price is up 28% since the beginning of October and is sitting at around $57,500 at the time of writing. Many viewers have attributed the recent pump to expectations that the SEC will soon approve futures-based bitcoin ETFs.

related: SEC Chairman Gary Gensler Is Actually a Bitcoin Supporter, Argues Volt Equity CEO

Balchunas said earlier this month that the bitcoin futures-backed ETF is highly likely to be approved in October. He argued that they are regulated under “Act 40” which is backed by the SEC because it provides greater consumer protection than physically backed bitcoin ETFs regulated under “Act 33”.

“Yes, the SEC has kicked off on bitcoin ETF approval but this is for those physically supported under the ’33 Act,” he said and added:

“Futures ETFs filed under the 40 Act (which Jenz loves) are very much alive and likely to be timely (we think 75% chance approved in October).

Opinions differ, however, and Todd Rosenbluth, senior director of ETFs and Mutual Fund Research at research firm CFRA, argued this week that he believes approval of the BTC Futures ETF could be delayed until 2022.

Speaking on CNBC’s ETF Edge, Rosenbluth said the current cloud regulatory landscape could lead to further delays and the SEC may wait to approve all ETFs at once to avoid “first-mover advantage.”

“It is possible – in fact, we think it is likely – that we are going to see a delay in bitcoin futures ETFs until 2022 until the regulatory environment becomes more clear,” he said.

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