Matrixport: SEC may approve several spot bitcoin ETFs at once
Date: 2023-08-10 Author: Karina Ziganova Categories: BLOCKCHAIN
The US Securities and Exchange Commission (SEC) is likely to approve several spot bitcoin ETFs. This is reported by Coindesk with reference to a report by Matrixport.
Analysts rated the chances of getting several spot bitcoin ETFs approved by the end of the year as “very good.” Such a decision could lead to a significant increase in the Bitcoin exchange rate, they believe.
“Market players will spend a significant amount on marketing to raise retail and institutional capital,” said Markus Thielen, head of research at Matrixport.
The company recalled that at the peak of development, the flagship project of the investment company Grayscale Investment Bitcoin Trust (GBTC) managed assets in the amount of $43.5 billion. It received an annual reward of $870 billion.
“Most likely, the spot Bitcoin ETF will have a management fee of 0.7-1%. It will bring in about $200 million a year to ETF providers who have marketing costs included in the price, ”the report says.
Presumably, next week the regulator will make a decision regarding GBTC. At the end of July, investment fund Grayscale asked the regulator to approve a spot exchange-traded fund based on bitcoin. Experts believe that in early September, the SEC will respond to seven other applications.
Bloomberg Intelligence analysts Eric Balciunas and James Seyffart estimated the chances of approval of a spot bitcoin ETF at 65%. The head of Ark Invest, Cathy Wood, is also optimistic. She previously stated that "the US regulator is likely to take the path of least resistance."
Ark Invest and 21Shares re-filed for a spot Bitcoin ETF in April 2023. In July, the US regulator officially launched the process of considering applications for registration of spot exchange-traded funds based on the first cryptocurrency.
