The US Securities and Exchange Commission officially recognized VanEck’s Bitcoin ETF proposal only two weeks ago, counting down from the 45-day approval schedule.
However, Todd Rosenbluth, head of the CFRA Research ETF and mutual fund research department, said that it is unlikely to see the Bitcoin ETF approved within the next 30 days.
He told CNBC’s “ETF Edge” on Monday that the SEC is more likely to extend its timetable.
Rosenbruce said: “We have some companies that have completed the application process or have submitted applications, but are awaiting further clarification.”
Grayscale is a member of the list of issuers of future Bitcoin ETFs. The investment company said on Monday that it had a “100% commitment” to convert its Grayscale Bitcoin Trust Fund into an ETF. VanEck, Fidelity and Valkyrie Digital Assets have submitted applications.
Jamie Wise, the founder of Buzz Indexes, said that after so much discussion around Bitcoin, some people may wonder whether it can be used in ETFs such as VanEck’s new social sentiment ETF (BUZZ). But the answer is no.
He said in the same issue of “ETF Edge” interview: “There is a lot of discussion about buyers of Bitcoin and other encrypted assets and tokens, but no, you shouldn’t expect to see any encryption enter BUZZ.” “Obviously, BUZZ is defined as the risk exposure of large U.S. stocks and will not hold Bitcoin or other encrypted assets.”
Wise said that although you can’t find any crypto assets in BUZZ, VanEck’s model does track and analyze the sentiment surrounding cryptocurrencies, “We will see what will happen in the future.” “Maybe not in BUZZ. Maybe in others local.”
In other areas of the ETF market, despite regulatory restrictions, it is still pushing to merge cryptocurrency exposure.
Art Amador, the co-founder and COO of EquBot and the head of the Artificial Intelligence Power ETF (AIEQ), stated that although his fund cannot invest in Bitcoin, it is important to enter the crypto ecosystem.
AIEQ does this through small companies such as Silvergate Capital (which provides cash management services for digital currency operations) and Marathon Digital Holdings (a cryptocurrency mining company).
Amador said in an interview in the same issue of “ETF Edge”: “We want investors to participate.” “In other words, we have not only seen a lot of regulatory issues during peak periods, but also on a global scale. Disadvantages.”
However, he expects that as the unfavorable factors recede, the number of ecosystems will further increase.
According to CoinMetrics, the price of Bitcoin rose by nearly 1.5% on Monday.