Cathie Wood, CEO of influential innovation investor ARK Invest, has expressed new optimism regarding the possible approval of a bitcoin spot ETF in the United States, stating that the “odds are increasing” for such a decision.
His comments come amid ongoing efforts by multiple entities to launch a bitcoin ETF in the US, including incumbents like Fidelity and BlackRock, a development that signals growing interest in giving investors easier access. to cryptocurrencies.
The path to approval of a bitcoin spot ETF in the US has been marked by a series of applications, delays and discussions with the SEC. While prominent financial firms such as VanEck and Fidelity have submitted several proposals, the SEC has delayed its decisions on these requests.
However, Wood was generally optimistic in his new comments, according tobitcoin-etf-approval-sec-20231006″>financial news.
“We are partnering with (21Shares) in the US, hoping to launch a bitcoin ETF, if it is ever approved by the SEC. “We think it increases the chances of it being approved,” Wood is quoted as saying.
In the absence of a spot ETF, investors have turned to bitcoin futures ETFs, which have already been approved and are active in the US. These ETFs offer exposure to bitcoin price movements by investing in bitcoin contracts. futures traded on regulated exchanges.
However, the distinction between spot and futures-based ETFs is significant. bitcoin spot ETFs provide direct ownership of the underlying asset, bitcoin itself, while bitcoin futures ETFs involve contracts based on the future price of bitcoin, potentially introducing additional complexities and risks.
However, while the United States fights for the approval of spot bitcoin ETFs, other countries, such as Canada, have already approved and launched similar products.
As reported, Wood said he did not anticipate any problems for Ark Invest as it looks to launch more crypto products in Europe.
“My feeling is that there will be no problem. But we are still working on this with our partners who are talking to regulators,” Wood said.
As discussions and deliberations between financial firms, regulators, and the SEC continue, the crypto community will closely monitor developments in hopes that the approval of a bitcoin spot ETF may be on the horizon.
