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Bitcoin ETF
Bitcoin exchange traded funds may not actually be approved, due to the SEC’s long-held concerns about market manipulation. And, if they are, they could change the nature of Bitcoin itself, to the detriment of Satoshi Nakamoto’s original vision, say critics.
One train of thought says that SEC approval of spot bitcoin ETF will send the market flying. Here’s how that could play out. In a separate post, we review the bear case, where the market may not react with such optimism.
Just one potential spot bitcoin ETF issuer has set a management fee above 1%, and many of the others are asking for less than 0.5%.
The entire crypto world and much of the U.S. financial sector is anxiously awaiting word from the U.S. Securities and Exchange Commission (SEC) on whether it will approve a spot bitcoin exchange-traded fund (ETF). SEC Chair Gary Gensler has chosen this moment to issue a broad warning about the hazards to investors of getting into digital assets.
BlackRock said its fee will start at 0.20%, rising to 0.30%.
Two influential analysts have tipped odds at over 90% ahead of the Securities and Exchange Commission decision.
(Nikhilesh De/CoinDesk)
The move is reminiscent of a similar pledge by VanEck to donate 10% of profits from its ether futures ETF to Ethereum developers in October last year.
This week marked the 15th year since the genesis block was mined on Bitcoin and for 10 of those years industry stalwarts pleaded with the SEC to approve a spot bitcoin ETF. So far, the SEC has rejected every spot ETF application, but that may be about to change.
So far, only six potential spot bitcoin ETF issuers have revealed their charge, and Fidelity is the cheapest.