Crypto ETFs Likely Won’t Be Approved Until New SEC Chair Is Sworn In
President Donald Trump named Paul Atkins as his pick to lead the agency but no hearing has been scheduled yet to confirm him.
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President Donald Trump named Paul Atkins as his pick to lead the agency but no hearing has been scheduled yet to confirm him.
The asset manager submitted paperwork with the Securities and Exchange Commission (SEC) for the fund on Wednesday.
The state’s investment board’s stake is worth more than $340 million at IBIT’s current price of $56.10.
The Commission acknowledged several applications for crypto exchange-traded funds on Thursday, a move that ties the regulator to a strict timeline for approval or denial.
The company plans to launch three ETFs later this year, all issued under the Truth.Fi brand.
2024: Bitcoin and ether spot ETFs launch, becoming history’s fastest-growing. 2025: The lines between spot crypto ETFs and direct ownership will blur.
The global investment management firm plans to launch two similar funds in February.
Multi-asset investment portfolios with allocations to bitcoin are consistently outperforming those that don’t hold the cryptocurrency, the report said.
At the moment, Canary Capital appears best-positioned to be the initial issuer of the new vehicle.
There is a danger that forced or panic selling could lead to further bitcoin weakness and a break below $90K could lead to a 10% retracement, the report said.