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“Off to the Races”: SEC Kicks Off Clock on Slew of New Bitcoin ETF Applications

Fri, 07/14/2023 - 17:36
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Alex Dovbnya
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged a series of Bitcoin ETF applications from leading firms
“Off to the Races”: SEC Kicks Off Clock on Slew of New Bitcoin ETF Applications
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The race is on for the United States Securities and Exchange Commission (SEC) to begin the process of assessing a host of new Bitcoin ETF applications.

As noted by ETF analysts Eric Balchunas and James Seyffart in their tweets, the SEC has officially acknowledged the Bitcoin ETF applications from major firms including BlackRock, VanEck, Invesco/Galaxy Digital, Fidelity, and WisdomTree. It's worth mentioning that ARK Invest/21Shares has already advanced beyond this stage in the process, with Bitwise Investment receiving acknowledgment the previous day.

However, Balchunas cautioned that these acknowledgments don't necessarily indicate approval but represent the start of the official review process.

The potential approval of a spot Bitcoin ETF remains a high-stakes issue for the cryptocurrency market, as such a product would provide a significant on-ramp for traditional investors to gain exposure to Bitcoin.

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This is of particular interest given the SEC has yet to approve any spot Bitcoin ETFs, despite the increasing number of applications. While the SEC has acknowledged these recent applications, it's still far from guaranteed that an approval will be granted.

Bitcoin ETFs are seen as a crucial catalyst for the growth and maturity of the Bitcoin market since they would allow retail and institutional investors to gain exposure to the cryptocurrency without the need to directly own or manage it. This could bring a new level of liquidity and stability to the market.

Moreover, the approval of a Bitcoin ETF could be seen as a regulatory stamp of approval, potentially encouraging more widespread acceptance and use of the cryptocurrency.

The SEC's acknowledgment of these filings does not mean approval is imminent, and indeed, some skepticism remains. 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at