Grayscale, VanEck, And ARK Secure Approval For Bitcoin ETF Trading
Three contenders, Grayscale, VanEck, and ARK, in the race to launch a spot Bitcoin ETF in the U.S., have achieved approval for their funds to trade on their respective exchanges.
Grayscale’s Bitcoin Trust, an investment vehicle for accredited investors, trades on the OTCQX, and upon approval for conversion to a spot Bitcoin ETF, it will trade on the NYSE Arca. The Chicago Board Options Exchange (Cboe) will host the trading of VanEck’s Bitcoin Trust, and ARK, in collaboration with fund manager 21Shares for its ARK 21Shares Bitcoin ETF, intends to trade on the Cboe upon approval. Although these approvals mark a positive step, it’s crucial to note that the Securities and Exchange Commission (SEC) has yet to grant the essential green light to any issuer.
The anticipation surrounding Bitcoin ETF approval intensifies, offering U.S. investors a potential avenue for Bitcoin exposure without direct asset ownership. While the SEC has historically rejected such applications due to perceived risks, the recent flurry of filings, including Fidelity’s, hints at heightened industry optimism. Rumors of SEC meetings with major exchanges further fuel speculation about imminent Bitcoin ETF listings, with recent market fluctuations adding intrigue to the unfolding narrative. As the industry awaits official word from the SEC and potential issuers, Bitcoin’s current price sits at $44,163, rebounding from a brief flash crash prompted by uncertainties surrounding ETF approval.
Clever Robot News Desk 6th January 2024
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