BlockFi applies to launch bitcoin futures ETF
Cryptolending platform BlockFi has applied to the SEC to launch an exchange-traded fund (ETF) based on CME-traded bitcoin futures and the provisions of the Investment Company Act of 1940.
In early August, SEC head Gary Gensler said that an ETF meeting these conditions could be approved. At the end of September, he confirmed this position.
BlockFi Bitcoin Strategy ETF's application to launch was the seventh to take into account the SEC's latest recommendations. The platform was beaten by Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital and AdvisorShares.
In August, Bloomberg experts predicted that the Commission would approve a bitcoin-ETF by the end of October. The experts named ProShares' bid as the favorite at the time.
On October 8, analysts rated the firm's chances as 2:1. Overall, they predicted a 75% probability of a positive SEC decision on the bitcoin futures ETF.
Gonna start a thread laying out a case as to why @EricBalchunas and I are putting odds at 75% for a Bitcoin Futures ETF coming to the U.S in October. Here's where we view the odds of the ETF getting first approval 1/x
Earlier, the agency's experts pointed out the weaknesses of futures-based bitcoin-ETFs compared to their spot version.
As a reminder, in October the Commission extended the deadline for reviewing four applications to launch "physical" bitcoin-ETFs from Global X, WisdomTree, Kryptoin Investment Advisor and Valkyrie Investments.
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