The first American Bitcoin exchange-traded fund could hit the market as early as this year. Investors are crossing their fingers following a recent US Securities and Exchange Commission update in which the VanEck ETF was recognized.
VanEck's Bitcoin ETF has more of a chance at this point
As stated on the official SEC website, VanEck's ETF is listed with other applications. The translation reads:
“2021 Notice of Filing of a Proposed Rule Change for VanEck Bitcoin Trust's Listing and Trading Shares, pursuant to Rule BZX 14.11 (e) (4), Commodity-Based Trust Shares”.
The application will go through an in-depth review, while the SEC will decide whether or not the ETF meets its standards. After a 45-day period, the SEC will release its decision.
Grayscale could help VanEck
As we also reported recently, Grayscale has been making a lot of talk about launching an ETF for Bitcoin in the United States, after numerous ETF-related job offers have been posted on its website.
The positions suggest that the investment firm is planning to introduce US investors to its first-ever Bitcoin ETF, but not before consulting and obtaining permission from the SEC, of course.
In a previous interview, CEO Michael Sonnenshein let industry players know that there is reason to remain confident and that there really are chances of success, saying that it all depends on the regulators and how big they are. their policies are favorable.
Some excerpts from his statement read as follows (from our translation):
"When we get the signal that perhaps they have more comfort and have seen some elements of the market mature, we will continue to try to get involved in those discussions."
Can a Bitcoin ETF thrive in the US?
The request for a Bitcoin ETF highlights a positive result for US investors, should it be launched on the market. From the success recorded in the Canadian scene, it is possible that an ETF for Bitcoin will take off successfully if launched in the country with stars and stripes. However, the process of bringing it to reality is obviously challenging. Gemini Exchange was about to launch one before being rejected by the SEC.
The closest thing to a Bitcoin ETF in the US is the investment vehicles that JPMorgan launched and offering investors indirect exposure to Bitcoin.
The industry is hoping it will morph into something bigger, but in the meantime, investors will have to be very patient - at least until a company can find a way to get the SEC to allow one.
And what do you think of it? Having SEC approval would be a really great step forward for the whole industry and we think now, it's just a matter of time. It is not if, but when it will happen.