There is now a common belief within the crypto space that the US SEC approval for a Bitcoin exchange-traded fund (ETF) is now imminent following the recent filing of Ark Invest for such a product with a dedicated ticker and the ticker updates of those who have already submitted their respective proposals.
Ark Investment Management LLC, headed by Cathie Wood, filed for a BTC futures ETF under the ticker “ARKA.” At the same time, Valkyrie, who submitted its proposal before Ark, updated its prospectus to go under the ticker “BTF.” According to ETF analysts, firms usually update their proposals once they feel that everything is now primed for launch, implying that Valkyrie may soon receive the US SEC’s illustrious approval.
It is worth mentioning that the US SEC has remained firm to not approve any BTC ETF proposals despite its neighboring countries already housing several of such and thriving all the same. According to the SEC, this reluctance to approve BTC ETF stems back to the market and the product’s inherent volatility and susceptibility to being used for market manipulation.
If everything goes the way experts are currently foreseeing, the SEC’s green light on BTC futures ETFs within the country will translate to even more institutional investors participating in the market, thus, resulting in drastic price upticks for the world’s most dominant cryptocurrency