~snip~
Everyone has an interesting question: Why is a futures ETF that is more risky allowed, but a spot ETF with less risk is not allowed? 🤡
Everyone has an interesting question: Why is a futures ETF that is more risky allowed, but a spot ETF with less risk is not allowed? 🤡
I do not think that the futures BTC ETF is more risky than the spot ETF, because with the former, the risk is lower in that the fund does not contain actual BTC, that is, the fund does not buy BTC in order to issue shares in the fund based on it, which is the case with the spot ETF. The spot ETF has additional risk because it is exposed to the risk of buying and storing BTC, although the SEC probably has some other reasons for taking such a negative view.
In addition, if we go into conspiracy theories a little, then we could conclude that the SEC wants to approve the first such ETF to someone who is still much closer to the government than to any other company. From this we can draw the conclusion that the most likely candidate to receive approval is BlackRock.
"Grayscale® Bitcoin Trust is solely and passively invested in BTC, enabling investors to gain exposure to BTC in the form of a security while avoiding the challenges of buying, storing, and safekeeping BTC, directly."
"Grayscale Bitcoin Trust’s assets are stored in offline or “cold” storage with Coinbase Custody Trust Company, LLC, as Custodian. The Custodian is a fiduciary under § 100 of the New York Banking Law and a qualified custodian for purposes of Rule 206(4)-2(d)(6) under the Investment Advisers Act of 1940, as amended."
MicroStrategy Crypto Portfolio
https://dropstab.com/p/microstrategy-crypto-portfolio-4crikwkuk4
Grayscale Investments Holdings
https://www.coinglass.com/Grayscale
Block, Inc. Crypto Portfolio
https://dropstab.com/p/block-inc-crypto-portfolio-imfabvnt7z
