Invesco/Galaxy just filed for a physically backed Bitcoin ETF.
Source: https://twitter.com/JSeyff/status/1440426226728853505
I will update the table tomorrow.
Topic: List of ETF filings this year in the US(NEW ETF ADDED) - page 3. (Read 761 times)
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The SEC is known for moving slowly with new things.
For all the people complaining about the ETF approval speed think back to the 1990s when self directed online brokerages were becoming a thing.
Some of the hurdles that some companies went thorough were insane. And since the internet and internet security were new they were demanding a lot.
Now, it's a well known process that although not easy or simple is at least known. So you can submit in a way that works.
I am 99% sure it's the same here. If this entire ETF thing goes to shit, then the SEC has the 'we did what we could' defense when the people who approved it get hauled before congress to explain what happened.
-Dave
For all the people complaining about the ETF approval speed think back to the 1990s when self directed online brokerages were becoming a thing.
Some of the hurdles that some companies went thorough were insane. And since the internet and internet security were new they were demanding a lot.
Now, it's a well known process that although not easy or simple is at least known. So you can submit in a way that works.
I am 99% sure it's the same here. If this entire ETF thing goes to shit, then the SEC has the 'we did what we could' defense when the people who approved it get hauled before congress to explain what happened.
-Dave
an ETF is not the same market as the bitcoin market.
the bitcoin market can and will change with ETF precent
what you will find is that for every bitcoin it will represent as say 10000 shares of an ETF
meaning if the price changes from $49k-$51k on the bitcoin market
it will only appear as a $4.90-$5.10 change on the ETF share market
something they can handle
..
as for what to expect when the first ETF is approved
well two things
if that approved ETF has not bought large yields of bitcoins to custodian-ise. they will.
also the other companies will see the approved ETF application and use it as a template for how they set their business. afterall why confuse regulators. just copy and paste the approved one. and boom. next one gets approved as its the same thing(pretty much an auto accept)
you will see a few ETF jump in in quick succession offering the same proposal and needing to then grab up lots of bitcoin to fill their custody trusts.
so the bitcoin exchanges will see a jump in price with large yield coin buy-ups
the bitcoin market can and will change with ETF precent
what you will find is that for every bitcoin it will represent as say 10000 shares of an ETF
meaning if the price changes from $49k-$51k on the bitcoin market
it will only appear as a $4.90-$5.10 change on the ETF share market
something they can handle
..
as for what to expect when the first ETF is approved
well two things
if that approved ETF has not bought large yields of bitcoins to custodian-ise. they will.
also the other companies will see the approved ETF application and use it as a template for how they set their business. afterall why confuse regulators. just copy and paste the approved one. and boom. next one gets approved as its the same thing(pretty much an auto accept)
you will see a few ETF jump in in quick succession offering the same proposal and needing to then grab up lots of bitcoin to fill their custody trusts.
so the bitcoin exchanges will see a jump in price with large yield coin buy-ups
ETF will need many time to be approved and I remember in 2017 and 2018, the market was attacked by many FUDs with ETF disapproval.
I know ETFs when get approved will be good news for the market and it will bring more users, more capital into crypto market. Good for long term but in the meantime, social media will be changed between positive and negative with ETF news.
Gold has good growth after the first Gold ETF and I think crypto market will have same growth with approval ETFs.
I know ETFs when get approved will be good news for the market and it will bring more users, more capital into crypto market. Good for long term but in the meantime, social media will be changed between positive and negative with ETF news.
Gold has good growth after the first Gold ETF and I think crypto market will have same growth with approval ETFs.
I'm really excited on what will the impact when this Big news came true. I'm sure that a lot more ETF fling will start to get go signal after that.
It has been speculated that publishing such news (when it comes to US-based BTC ETFs) would be something that would significantly affect the price of Bitcoin - although I’m not sure if the effect would be the same given whether the accepted ETF is physically or derivates based. The first makes a big difference because it is backed with the actual BTC that the company has to buy on the market, and the second is of course different from that because it allows investing in BTC without the company investing in it at all.
Yet some influential people from the crypto community don’t think the BTC ETF is a good idea, and among them is @theymos who made an interesting comment on what Andreas Antonopolous posted about it. Although it should be borne in mind that this is an opinion given 3 years ago, so I leave the possibility that today they may think differently.
Quote
theymos
3y
edited 3y
An ETF probably will increase the price a lot (until the ETF suffers its near-inevitable catastrophe), which has some pros and cons.
3y
edited 3y
An ETF probably will increase the price a lot (until the ETF suffers its near-inevitable catastrophe), which has some pros and cons.
Andreas Antonopolous: ETF's are NOT good for bitcoin as the centralized custodian can decide what to do with the bitcoin they're holding.
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It's a bit strange for someone to make such a move, but obviously, there are some truths in the article you linked to - because there is speculation that the reason for giving up in such a short time came precisely because the SEC suggested so. Although it’s a little weird that both companies didn’t have that information before submitting the application.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
Quote
Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
I recently read this article and they might have a point. Withdrawing the ETF right after there file it is just wasting of resources unless they will gain something from doing it. VanEck and ProShares is a pretty solid and in fact the most close to reality for ETF filing to be approve. I'm really excited on what will the impact when this Big news came true. I'm sure that a lot more ETF fling will start to get go signal after that.
It's a bit strange for someone to make such a move, but obviously, there are some truths in the article you linked to - because there is speculation that the reason for giving up in such a short time came precisely because the SEC suggested so. Although it’s a little weird that both companies didn’t have that information before submitting the application.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
Quote
Senior ETF Analyst for Bloomberg Eric Balchunas speculated that the abrupt withdrawals could mean that the SEC spoke to both firms and told them they were unlikely to approve an ETF futures fund.
My opinion goes in the direction that there has been some confrontation between the BTC ETF application and this one regarding ETH - maybe this is a kind of signal that the SEC is still considering a positive decision regarding the first BTC ETF.
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VanEck and ProShares withraw there proposal of ETF futures for Ethereum just 2 days after filing them is this a coincidence or somethings wrong about ETH which results for backing out of these 2 company?
Source: https://www.coindesk.com/vaneck-proshares-abruptly-withdraw-ether-futures-etf-proposals
Source: https://www.coindesk.com/vaneck-proshares-abruptly-withdraw-ether-futures-etf-proposals
This will be a hard work especially if you are not familiar with filing system on SEC. I hope everyone will cooperate and help me to gather all data needed so that everyone will be updated on what's going on this process of Bitcoin being fully regulated.
If I'm not mistaken, the whole procedure can take up to 240 days when the SEC has a deadline to publish the final decision, and we have the final date for each of the applications with 19b-4. Accordingly, I think we should focus on that deadline, because it is the only important thing - but another important thing is that very few really believe that the SEC will accept any request if we take into account everything that is currently happening in the US regarding cryptocurrency.
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You organized and expressed nicely. It seems all of the physically backed ETFs are remaining to await approval, besides some are waiting for form last year. What's wrong with them! the result can be positive or negative but they can release them, I think they are taking time for their approval cause they want to see the adoption rate & sustainability of bitcoin in the bullish phase.
This is from the Bloomberg Intelligence data analysis. They compile all the recordings from SEC about the status of all Bitcoin ETF file, The update on the list will be our duty now by checking all the SEC update on each of them. This will be a hard work especially if you are not familiar with filing system on SEC. I hope everyone will cooperate and help me to gather all data needed so that everyone will be updated on what's going on this process of Bitcoin being fully regulated.
I know for sure that there are some ETF filings especially in the SEC but I am surprised that there are actually a lot and so far not a single entity got the final nod or approval of the agency. I surmised that the biggest reason for this non-action is the fact that the regulatory framework for cryptocurrency is not that yet established. That famous infrastructure Bill included the cryptocurrency industry for the sake of getting more taxed and it is not well-studied...let's hope that there will be a more comprehensive bill dedicated to this expanding industry so as to clear confusion and ignorance.
If Physically Backed ETF will be approved, will the current Bitcoin price volatility will gonna lessen? Sec will surely monitor and implement guideline to address issue before they start approving this ETF filing because they will ensure that this is safe for consumer investment. I'm not knowledgeable enough on how ETF so maybe there's a flaw on my opinion.
It will probably decrease volatility, but only to a certain extent(I'm guessing the difference wouldn't even be noticeable, as it's going to take a good amount of time to have a noticeable effect). Most of the time more market liquidity means less volatility, but let's not forget that Bitcoin(and cryptocurrencies in general) is still an asset class that will be heavily heavily influenced by news and such.
If Physically Backed ETF will be approved, will the current Bitcoin price volatility will gonna lessen? Sec will surely monitor and implement guideline to address issue before they start approving this ETF filing because they will ensure that this is safe for consumer investment. I'm not knowledgeable enough on how ETF so maybe there's a flaw on my opinion.
I am surprised to see the list of physically backed ETFs but unfortunately none of them are approved till date which is a matter of concern.
Why are you surprised by the fact that no ETF has yet been approved in the US, no matter what type it is? There is a time for everything, and the SEC believes that the time has not yet come for this form of trading - for reasons that have already been listed countless times in dozens of threads on this topic.
Does SEC have any issues with physically backed ETFs? Even in 2020, they had rejected quite a few physically backed ETFs.
Obviously, they have problems with any type of crypto ETF, which is why they haven’t approved any yet - isn’t that self-explanatory? If you are interested in the exact reasons why a crypto ETF was rejected, simply read what the SEC wrote in its reasoning.
Here is something direct from the SEC Commissioner about the reasons and opinions when it comes to the BTC ETF ->
SEC Commissioner Explains Why A Delayed Bitcoin ETF Has Consequences
Excellent! Thank you for all your efforts in creating this list. I am surprised to see the list of physically backed ETFs but unfortunately none of them are approved till date which is a matter of concern. Because only these type of ETFs have the power to drive the bitcoin market to another level. Derivatives bases ETFs makes little sense because it won't drive any demand in the market.
Does SEC have any issues with physically backed ETFs? Even in 2020, they had rejected quite a few physically backed ETFs.
Please keep this list up to date as and when information pours in.
Does SEC have any issues with physically backed ETFs? Even in 2020, they had rejected quite a few physically backed ETFs.
Please keep this list up to date as and when information pours in.
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