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Bloomberg analyst sees signs of imminent approval of Bitcoin ETFs in the US

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The update of the fund’s prospectus from Valkyrie Investments and the new ARK Invest application are “good signs” for approval SEC the first bitcoin-ETF. This opinion was expressed by Eric Balchunas, senior analyst at Bloomberg ETF.

NOTABLE: Valkyrie just updated their bitcoin futures ETF prospectus (which typically only happens when ducks in row ready for launch). They added their ticker $BTF, altho no fee still. Can’t say this is done deal type evidence but a good sign IMO. pic.twitter.com/GlQo4C1lBc

— Eric Balchunas (@EricBalchunas) October 13, 2021

ARK Invest submitted an application to the regulator to launch an exchange-traded fund based on futures for the first cryptocurrency of the Chicago Mercantile Exchange (CME) and indicated the ticker ARKA. Valkyrie updated the prospectus of a similar product and declared the exchange identifier BTF for it.

JUST IN: ARK just filed for a bitcoin futures ETF via 21Shares and via whiteAlpha Architect white label (huge win for them). Already has ticker too: $ARKA (yet another good sign SEC gonna approve) pic.twitter.com/f7y4H4ljfv

— Eric Balchunas (@EricBalchunas) October 13, 2021

According to Balchunas, firms usually update documents and assign a ticker when everything is ready to launch and an agreement with the SEC is close.

“I am asked what I am looking at first to confirm SEC approval. And these are exactly such updated forms of issue prospectuses. At startup, they fill in all the missing graphs and add a ticker. However, this is bitcoin, so you can’t be sure,” the expert said.

In September, ARK Invest made changes to the issue prospectus of the ARK Next Generation Internet ETF, which involved investments in Canadian exchange-traded funds based on cryptocurrencies.

The firm’s new application does not deal with Canada or options GBTCThe fund invests only in futures, Balchunas noted. According to him, this is exactly what the SEC, headed by Gary Gensler, is trying to achieve.

In early August, Gensler said that the agency is open to proposals to launch ETFs if they are based on bitcoin futures CME and comply with the Investment Companies Act of 1940. He later confirmed this position of the regulator.

In October, the SEC approved an ETF based on a basket of shares of bitcoin-related companies from Volt Equity. Commenting on the positive decision of the Commission, CEO Ted Park noted that most potential issuers of funds do not take into account the recommendations of Gensler.

Recall that in February 2021, Canada was the first in the world to approve a bitcoin ETF. A month later, Brazil followed suit.

Bloomberg analysts had previously suggested that the SEC would register the first ETF based on the first cryptocurrency by the end of October.

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