Summer of Bitcoin ETFs: Seven Exchange-Traded Funds That Are Seeking ApprovalJun 29, 2023, 6:39PM
Seven companies made new attempts to pursue spot Bitcoin ETFs in the last half of June. Here’s who they are.
BlackRock applied for a spot Bitcoin ETF on June 15. The company is the largest asset manager in the world, and regulators have approved almost all of its non-crypto ETF applications in the past. However, none of those past ETF applications are comparable to its current application, and it is unclear whether it will gain approval.
Assets under management (AUM): $10 trillion
Bitwise, a crypto-focused asset manager, filed for its spot Bitcoin ETF on June 16. The company’s last attempt at a spot Bitcoin ETF was rejected in June 2022.
AUM: $1.3 billion
WisdomTree applied for a spot Bitcoin ETF on June 20. On CNBC, WisdomTree executive Jeremy Schwartz emphasized the importance of data-sharing agreements in new applications. WisdomTree’s last attempt was rejected in October 2022.
AUM: $87 billion
Invesco, which is the 20th largest asset manager in the world, filed for its spot Bitcoin ETF on June 20. The investment management company previously worked with Galaxy Digital on a similar spot Bitcoin ETF, which was rejected in 2022.
AUM: $1.5 trillion
Valkyrie Investments filed for a spot Bitcoin ETF on June 21. The company’s last attempt was rejected in December 2021. However, the company is notable as it became one of the first asset managers to offer a futures Bitcoin ETF in October 2021.
AUM: $1 billion
Van Eck, an ETF-focused asset manager that works with both traditional and digital assets, submitted a new filing for its spot Bitcoin ETF on June 22. Van Eck’s last spot Bitcoin ETF was rejected in March 2023.
AUM: $76.4 billion
Fidelity, the world's third-largest asset manager, filed for a spot Bitcoin ETF on June 29 following rumors that began to circulate several days earlier. The company's last application for a spot Bitcoin ETF was rejected in January 2022.
AUM: $4.5 trillion
Why It Matters
Any of the above products would provide institutional investors with exposure to Bitcoin. By investing in an ETF, those investors would not need to hold Bitcoin or use a crypto wallet — requirements that are not well-suited to institutional investors.
Those ETFs would also be a landmark decision, as the U.S. Securities and Exchange Commission has not approved a spot Bitcoin ETF application as of June 2023.
The latest batch of applications appears to promising due to the fact that many include surveillance data-sharing agreements. The U.S. SEC has previously rejected spot Bitcoin ETFs for falling short in this area, though it is unclear whether the latest applications will meet its standards.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.