There's a massive pile up of ETF applications on the doorstep of the SEC.
So when will "crypto mom" reward us for being good little boys and girls and let us have our ice cream?
ETF Pile Up
As of this week there is not 1, not 2, but 7 ETF applications on deck for review by the U.S. Securities and Exchange Commission.
This is a real push by prominent financial institutions to help get the ball rolling within the SEC and I have to believe they wouldn't be filing these applications if they knew for certain that they would be immediately rejected. It would just be an incredible waste of time and effort, so to me it looks like a somewhat loosely coordinated effort to apply pressure on crypto mom to consider opening the floodgates.
Of course there is the chance that all these efforts are in vein, and it should be noted that all previous ETF applications have been rejected.
But the fact is the US has sat on the side lines while other countries like Canada have forged ahead with regulating ETF's, as Canada now has three ETF's available on the Toronto Stock Exchange. The SEC has had a chance to watch the landscape unfold a little bit across the border without issue, plus this is the first time that the SEC is seeing ETF applications from prominent established financial institutions, as apposed to start ups.
ETFs Will SUPERCHARGE Bitcoin!
ETF Applications on Deck
A number of large high profile institutions now have applications on file with the SEC, with the hopes of challenging one of the only existing BTC exposure opportunities, the Grayscales BTC Trust.
These institutions include the likes of:
- Fidelity
- SkyBridge Capital
- New York Digital Investment Group
- VanEck
- Bitwise
- Gemini
- Goldman Sachs
The Timing Could Be Right
Maybe the decision isn't made next week or next month even, but what if crypto mom and her crew of cronies give the go ahead in late spring or early summer? I'm thinking June or July, but either way this type of news would definitely add an incredible amount of fuel to the bull run fire.
How awesome would that be!
I think I would almost rather see it approved a little later this spring or early summer as apposed to now, just to have a sort of ace up our sleeves. With this kind of news I could see BTC and whole market jumping up by anywhere from 5-10% in a matter of a day or two.
Call it wild speculation but there really couldn't be any better news, that and the fact there is only so much BTC to go around. Supply shortages are already happening across the board and with this news we would see within a the span of a few weeks nearly every major financial institution in the US buy up BTC to park in their ETF bag.
Remember that ETF's wont be like Grayscales Trust whose shares are NOT redeemable for the assets held in trust (Bitcoin), and in fact is now trading below NAV. With a regulated ETF the shares would be redeemable so in theory the total value of the shares should never be less than that of the value of the BTC being held, preventing it from trading below NAV.
Hopefully we get some good news to hit our screens later this year, Q2 would be perfect in my opinion, until then keep holding!
Ciao for now,
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