40 ETFs based on digital currencies are waiting for SEC approval
Industry News
Earlier, three Bitcoin ETFs debuted in the US market. The local fin regulator approved 3 applications sent by ProShares, Valkyrie Investment, and VanEck. James Seyffart, a Bloomberg analyst, disclosed the information about more than 40 exchange funds based on digital currencies waiting for approval.
James stated that four Bitcoin ETF funds out of the outlined 40 have already got the primary approval, and the companies are working on the last stages to enter the market. The last application was sent to the SEC on October 27.
On top of applications for Bitcoin funds, three claims are pegged to ETH-based ETFs – the applications are sent by Kryptcoin, VanEck, and Wisdomtree.
The US financial regulator needed 8 years to give the green light for crypto-related products in the US market. Bitcoin ETF funds unlocked brand-new opportunities for institutional investors; this is why the popularity of such products is on the rise.
For instance, the fund launched by ProShares turned out to become the second most successful exchange-traded fund with over $1 billion of trading volumes within the opening day.
According to Matt Hougan, Bitwise Asset Management CIO, “high trading volumes on the opening day show that giant capitals are ready to enter the crypto market, waiting for easy access.”
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