For up to two years, U.S. regulators can approve their funds or ETFs traded on the Bitcoin exchange, according to an analyst at CFRA Research, VanEck, Fidelity Investments, and Valkyrie Digital Assets.
Bitcoin ETF coming soon
In an interview Monday on CNBC’s program ETF Edge, Todd Rosenbluth, ETF chairman and head of investment fund research at CFRA, told host Bob Pisani about the first phase of the US Securities and Exchange Commission or the SEC’s Bitcoin ETF. He said he believed he would extend the timeline to think.
“There are many companies that have gone through the filing process or have applied before but are waiting for further clarification. SEC, we are less likely to consider picking a winner as to who will come first, and I think we are more likely to see them – if they approve an ETF – to approve multiple Bitcoin-related ETFs. ”
“We have a large number of companies entering. We think we’ll see one in the next year or two, but we don’t have a precise time frame for when the answer will be yes. ”
VanEck and Valkyrie, along with Fidelity in March, applied to the SEC to create a Bitcoin ETF in January. The regulator has provided no explanation as to what it will decide, but given its apparent silence in approving a crypto ETF earlier, many experts are not waiting for a decision anytime soon.
The US may not yet have approved a crypto ETF, but Canadian firms are leading in North America. Toronto-based Purpose Investments launched a Bitcoin ETF in February, and Ninepoint Partners reportedly plans to change their Bitcoin trust offer to an exchange-traded fund. Both the mutual fund manager 3iQ and the Evolve Funds Group announced that they have submitted a prospectus to Canadian regulators for approval to start trading crypto ETFs.
Following his Fidelity filing last month, Rosenbluth said the question is “not whether the SEC will approve the Bitcoin ETF, but when.” On Monday, it seemed to hint that even someone’s approval in the United States could potentially open the dam gates for companies looking to create crypto ETFs.