A competition has begun among the biggest financial institutions on Wall Street to gain approval from the Securities and Exchange Commission (SEC) to be the first to launch a spot Bitcoin ETF. After BlackRock played the role of catalyst, Bitwise, Invesco and Wisdom Tree quickly followed suit.
The race for the spot Bitcoin ETF is officially on
After the world’s largest asset manager, BlackRock – over $9 trillion under management, got the ball rolling by filing its application for a spot Bitcoin ETF last week, other Wall Street giants have followed suit and want their piece of the pie too.
Bitwise first, a fund specializing in cryptocurrencies that already offers ETFs, reiterated a request for a Bitcoin spot ETF, despite having already been refused in June last year by the Securities and Exchange Commission (SEC). . Its Chief Information Officer, Matthew Hougan, recently said that BlackRock’s request was ‘a major narrative turning point for the cryptocurrency market’.
Invesco, an Atlanta-based asset manager with over $1.5 trillion in assets under management, also filed for a spot Bitcoin ETF. According to the company, the fact that no spot BTC ETFs are yet on the market puts US investors at risk who find themselves forced “ resorting to unreliable digital asset accounts “. Invesco had already filed a similar request in 2021, but finally abandoned the idea after a few months.
Finally, Wisdom Tree, also fund manager, filed its third application for a spot Bitcoin ETF, after 2 denials from the SEC citing risks of fraud and market manipulation. The firm mentioned the “maturity” of the Bitcoin market, also drawing a parallel with the traditional financial market:
“The bitcoin market has matured to operate at a similar level of efficiency and scale, in significant respects, to established global equity, fixed income and commodity markets. »
Both Wisdom Tree and Invesco have filed for a spot Bitcoin ETF hosted on the Chicago Board Options Exchange (CBOE). That of Bitwise, if accepted, would be offered on the New York Stock Exchange (NYSE). That of BlackRock meanwhile, is scheduled to be offered on the NASDAQ stock exchange.
Nowadays, no spot Bitcoin ETFs have yet been accepted by the SEC.
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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