The current bitcoin price is allegedly dominated by speculation regarding the ETF decision. Although no one knows for sure if the SEC will approve this investment vehicle, quite a few companies are in the running to enter this market. Below is a list of all of the bitcoin ETFs which may see the light of day.
The latest entrant in the bitcoin ETF scene is Grayscale Investments, this company filed for SEC approval on January 20 this year. If the application is approved, the Bitcoin Investment Trust will launch on the New York Stock Exchange in the coming months. As part of this ETF, the company plans to launch with an initial US$500m public offering, which is quite a substantial amount.
Just because Grayscale Investments are the latest to file for ETF approval, that doesn’t necessarily mean the SEC will look favorably upon this offering. Although bitcoin has been gaining a lot of momentum as of late, the SEC may still decide not to approve these filings. Then again, Grayscale Investments is quite optimistic about their submission, albeit the final decision may be months, if not years, away.
The New York Stock Exchange will be a prime target for any company looking to launch a bitcoin ETF moving forward. SolidX Partners sent in their application in July of 2016, with the hopes of getting listed on the NYSE. Exposing bitcoin to mainstream traders and investors may help the cryptocurrency in gaining more traction. Moreover, it would send the market cap towards the US$100bn mark rather quickly.
The Solid X Bitcoin Trust will be a passively managed exchange-traded fund under the XBTC ticker. Shareholders will be exposed to the daily changes in the US Dollar price of bitcoin. Right now, that value evolved in a positive manner for people who managed to buy in at a cheaper price. A bitcoin ETF could have the same goal, without forcing investors to go through centralized exchanges.
Most of the attention has been on the Winklevoss Bitcoin ETF as of late. Although Tyler and Cameron Winklevoss filed for SEC approval a while ago, they were rejected multiple times in the process. All things considered, the brothers spent over three years on this project and they have no intention of backing down now.
The Winklevoss Bitcoin Trust ETF aims to list 1 million shares at US$65 each under the COIN ticket. Unfortunately the SEC has denied the ETF on March 13. The SEC claimed that Bitcoin markets weren’t regulated enough, thus deemed inappropriate as an ETF.
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