New tickers and ARK filing shows Bitcoin futures ETF approval imminent: Analyst

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Bloomberg’s elder ETF expert says determination are “good” signs that a Bitcoin ETF volition soon beryllium approved, pointing to Ark Invest filing for a Bitcoin futures ETF with an assigned ticker and Valkyrie updating its ain ETF prospectus with a ticker.

Cathie Wood’s Ark Investment Management LLC filed for a Bitcoin (BTC) futures ETF nether the ARKA ticker, portion Valkyrie has assigned its BTC futures prospectus with the BTF ticker.

According to Bloomberg expert Eric Balchunas, firms typically update their proposals erstwhile they person everything acceptable and “ready for launch,” suggesting that Valkyrie whitethorn soon beryllium fixed the greenish airy by the U.S. Securities and Exchange Commission (SEC).

Balchunas besides pointed to Ark Invests’ Bitcoin futures ETF exertion connected Oct. 13 successful concern with 21Shares and whiteAlpha Architect achromatic label, noting that the assigned ARKA ticker was “another bully sign” that the SEC was acceptable to springiness a tick.

People support asking maine what I'm looking for archetypal to corroborate SEC support and it is these benignant of updated prospectus filings. That's what happens close bf a launch, they capable successful each the XXs and adhd ticker. That said, this is bitcoin truthful WTF knows for definite lol.

— Eric Balchunas (@EricBalchunas) October 13, 2021

Referring to Valkyrie's ETF, the expert added that helium looks for “these type” of updated prospectus filings erstwhile determining whether an authoritative SEC greenlight is incoming, and said that applicants often update the last details “right before” launch. He conceded that with the crypto sector, thing is definite however.

Permabear Mr Whale downplayed the value of the Ark Invest quality saying each Ark did was update its “ARKW ETF prospectus” to accidental that it whitethorn summation vulnerability to BTC via exchange-traded funds successful Canada.

However Ark’s latest ETF filing with the SEC has nary mention of the connection “Canada” and the exertion intelligibly outlines that the money is seeking to put successful “exchange-traded Bitcoin futures contracts that are cash-settled successful U.S. dollars” connected the Chicago Mercantile Exchange (CME).

ALSO notable, this is the 2nd consecutive filing to not person the connection "Canada" successful it. It ONLY invests successful futures nary BTCC oregon GBTC options. Rumor is SEC nary similar that and wants them to beryllium strictly futures.

— Eric Balchunas (@EricBalchunas) October 13, 2021

The terms of BTC has surged 28% since the commencement of October to beryllium astatine astir $57,500 astatine the clip of writing. Many onlookers person attributed the caller pump to expectations that the SEC volition soon o.k. a futures-based Bitcoin ETF.

Related: SEC Chair Gary Gensler really is pro-Bitcoin, Volt Equity CEO argues

Balchunas stated earlier this period that Bitcoin futures-backed ETFs person a high accidental of being approved successful October. He argued that they are regulated nether the “40 Act” which is favored by the SEC arsenic it offers greater user protections than physically-backed Bitcoin ETFs regulated nether the “33 Act.”

“Yes, the SEC has kicked tin connected Bitcoin ETF support BUT that is for the physically-backed ones nether '33 Act,” helium said and added:

“The futures ETFs filed nether the '40 Act (which Genz loves) are precise overmuch live and apt connected docket (we deliberation 75% accidental approved successful Oct).”

Opinions alteration nevertheless and Todd Rosenbluth, elder manager of ETFs and communal money probe astatine probe steadfast CFRA argued this week helium believes that support of a BTC futures ETF whitethorn beryllium delayed until 2022.

Speaking connected CNBC’s ETF Edge, Rosenbluth stated that the existent clouded regulatory scenery could origin further delays and that the SEC could beryllium waiting to o.k. each the ETFs simultaneously to debar a “first-mover advantage.”

“It’s imaginable — successful fact, we deliberation it’s apt — that we’re going to spot a hold of a Bitcoin futures ETF until 2022 until the regulatory situation is much clear,” helium said.

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