Cathie Wood, the CEO of ARK Invest, a prominent innovation investor, has expressed optimism about the potential approval of a Bitcoin spot ETF in the United States. She believes that the “odds are going up” for such a decision. This comes as multiple entities, including established financial firms like Fidelity and BlackRock, are making efforts to launch a Bitcoin ETF in the US. This indicates a growing interest in providing investors with easier access to cryptocurrencies.
The path to approving a Bitcoin spot ETF in the US has been accompanied by various applications, delays, and discussions with the Securities and Exchange Commission (SEC). While prominent financial firms such as VanEck and Fidelity have filed proposals, the SEC has delayed making decisions on these applications. Despite these obstacles, Wood remains optimistic. ARK Invest is partnering with 21Shares in the US, with the hope of launching a Bitcoin ETF if it ever gets approved by the SEC. Wood believes the chances of approval are increasing.
In the absence of a spot ETF, investors have turned to Bitcoin futures ETFs, which are already approved and active in the US. However, there is a significant distinction between spot and futures-based ETFs. Spot ETFs offer direct ownership of Bitcoin itself, while futures-based ETFs involve contracts based on Bitcoin’s future price, potentially introducing additional complexities and risks. While the US struggles with approving spot Bitcoin ETFs, other countries like Canada have already approved and launched similar products. Wood remains confident about Ark Invest’s plans to introduce more crypto products in Europe, expecting no issues with regulators. As financial firms, regulators, and the SEC continue their discussions and deliberations, the crypto community eagerly awaits any developments that may indicate the approval of a Bitcoin spot ETF in the near future.
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