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The BlockFi cryptolanding platform has submitted an application to SEC to launch an exchange-traded fund (ETF) based on the CME Bitcoin futures and provisions of the Investment Companies Act of 1940.
In early August, the head of the Commission, Gary Gensler, said that an ETF corresponding to these conditions could be approved. At the end of September, he confirmed this position.
The application to launch the BlockFi Bitcoin Strategy ETF was the seventh in a row, which takes into account the latest recommendations of the SEC. The platform was outpaced by Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital and AdvisorShares.
In August, Bloomberg experts predicted the Commission’s approval of the bitcoin ETF by the end of October. Experts then named the application from ProShares as a favorite.
On October 8, analysts estimated the chances of this firm as 2:1. In general, with 75% probability, they predicted a positive SEC decision on Bitcoin futures-based ETFs.
Gonna start a thread laying out a case as to why @EricBalchunas and I are putting odds at 75% for a Bitcoin Futures ETF coming to the U.S in October. Here’s where we view the odds of the ETF getting first approval 1/x pic.twitter.com/LRrzG9XLX1
— James Seyffart (@JSeyff) October 8, 2021
Earlier, the agency’s experts drew attention to the weaknesses of bitcoin ETFs based on futures compared to their spot version.
Recall that in October, the Commission extended the deadline for consideration of four applications for the launch of “physical” bitcoin ETFs from Global X, WisdomTree, Kryptoin Investment Advisor and Valkyrie Investments.
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