Bloomberg: SEC is About to Approve a Bitcoin ETF
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Oct. 15, 2021

The price of Bitcoin has hit $60,000 today driven by Bloomberg's announcement the SEC plans to approve next week an exchange-traded fund (ETF) based on Bitcoin futures.

It must be noted that at the time of writing, the price of the crypto is slightly below the $60,000 barrier.

Several sources familiar with the matter have told Bloomberg that the US Securities and Exchange Commission (SEC) is unlikely to "block" the launch of the instrument. The agency has said applications from ProShares and Invesco are the leading candidates for approval.

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Gary Gensler, the head of the SEC, said in August the regulator could approve Bitcoin ETFs that are based on Chicago Mercantile Exchange futures and comply with the Investment Company Act of 1940.

This was followed by a wave of applications for registration of such funds filed by Valkyrie Investments, VanEck, Invesco, ProShares, Galaxy Digital, AdvisorShares and BlockFi. These investment products do not allow direct investments in cryptos.

According to estimates from analyst company Arcane Research, as of early October, the SEC was considering applications for 12 spot and seven futures-based Bitcoin ETFs.

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