Rumors say we might have a Spot ETF on #Bitcoin this week.
— Michaël van de Poppe (@CryptoMichNL) November 8, 2021
Might be the trigger for the next big impulse wave on #Bitcoin.
Feeling comfortable in my long.
A joint venture between crypto lending platform BlockFi and investment management company Neuberger Berman has filed for a physically-backed Bitcoin exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC). Market experts believe it could be approved this week.
The two firms teamed up in October 2021 aiming to introduce several digital asset management products, now having reached yet another step in the collaboration — a fund offering direct exposure to Bitcoin. “The Trust will not purchase or sell bitcoin directly, although the Trust may direct the Custodian to sell bitcoin to pay certain expenses,” the filing follows.
BlockFi NB Bitcoin ETF is offering shares reflecting the spot value of Bitcoin held by the trust. They are planned to trade on the New York Stock Exchange.
Analyst Michaël van de Poppe reckons the SEC’s positive decision regarding the ETF could trigger yet another wave of BTC growth:
Meanwhile, analyst James Seyffart posted a list of crypto ETFs whose filings are now under consideration by the SEC. 14th November is the deadline for decision on VanEck’s spot Bitcoin ETF. Analysts are expecting this star to finally be born this week.
ProShares was the first ETF company to launch a Bitcoin-linked ETF for US investors. However, its filing differed from BlockFi’s bid, as it was focused on futures contracts traded on CME only. After this first SEC’s approval, a plethora of market participants woke up and hurried to file with the Commission to launch their own ETFs.
This week is marked by the upcoming SEC’s decision on BlockFi’s file for the spot Bitcoin ETF. The key date is 14th November, when the crypto world will be hopefully greeting a brand new fund!
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