The ETF stands for exchange-traded funds and Bitcoin ETFs might finally become a thing in the United States. That’s when the ProShares Bitcoin Strategy ETF is expected to premiere at the New York Stoke Exchange.
However, there’s a caveat – everything could go to waste if the Bitcoin ETFs don’t get approval from the Securities and Exchange Commission (SEC).
So, which scenario will play out? Judging by what investors think, it’s likely that the SEC will give Bitcoin ETFs the green light.
BTC Goes Up Following the Good News from the SEC
On Friday, Bitcoin went above the $60,000 mark for the first time in months. In fact, the last time the price of one BTC was higher than 60k was back in April.
At the moment of writing, the Bitcoin price stands at $60,071.20 and if the week closes somewhere in that range, another milestone will be set – it’s going to be the highest-ever week close.
Previously, the highest mark Bitcoin reached was $59,985.
The obvious explanation behind Bitcoin’s recent surge is that the investors are feeling optimistic about the future of Bitcoin ETFs.
Judging by the recent reports, it’s very likely that the EFTs are going to make their debut next week. The thing that’s feeding the investors with optimism is that no SEC officials have said anything that would suggest they’re not going to approve the ETF applications.
In fact, some of the officials seem to be very much in favor of Bitcoin ETFs.
ProShares ETF Most Likely to Get the Approval
There are about 40 Bitcoin EFTs waiting for the SEC approval. The applications have different deadlines, with some expiring next week.
The one submitted by ProShares is the first in line and, according to Bloomberg, the SEC is likely to accept it.
If that happens, the first Bitcoin EFT platform could launch next week. In fact, the earliest we could see the ProShares premiere on Wall Street is Tuesday, October 19.
Another thing going in favor of Bitcoin ETF applications is that the SEC doesn’t have to approve them. If the deadline passes and the SEC haven’t refused the application, the ETF is set to go.
Such a scenario is very likely to happen in the case of ProShares and possibly a few other Bitcoin ETFs.