Bitcoin heads towards $60,000 with ETF approval on the horizon

By Samuel Indyk – The price of Bitcoin resumed its path higher on Thursday with markets still hopeful that a Bitcoin ETF, most likely based on Bitcoin Futures, will be approved by the US Securities and Exchange Commission (SEC) within the next week or two.

ETF Filings

There are a number of filings for Bitcoin ETFs currently under review. It is more likely that futures ETFs registered under the Investments Company Act of 1940 will see approval first.

The SEC Chair Gary Gensler has previously signalled his favourability for a Bitcoin futures ETF, rather than one based on the underlying asset.

Speaking last month, Gensler said the ’40 Act “provides significant investor protections” for mutual funds and ETFs, adding that he was looking forward to staff’s review of such filings.

Eric Balchunas, Bloomberg’s senior ETF Analyst, highlighted that Valkyrie has recently updated their Bitcoin futures ETF prospectus, adding the ticker BTF. Balchunas signalled that this typically only happens when the fund is “ready to launch”.

“Can’t say this is done deal type evidence but a good sign IMO,” Balchunas said on Twitter (NYSE:TWTR).

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