The Cboe BZX Exchange has taken a significant step towards the potential approval of spot Bitcoin exchange-traded funds (ETFs) by formally requesting the U.S. Securities and Exchange Commission (SEC) to expedite the registration process.
The exchange submitted a letter to the SEC dated Jan. 10 for spot Bitcoin ETFs from several asset managers, including Ark/21Shares, Invesco Galaxy, Fidelity, VanEck, WisdomTree, and Franklin Templeton.
Cboe’s appeal coincides with today’s deadline for the SEC’s final verdict on ARK 21Shares’ spot Bitcoin ETF, fueling speculation that the regulator may approve several ETF offerings simultaneously.
If approved, these investment vehicles could potentially be open for trading as early as tomorrow, providing investors with a new way to gain exposure to Bitcoin through regulated financial products.
The approval of spot Bitcoin ETFs in the U.S., the world’s largest economy, has been a long-awaited milestone for the cryptocurrency industry. Such ETFs would allow investors to invest in Bitcoin without the complexities of managing the underlying digital assets themselves, thereby simplifying access to the cryptocurrency market and potentially attracting a broader range of institutional and retail investors.
The crypto community has closely monitored the SEC’s stance on Bitcoin ETFs, with previous rejections citing concerns over market manipulation and investor protection. However, Cboe’s approach and the involvement of established asset managers suggest a maturing market that may be better equipped to address regulatory concerns.