Send me real-time posts from this site at my email
David Dierking

SEC To Rule On Bitcoin ETFs On Thursday

The SEC plans on deciding the fate of the ProShares Bitcoin ETF and the ProShares Short Bitcoin ETF on Thursday of this week. This decision shouldn't be confused with the decision on the VanEck SolidX Bitcoin ETF (XBTC) which the SEC recently pushed forward until September.

The ProShares offerings were initially proposed during the second half of 2017 at a time when several issuers were planning their own bitcoin ETF proposals. They were withdrawn at the request of the SEC, but the regulatory body said earlier this year it would consider futures-based bitcoin ETF proposals (which the ProShares proposals are).

What are the chances that these ETFs get approved? I think very slim. The SEC has rejected every proposal to date and, while the delay of the VanEck ETF ruling could be viewed as an encouraging sign, there's little reason to believe that the ProShares ETFs will succeed where other similar products have failed. Hester Peirce's dissent on the rejection of the Winklevoss Bitcoin Trust ETF (COIN) indicates that at least one person in the SEC is ready to give these products the green light, but I don't think that the ProShares bitcoin ETFs are the ones that are going to get it.

What do you think? Are you ready for a bitcoin ETF? When do you think one will finally be approved? Comment down below!

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue