According to Bloomberg ETF specialists, the Securities and Exchange Commission (SEC) is likely to approve a Bitcoin (BTC) futures exchange-traded product (ETF) before the end of October.
On Tuesday, Bloomberg ETF analysts Eric Balchunas and James Seyffart published an investor note speculating that VanEck and ProShares’ unexpected withdrawals of Ether (ETH) futures ETF proposals could prompt the SEC to approve a Bitcoin ETF.
“Considering the SEC has permitted those filings to stay open, VanEck and ProShares’ swift withdrawal of plans for Ethereum futures ETFs is a good indicator for a potential Bitcoin futures ETF.
A launch may happen as early as October, and the experts believe the SEC should allow many at once to avoid giving out the first-mover advantage.
ProShares’ Bitcoin futures ETF, according to Balchunas, is one of the proposals that is most likely to be authorized by the US Securities and Exchange Commission.
“We believe the SEC has its nose in this right now and is in regular contact with issuers, so any kinks should be smoothed out so they can debut 75 days after filing,” he added.
The new Bitcoin futures ETF estimate comes only two days after asset managers VanEck and ProShares abruptly withdrew their applications for Ether ETFs with the Securities and Exchange Commission.
Several Bitcoin futures ETF applications have remained active, with asset managers such as Valkyrie, ProShares, Invesco, and VanEck launching Bitcoin futures ETF applications earlier this year.
SEC Chairman Gary Gensler has hinted that the commission would be open to allowing Bitcoin futures ETFs under the Investment Company Act of 1940, as previously reported by Cointelegraph.
