Current Bitcoin ETF Filing Updates

Current Bitcoin ETF Filing Updates

Holding bitcoin has been an enriching experience for thousands of investors; unfortunately, not everyone has had easy access to the digital currency. While almost any U.S. investor can go out and open a Coinbase account to trade bitcoin, not everyone is comfortable doing so. Others may be restricted to buying and selling securities in their traditional brokerage accounts for various reasons.

That’s where a bitcoin ETF would come in handy. Unfortunately, no such bitcoin ETF exists in the U.S. Could that change?

Saga Started 8 Years Ago

It’s been eight years since Cameron and Tyler Winklevoss submitted the first filing for a bitcoin ETF, the Winklevoss Bitcoin Trust. But the proposed fund was twice rejected by the Securities and Exchange Commission amid concerns about the risky nature of the nascent cryptocurrency market.

The ETF, which would have traded under the ticker symbol “COIN” (now claimed by crypto platform Coinbase), may be history, but the dream of a U.S.-listed bitcoin ETF never died.

For, in all those years since the Winklevoss filing, investors have been hoping for and anticipating a bitcoin ETF. There is still no guarantee one will actually get approved, but expectations for a successful launch have arguably never been higher.

Why The Time Is Right

There are a few reasons for that. One, the cryptocurrency ecosystem has matured a lot in the past few years. As of this writing, bitcoin has a market capitalization of more than $1.1 trillion; bitcoin futures have traded on the CME for over three years; and many reputable platforms, like PayPal and Fidelity, offer bitcoin trading and/or custody services.

Two, there have been a number of successful bitcoin ETF launches around the world—including Canada—suggesting that regulators may be coming around to the idea that cryptocurrencies are an investable asset class.

Third—and perhaps most importantly as it relates to a U.S.-listed bitcoin ETF—Gary Gensler, the new SEC chairman, is seemingly much more supportive of cryptocurrencies than his predecessor. Up until his nomination to be SEC chairman, Gensler taught classes on blockchain and cryptocurrencies at MIT.

Additionally, in 2019, he wrote that he was “intrigued by Satoshi’s innovation’s potential to spur change—either directly or indirectly as a catalyst.”

While that might not be an outright endorsement of bitcoin, it’s an open-mindedness that many believe will spur Gensler’s SEC to finally give the green light to a bitcoin ETF.

First To Launch

If that happens, the commission will have plenty of products to choose from. There are currently 12 active bitcoin ETF filings in the pipeline.

Any one of those products could potentially be the first to market, or as some have speculated, multiple products could be approved at the same time. There is also the multibillion-dollar Grayscale Bitcoin Trust (GBTC) waiting in the wings, a quasi-closed-end fund, whose issuer says it will convert to an ETF once it is allowed to do so.

See the table below for the current list of bitcoin ETF filings, which will be updated as new products enter the pipeline. The SEC is required to issue a formal approval or denial within 180 days of the initial filing, but can extend that timeline by an additional 60 days at its discretion.

 

Fund Issuer Filing Date SEC Filing Status
VanEck Commodities & Bitcoin Strategy ETF VanEck 1/18/2022 Link Effective 4/3/2022*
VanEck Gold & Bitcoin Strategy ETF VanEck 12/17/2021 Link Effective 3/2/2022*
Global X Blockchain & Bitcoin Strategy ETF Global X 8/19/2021 Link Launched 11/16/2021
Blockfi NB Bitcoin ETF BlockFi 11/9/2021 Link No rulemaking action as of 12/2/2021
AXS Bitcoin Strategy ETF AXS Investments 10/27/2021 Link Effective 1/10/2022*
Grayscale Bitcoin Trust Grayscale 10/19/2021 Link Initial decision due 2/6/2022
Bitwise Bitcoin ETP Trust Bitwise 10/14/2021 Link Comment period ended 11/24/2021
BlockFi Bitcoin Strategy ETF BlockFi 10/8/2021 Link Effective 12/22/2021*
Invesco Galaxy Bitcoin ETF Invesco Capital Management 9/21/2021 Link No rulemaking action as of 12/2/2021
Valkyrie XBTO Bitcoin Futures Fund Valkyrie Funds 9/2/2021 Link Final decision due 12/8/2021
Ark 21Shares Bitcoin Futures Strategy 21Shares 10/13/2021 Link Effective 12/27/2021*
Bitwise Bitcoin Strategy ETF Bitwise 9/14/2021 Link Effective 12/22/2021*
AdvisorShares Managed Bitcoin ETF AdvisorShares 8/20/2021 Link Effective 11/3/2021*
Galaxy Bitcoin Strategy ETF Galaxy Digital 8/18/2021 Link Effective 10/31/2021*
Valkyrie Bitcoin Strategy ETF Valkyrie Funds 8/11/2021 Link Launched 10/22/2021
Bitcoin Strategy ETF VanEck 8/9/2021 Link Launched 11/15/2021
ProShares Bitcoin Strategy ETF ProShares Advisors 8/4/2021 Link Launched 10/19/2021
Invesco Bitcoin Strategy ETF Invesco Capital Management 8/4/2021 Link Withdrawn
Global X Bitcoin Trust Global X Digital Assets 7/21/2021 Link Comment period closes 12/23/2021
ARK 21Shares Bitcoin ETF 21Shares 6/28/2021 Link Comment period closes 12/13/2021
One River Carbon Neutral Bitcoin Trust One River Digital Asset Management 5/24/2021 Link Collecting comments until 1/25/2022
Teucrium Bitcoin Futures Fund Teucrium Trading 5/20/2021 Link Final decision due by 4/8/2022
Galaxy Bitcoin ETF Galaxy Digital Capital Management 4/12/2021 Link No rulemaking action as of 12/2/2021
Kryptoin Bitcoin ETF Trust Kryptoin Investment Advisors 4/9/2021 Link Rejected on 12/22/2021
Wise Origin Bitcoin Trust FD Funds Management 3/24/2021 Link Final decision due by 1/22/2022
First Trust SkyBridge Bitcoin ETF Trust First Trust Advisors 3/19/2021 Link Rejected on 1/20/2022
WisdomTree Bitcoin Trust WisdomTree Digital Commodity Services 3/11/2021

12/8/2021

Link Rejected on 12/2/2021, WisdomTree filed an amended S-1 on 12/8/2021
NYDIG Bitcoin ETF NYDIG Asset Management 2/16/2021 Link Final decision due by 3/16/2022
Valkyrie Bitcoin Fund Valkyrie Digital Assets 1/22/2021 Link Rejected on 12/22/2021
VanEck Bitcoin Trust VanEck Digital Assets 12/30/2020 Link Rejected on 11/9/2021

*Funds with an asterisk in their status are futures-based bitcoin ETFs and are assumed to be preapproved for launch 75 days after filing under the 2019 ETF Rule.

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