
April 22nd, 2025
Novogratz thinks the Fidelity Investments victory against the SEC puts the Commission in a corner where a Bitcoin ETF approval is inevitable.
Bitcoin is enjoying price spikes and increased trading volumes as Fidelity and others amend proposals while the market awaits an approval.
It says that if the firms that have applied to list spot Bitcoin ETFs would only commit 1% of their Assets Under Management (AUM), then approximately $155 billion would flow into the Bitcoin market.
Binance.US updated its terms of use to inform its customers that the direct withdrawal of USD is unavailable but they can convert to the supported stablecoins or other digital assets to facilitate seamless transfers.
Larry Fink’s comment reveals BlackRock’s strong interest in crypto following the company’s application for a spot Bitcoin ETF.
While experts forecast the US SEC will approve a spot Bitcoin ETF within the next six months, the BlackRock’s officials confirmed that it has not received a green light on its application.
The firm believes the approval of a spot Bitcoin ETF in the United States will trigger an influx of over $30 billion in subsequent months.
Eric Balchuna claims that by the end of 2024, there is a 95% chance that a spot Bitcoin ETF will be approved, up from a 75% likelihood this year.
According to the filing, Coinbase will securely hold and manage the actual Bitcoin assets that underpin the ETF. The company has also confirmed that the Bitcoin ETF will be listed and traded on the Cboe BZX Exchange, Inc.
Bitcoin ETFs provide an easy way for investors to put their funds into the cryptocurrency market.
The SEC has now postponed decisions on several spot BTC ETF applications, including ARK 21Shares, Valkyrie, WisdomTree, VanEck, and Bitwise.
The research also provides insights into the expected market share of ETFs and crypto hedge funds within the crypto ecosystem. It suggests that ETFs could capture a substantial 10% share of the market capitalization for BTC and ETH.
Heightened Bitcoin demand by institutional investors amid the incoming halving event in about six months has kept the bullish narrative alive.
Hashdex’s rivals, such as Ark Invest and 21Shares, have also approached the SEC with their separate applications for spot Ether ETFs.
Financial giant Franklin Templeton has applied to the SEC for approval to launch a Bitcoin exchange-traded fund (ETF) named the Franklin Bitcoin ETF, with Coinbase as the custodian and trading on the Cboe BZX Exchange.