After multiple regulatory presentations, we will likely see that the first bitcoin-traded fund (ETF) will hit the market soon in the United States.
In late January, Valkyrie Digital Assets presented the approval of a bitcoin ETF to the U.S. Securities and Exchange Commission (SEC), hoping to offer the first bitcoin ETFs in the United States. After filling Valkyrie, NYDIG followed the same in February.
Then earlier this month, Cboe Global Markets presented a SEC filing to list and trade shares of VanEck’s bitcoin ETF, a product VanEck has been trying to offer for years, despite repeated rejections from the SEC. VanEck’s latest bitcoin product under regulatory review is its proposed VanEck Bitcoin Trust.
Recently, Purpose Investment listed the first Bitcoin ETF approved by US regulators and was a marked success in its early days.
As bitcoin gains more institutional acceptance, ticking all the boxes of what makes it a credible asset in the process, an ETF that reflects its price could serve as a window for traditional general brokerage investors to gain exposure to Bitcoin from their accounts.
As more instruments like these continue to appear, there will be less isolation between cryptocurrencies and inherited financial instruments. This will help investors integrate their digital asset funds along with the rest of their portfolio assets.
Also, as Paypal and Robinhood move to facilitate cryptocurrency transactions along with the adoption of Lightning Network as a scaling solution, all fears about the performance of Bitcoin transactions are becoming a thing of the past.
With all these improvements in the Bitcoin landscape and the rush of recent regulatory presentations, a U.S. bitcoin ETF seems closer than ever.