Ahead of the Jan. 10 deadline for the SEC to decide whether or not to approve the spot Bitcoin ETF proposed by Ark Investments and 21Shares, the agency may let asset managers know if their own applications will be approved by Tuesday or Wednesday next week, according to a report in Reuters.
Asset managers who met their end of year deadline may be able to launch by the Jan. 10 decision deadline, according to Reuters, citing people familiar with the process. Those include the aforementioned firms, along with Valkyrie, Bitwise, WisdomTree, Franklin Templeton, BlackRock, VanEck, and Invesco.
Some of the 14 asset managers vying for approval of similar ETFs have already submitted forms to the SEC outlining sponsor fees and other technical details. The ETF proposed by Fidelity currently brags the lowest proposed sponsor rate at 0.39%. Many firms have yet to disclose their planned rates.
The approval of spot Bitcoin ETFs is expected to bring additional institutional investment into the crypto industry, according to analysts.
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