The excitement and uncertainty around Bitcoin ETF are back once again, as the US SEC is going to take an initial decision on two Bitcoin ETF proposals by April 5th. The two Bitcoin ETF proposals which will be considered during this period are filed VanEck/ SolidX and Bitwise Asset Management along with NYSE Arca.
The Bitcoin ETF proposals are expected to be formally published in the Federal Register this Wednesday, which will eventually start the 45-day clock for approval. Once the proposal is officially published, the general public will have three weeks time (in this case until March 20) to file their initial response and SEC will have another three weeks, i.e until April 5th to make a decision or give itself an extension.
The VanEck proposal is joined by the one filed by Bitwise Asset Management along with NYSE Arca. The VanEck proposal was filed late last year, but due to the US Federal shutdown, the proposal was withdrawn and refiled it at the end of January.
The whole market is now closely following the approach of SEC in handling the Bitcoin ETF proposals and if it moves ahead with approving the proposals, then it would bring whole new liquidity into the market which could begin the recovery process of the crypto market. However, if SEC decides to give it an extension, then it will have 240 days to arrive at a final decision.
Going by the initial feedback it already received, the main issue here is, how the companies are defining the Bitcoin’s intrinsic value, which is an important factor for investors buying an ETF.
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