"Wow, after this there must be many more people who want to apply for spot BTC ETF right."
BlackRock's application for a Bitcoin (BTC) exchange-traded fund (ETF) was accepted by the United States (US) Securities and Exchange Commission (SEC) when its request was found to be similar to that of Bitwise.
Although it is one of the early steps, the SEC's acknowledgment that it wants to begin a formal review process for BlackRock's ETF proposal shows that the regulator is willing to explore the BTC ETF spot more deeply.
Commonly known ETFs are investment funds according to certain indexes that are usually traded on exchanges and in the crypto market, funds reflecting the value of multiple digital assets are known as crypto ETFs.
On Friday last week, the SEC announced that they are in the process of reviewing ETF applications by several exchanges such as Wise Origin BTC Trust, WisdomTree, VanEck and Invesco Galaxy.
Like to be informed that BlackRock intends to join the BTC ETF race by signing an agreement with Coinbase for "surveillance-sharing"* is very important following its position in the financial industry.
*BTC related markets must share information about market trading activity
The various companies vying to be the first exchange to launch BTC ETFs in the US is a positive development for the crypto market as there are many filings, the chances of success will also increase.
It is true that the SEC has yet to approve spot BTC ETFs in the US but the financial product is already available in Canada, where ETF applications by Purpose BTC, 3iQ CoinShares and CI Galaxy BTC have been approved.
