Wall Street could get four bitcoin futures ETFs by month-end

Wall Street could get four bitcoin futures ETFs by month-end

Bloomberg / New York

After years of waiting for a US bitcoin ETF, the crypto community may finally get as many as four products in a matter of weeks.

This month, the Securities and Exchange Commission once again has to approve, reject or delay a set of applications for exchange-traded funds based on the largest digital currency. This time round, they all follow a format that SEC chair Gary Gensler has indicated could be received favourably by the regulator.

They’ll hold bitcoin futures rather than the digital asset itself, and are filed under the Investment Company Act of 1940 – a route that offers higher investor protection.

It’s all raising hopes in the $6.7tn US ETF industry and beyond that after years of delays, the world’s largest market may finally be ready to join the party. In that time, dozens of cryptocurrency exchange-traded products have already launched in Canada and across Europe.

“We are pretty bullish on approval here,” said James Seyffart, an ETF analysts with Bloomberg Intelligence.

“We just can’t see Gensler and the SEC going out of their way to state positive comments about a 1940-act bitcoin futures ETF at the end of September and then denying all