Bitcoin ETF is gaining interest worldwide
The quest for the approval of a spot bitcoin ETF (exchange-traded fund) continues to captivate investors and industry insiders.
According to the WSJ, since BlackRock submitted paperwork “to launch an ETF that would own bitcoin,” the cryptocurrency has surged approximately 20% in value. Similarly, shares of Coinbase Global, “which would act as the custodian for the fund’s bitcoin holdings,” have also increased by 40% over the same period.
“These filings for bitcoin ETFs show the ongoing interest around crypto from institutional investors and the desire for instruments that can satisfy that interest,” said James Wester, Director of Cryptocurrency and Co-Head of Payments at Javelin Strategy & Research. “Besides the regulatory questions hanging over the filings, one big question about these ETFs is whether or not ‘institutional interest’ reflects a real need in the market. But without approval, that will remain an open question.”
After BlackRock filed the paperwork, other key players in the space including Fidelity Investments and Ark Investment Management also revived their own applications, per the WSJ—recognizing the potential of a spot bitcoin ETF.

Worldwide Appeal

Not long after BlackRock filed its paperwork did an application for Australia’s first spot bitcoin ETF come through. According to Cointelegraph, “Monochrome Asset Management has updated its application to offer a bitcoin ETF on the Australian Securities Exchange (ASX) through its partner Vasco Trustees.”
Meanwhile Jacobi Asset Management recently revealed that its bitcoin ETF will launch later this month, a year after it was originally supposed to debut.
The significance of a spot bitcoin ETF extends beyond the realm of cryptocurrencies and speaks to broader trends in the world of payments, fintech, and technology. If approved, it would signal a growing acceptance and integration of digital currencies into traditional financial systems. The accessibility and ease of trading facilitated by a bitcoin ETF could attract a broader range of investors, potentially driving mainstream adoption and further legitimizing cryptocurrencies.




Leave a reply

Please enter your comment!
Please enter your name here