Bitcoin ETF is the new craze in the market. But the problem is, it’s not getting approved by the SEC. A lot of companies are filing for ETFs and, on getting rejected, are filing for it again. Krypton is one such company that has recently filed for a BTC ETF under the SEC. And this time, instead of getting listed on NASDAQ, the trust aims to get listed on Cboe. Fun Fact: Unlike most companies that are filing for BTC ETFs now, Krypton filed one back in 2019.
Filing of Bitcoin ETFs
A Bitcoin ETF is a need for the hour. If even one gets approved, we could see the price of BTC pushing to new highs pretty easily. Back in 2004, when a gold ETF was approved, the price rose significantly, so it is just a matter of time before that happens for Bitcoin. Do note that Krypton is not the only one on the list waiting for approval of an ETF. There are six other companies that have filed for the same under the SEC. These are Valkyrie, NYDIG, Vaneck, First Trust & Skybridge, and Fidelity.
In the filing of their ETF, Krypton said that their primary mission is to provide exposure to Bitcoin that is reflective of the current market price. The investors will be able to purchase or sell Bitcoins through their ETF. And after it gets approved, they will determine a method to set the share price. This prospectus that Krypton provided the SEC is very similar to the one filed back in 2019. The only difference is, instead of filing for the NYSE exchange their went for Cboe BZX. Let’s see if the ETF gets approved by the SEC, and we see the “Krypton Bitcoin ETF Trust” come into live action.
Are there no Bitcoin ETFs?
There are, but not in the US. Reports suggest that there are two Bitcoin ETFs in Canada and also one in Brazil. But these markets aren’t as large as the US. So, if and only if the US approves an ETF, then we can see it impacting the price of Bitcoin. But the chances are slim, at least in the short term. We have seen companies withdrawing their filings and also getting their application rejected by the SEC. According to the authorities the reason for the repeated rejection of ETFs in the unregulated market, that are prone to manipulation. This can result in losses for normal consumers and harm the economy of the country.
So, for now, if you want to invest in a BTC ETF nothing exists for you in the US. You can surely invest in the one in Canada or even Brazil though.
What are your thoughts on the repeated rejection of Bitcoin ETFs in the US? And do you think with the increasing number of applications the SEC will change its point of view? Let us know in the comments below. Also, if you found our content informative do like it and share it with your friends.
Also Read: Ukrainian Officials hold over $2.6 billion worth of Bitcoin says reports
