Two more Bitcoin exchange-traded funds (ETFs) are now under review by the US Securities and Exchange Commission (SEC), potentially raising hopes that crypto investment could finally make its way to mainstream US stock markets.
Recent SEC filings have named an ETF created by SkyBridge Capital, run by former White House communications director Anthony Scaramucci, and Wise Origin Bitcoin Trust, owned by Fidelity Investments, meaning the regulator will be officially reviewing both Bitcoin ETFs for their suitability to list on the New York Stock Exchange and the Cboe BZX Exchange respectively.
READ: Cardano and Polkadot ETPs launched by Swiss investment firm
In total, around four Bitcoin ETFs are currently undergoing SEC review, including SkyBridge and Wise Origin, while another ten are pending. The SEC must make an initial decision within 45 days, although this period can be extended to as long as 240 days.
Any SEC approval of a Bitcoin ETF is likely to be seen as a watershed moment for the sector and potentially open the floodgates for dozens on crypto ETFs hoping to draw cash from US investors.
Crypto exchange-traded products (ETPs), listed products similar to ETFs, have already gained footholds in European markets, particularly on the Deutsche Boerse’s XETRA market in Frankfurt, which has ETPs tracking multiple cryptos including Bitcoin, Ethereum and Litecoin.
Crypto ETPs have also made headway elsewhere in Europe, with Swiss digital asset firm Valour Structured Products launching an ETP tracking the Cardano cryptocurrency on the Nordic Growth Market in Sweden last week.
In early afternoon trading in London on Thursday, Bitcoin was down 1.4% over the last 24 hours at US$39,737, giving it a market cap of US$743bn.