November 27, 2021

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Dozens of Bitcoin funds are awaiting US approval

Dozens of Bitcoin funds are awaiting US approval

Dozens of Bitcoin funds in the United States are awaiting the verdict of regulators. The Securities and Exchange Commission (SEC) has blocked all types of applications for years, but the situation has changed.

The ecosystem around Bitcoin (BTC) continues to grow. Since this month, a new type of fund called Bitcoin Exchange Trading Funds (ETFs) has emerged in the United States.

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ProShares Bitcoin Strategy ETF This is the first Bitcoin futures based product listed on the US exchange. There is funding tickersymbool BITO Can be found on the New York Stock Exchange.

ProShares didn’t apply in the first place, but jumped all the rings to get it done. On the first trading day of the first Bitcoin ETF, almost $ 1 billion shares traded.

Funds

As the script is well known, more and more ETFs are coming to market. Funds that are approved now and start slowly but surely are all based on the future. None of the real Bitcoin works. It is entirely about speculating the price of Bitcoin through futures.

These types of financial products are available in many markets and are very popular among professional traders. This may be a lot less interesting for the average person.

If you want exposure, you can buy Bitcoin. This does not apply to parties wishing to launch an ETF in the United States. Applications based on real Bitcoin are still being rejected and are currently pending. According to regulators, this is even more dangerous.

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One of the primary candidates for setting up the ‘Spot Market ETF’ Grayscale. Their Grayscale Bitcoin Foundation currently owns 654,600 BTC. It is Bitcoin worth $ 40 billion at current rates. They want to convert their current fund into a transfer-trading fund.

Below is a list of names who want to get involved in this business. Some are:

List of Bitcoin funds pending approval according to Bloomberg.