The Chicago Board Options Exchange (CBOE) has approved listings for spot Bitcoin exchange-traded funds (ETFs) from several asset managers, potentially paving the way for the first-ever U.S. Bitcoin ETF to launch as early as tomorrow.
This is a significant development for the cryptocurrency industry, which has been eagerly awaiting the approval of a spot Bitcoin ETF for years. A spot ETF would track the price of Bitcoin directly, unlike Bitcoin futures ETFs, which track the price of Bitcoin futures contracts.
The CBOE has approved listings for spot Bitcoin ETFs from six asset managers: ARK 21Shares, Invesco Galaxy, Fidelity, VanEck, WisdomTree, and Franklin Templeton. These ETFs are all pending approval from the Securities and Exchange Commission (SEC).
If the SEC approves a spot Bitcoin ETFs on January 10, the CBOE-listed ETFs could begin trading as early as January 11. This would be a major milestone for the Bitcoin market and could lead to a significant influx of institutional investment into the cryptocurrency.
“The CBOE’s approval of these spot Bitcoin ETF listings is a very positive development,” said Greg Dowling, an ETF analyst at Bitwise Asset Management. “It shows that the regulatory landscape is evolving and that there is growing acceptance of Bitcoin as an asset class.”
Dowling added that he expects the CBOE-listed ETFs to be “very popular” with investors if they are approved by the SEC. “There is a lot of pent-up demand for a spot Bitcoin ETF,” he said. “I think these ETFs will trade very heavily in the first few days.”
The approval of a spot Bitcoin ETF would be a major victory for the cryptocurrency industry, which has been lobbying for the SEC to approve such a product for years. The SEC has previously rejected several Bitcoin ETF proposals, citing concerns about market manipulation and investor protection.
However, the SEC’s stance on Bitcoin ETFs appears to be softening. In recent months, the SEC has approved several Bitcoin futures ETFs, and SEC Chairman Gary Gensler has said that he is open to approving a spot Bitcoin ETF if it meets the regulator’s standards.
The CBOE’s approval of spot Bitcoin ETF listings is a sign that the SEC is getting closer to approving such a product. If the SEC approves a spot Bitcoin ETF on January 10, it would be a major milestone for the Bitcoin market and could lead to a significant influx of institutional investment into the cryptocurrency.