CFRA Research analyst Todd Rosenbluth believes that the launch of Bitcoin ETFs in the US is not yet close. The Securities and Exchange Commission (SEC) will approve such applications in a year or two.
During the ETF Edge program on CNBC, chief ETF and mutual fund analyst CFRA Research expressed confidence that the SEC will repeatedly delay approving applications for launching ETFs in Bitcoin. CFRA Research expects to launch this class of investment vehicles within two years.
“There are a number of firms that have already submitted applications, and even more companies have previously submitted applications, but now they expect a clearer position of the regulator. It is unlikely that the SEC will approve only one application – if it does, then several Bitcoin ETFs from different companies at once. We will probably see such approval in the next year or two, but we cannot give an exact timeframe for a positive decision by the regulator, ”said Todd Rosenbluth.
As a reminder, the SEC is currently considering six applications for the launch of Bitcoin ETFs. In March, such applications were submitted by Fidelity Investments and SkyBridge Capital. At the same time, the Canadian regulator has already approved several similar products.
Earlier, Ark Investment Management CEO Catherine Wood said that Bitcoin ETFs would be approved only after the market capitalization of the first cryptocurrency reaches $ 2 trillion.