Cathie Wood, the renowned tech investor and CEO of ARK Invest, is making waves with her bullish stance on the potential U.S. approval of a Bitcoin Spot ETF. As a fervent crypto advocate, Wood’s insights carry weight in the financial world. Despite the SEC’s history of declining crypto ETF applications, recent pressures, such as the Grayscale court ruling, might be shifting the tide. And Wood isn’t the only one positive about an early approval.
With giants like Fidelity and BlackRock entering the fray, the push for a Bitcoin ETF in the U.S. underscores the growing demand for streamlined crypto investments. The journey towards a U.S. Bitcoin Spot ETF has been riddled with applications, postponements, and SEC dialogues. Notable financial powerhouses, including VanEck and Fidelity, await the SEC’s verdict on their proposals.
Yet, Wood’s recent statements to Financial News exude confidence. She mentioned, “In collaboration with 21Shares, we aim to introduce a Bitcoin ETF in the U.S., contingent on SEC approval. We’re optimistic about its chances.”
Steven Schoenfield, ex-managing director at BlackRock and now CEO of MarketVector Indexes, echoes Wood’s optimism. Speaking at the Digital Asset Summit, he projected that a Bitcoin Spot ETF’s imminent approval could funnel $200 billion into Bitcoin investment tools shortly. Schoenfield even speculated a swift three-month approval for BlackRock’s application.
While the U.S. ponders over spot ETFs, investors are pivoting to Bitcoin futures ETFs, which have secured the green light. However, it’s crucial to differentiate between the two. Spot ETFs offer direct Bitcoin ownership, while futures ETFs hinge on Bitcoin’s prospective price, adding layers of intricacy and hazard. Globally, nations like Canada are ahead of the curve, having already greenlit similar crypto products.
