Bitcoin ETF Approval Countdown Officially Starts with SEC Acknowledging VanEck-CBOE Filing

The ball is now in the US Securities and Exchange Commission’s (SEC) court.

SEC has acknowledged the Bitcoin exchange-traded fund (ETF) filing of VanEck that officially starts the countdown of the agency’s decision on the proposal starting March 15, 2021. This puts the deadline for approval or decline later this year in October.

“Absolute quickest scenario here is SEC approval at end of April,” commented James Seyffart of Bloomberg Intelligence.

The race to get approval for a Bitcoin ETF has been intensifying amidst the ongoing bull run as ever since the SEC received a request for the VanEck Bitcoin Trust in December, many issuers including NYDIG, Wisdom Tree, and Valkyrie applied as well.

“These funds are getting their ducks in a row,” said Todd Rosenbluth, director of ETF research for CFRA Research. “They’re getting their paperwork filed, so if or when the SEC does OK a Bitcoin ETF, these asset managers will be ready.”

The world’s largest digital asset fund, Grayscale Investments is also recruiting an entire ETF team.

In the past, Winklevoss twins made the first attempt in 2013 followed by Direxion, ProShares, First Trust, Grayscale, WisdomTree, and GraniteShares but with no success.

The chances, however, are higher now of getting an approval encouraged by a mature market, better infrastructure, and the successful launch of the first Bitcoin ETF ever in Canada.

President Joe Biden’s nomination of Gary Gensler as SEC chairman who once taught a class at MIT on “Blockchain and Money” is another factor in favor. The new chairman won’t be in place until July.