The financial company Grayscale is asking the US Securities and Exchange Commission (SEC) to approve all applications for the creation of a Bitcoin ETF simultaneously.
Grayscale General Counsel Craig Salm said his subordinates sent a letter to SEC staff urging them to approve eight applications for the issuance of Bitcoin funds at a time so that no one has an advantage over competitors.
The firm's lawyers don't see any problem in approving cryptocurrency ETFs because the commission has already allowed ETFs to trade bitcoin futures contracts, which they believe are intrinsically linked to both derivatives.
Let us recall that, in addition to Grayscale, applications requesting the green light to create a Bitcoin ETF were submitted by Invesco, BlackRock, Valkyrie, VanEck, Wisdom, Fidelity and ARK Invest. The Coinbase cryptocurrency exchange will partner with organizations that issue BTC funds and will help them fight fraudsters and protect the rights of investors.
Specialists from the research organization Fundstrat predicted a significant increase in the value of Bitcoin if the ETF is approved. They believe that the release of funds will increase the demand for coins fivefold, which will lead to an increase in their price to at least $140,000 before the halving scheduled for April 2024.$BTC