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Bitcoin ETF: Institutions rush in as new filings ignite frenzy

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A total of 11 BTC spot ETF filings were awaiting SEC approval at press time.
BTC and BCH trended as the news of the most recent ETF filing hit.

Bitcoin [BTC] spot ETFs have garnered significant attention due to a growing number of institutions applying for this service. Although the SEC’s approval process has been moving slowly, the recent favorable ruling obtained by Grayscale could inspire more ETF applications, as evidenced by the emergence of a new participant in the market.

Read Bitcoin’s [BTC] Price Prediction 2023-24

Bitcoin sees a flurry of ETF filings

Recently, there has been a surge in filings for Bitcoin spot ETFs. BlackRock’s filing on 15 June triggered a wave of new submissions.

BlackRock sought approval for a spot Bitcoin ETF, with Coinbase as the crypto custodian and spot market data provider and BNY Mellon as the cash custodian. On 15 July, the SEC formally accepted BlackRock’s application for review.

Following BlackRock, WisdomTree, a New York-based asset manager, filed on 19 July. It’s worth noting that WisdomTree had previously filed for a spot Bitcoin ETF in the U.S. on 8 December 2021, but it was rejected by the SEC in 2022.

Similarly, asset management firm Valkyrie initially filed a spot Bitcoin ETF application in January 2021, which was rejected. However, they refiled their application on 21 June.

July witnessed a flurry of filings, with VanEck, Fidelity/Wise Origin, and Invesco Galaxy submitting their applications to the SEC. Ark Invest was among the earliest institutions to file for a Bitcoin ETF.

Additionally, Frank Templeton recently joined th

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Author: Adewale Olarinde

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