Exchange Traded Funds, also known as ETF’s, have made headlines in the past couple of years. The prospect of cryptocurrency ETF’s listed on stock exchanges first started with Gemini and the Winklevoss twins. The Winklevoss Bitcoin Trust was the first Bitcoin ETF to be filed with the SEC – Securities and Exchange Commission in 2013. In early 2014, the Bitcoin Investment Trust announced plans to release an over-the-counter Bitcoin ETF.
Unfortunately, the SEC denied a request to list an ETF from investors Cameron and Tyler Winklevoss, owners of the Gemini bitcoin exchange in March 2017. Winklevoss “Bitcoin ETF” twins were back to the drawing board, BUT, in an interesting turn of events, the SEC has granted a review of the disapproval after the Bats petition.
At the end of October 2017, Futures Options and ETF’s became the focus points for a collaboration between Gemini Bitcoin Exchange and the Chicago Board Options Exchange as the CBOE embraces Bitcoin.
As reported by Coindesk, the CBOE wish to have approval of these ETF’s by the SEC, a senior executive, Chris Concannon, president for Cboe Global Markets penned a letter to the SEC stating that he believes the market could support the launch of a bitcoin exchange-traded product (ETP). Here are the CBOE filings – Click here
The Road to Bitcoin ETF’s is paved with red tape. According to a report by Reuters, the SEC has pending applications for at least 14 different Bitcoin ETFs or related products with a few funds already “knocked back.” Read further
The approval and listing of ETF’s opens up a 1.6 Billion Bitcoin Opportunity for Wall Street Exchanges detailed by a cryptocurrency report by the Bank of America Merrill Lynch
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