Bitcoin Could Surge With SEC's Spot ETF Approvals; Matrixport Urges 'Upside Exposure'
Portfolio Pulse from Murtuza Merchant
Crypto-services provider Matrixport predicts that the U.S. Securities and Exchange Commission (SEC) might approve multiple spot bitcoin exchange-traded funds (ETFs) soon, potentially boosting Bitcoin's value. The SEC is expected to address Grayscale's GBTC lawsuit and the ARK 21Shares Bitcoin ETF reapplication soon, with responses to seven other Bitcoin ETF applications anticipated in early September. Matrixport suggests that a physical Bitcoin ETF might charge a management fee between 0.7% to 1%, potentially generating around $200 million annually for these ETF providers.
August 10, 2023 | 6:05 pm
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POSITIVE IMPACT
The potential approval of multiple spot Bitcoin ETFs by the SEC could boost Bitcoin's value. However, if the SEC requires additional time to evaluate surveillance-sharing agreements, Bitcoin's value might experience a temporary dip in mid-September.
The approval of Bitcoin ETFs would likely increase demand for Bitcoin, driving up its price. However, delays in the approval process could lead to uncertainty and a temporary dip in Bitcoin's value.
CONFIDENCE 70
IMPORTANCE 80
RELEVANCE 100
NEUTRAL IMPACT
The SEC is set to address Grayscale's GBTC lawsuit soon. The outcome of this lawsuit could impact the value of GBTC.
The outcome of the lawsuit could either positively or negatively impact the value of GBTC, depending on whether the SEC's decision is in favor of or against Grayscale.
CONFIDENCE 70
IMPORTANCE 70
RELEVANCE 80