It is widely expected that the Securities and Exchange Commission will approve a spot bitcoin ETF in January. Bloomberg Senior ETF Analyst Eric Balchunas and Cahill Gordon & Reindel LLP Partner Sam Enzer tells Yahoo Finance Live about the hurdles firms are facing to get these approvals.
Bakchunas notes that firms will want to have a cash-redemption model, not an in-kind transaction model. He also says that firms are rushing to get a "signed agreement with an authorized participant." With those requirements, Balchunas says "it's possible not all of these issuers even make it to day one... If they don't make it to day one, I mean, unless your BlackRock or Fidelity, you might as well forget it."
Enzer meanwhile says the "bitcoin spot market is mature at this point" and that the market has "the depth and the liquidity to ward off things like manipulation," which strengthens the case for approval. Enzer also notes that the bigger institutions getting into the space have the reputation and can offer the investor protections the SEC likes to see.
For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.
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December 28, 2023 at 06:11AM
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Spot bitcoin ETF approval: Why some firms may not be ready for it - Yahoo Finance
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