- The leading US options trading exchange lists six Bitcoin ETFs for trading, which starts tomorrow
- The trade still needs to be approved by the US SEC
The Chicago Board Options Exchange (CBOE) has listed several spot Bitcoin ETFs to begin trading tomorrow. The leading stock exchange has published a trading circular for a total of six spot Bitcoin ETF products.
The products listed are ARK 21Shares Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, Franklin Bitcoin ETF, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust and WisdomTree Bitcoin Fund. It is planned that all of these Bitcoin products will start trading as a new issue on January 11, 2024. Interestingly, CBOE did not list the Bitcoin product of a major market player – Blackrock, an investment management giant.
The announcement has not had a significant impact on the price of Bitcoin. According to CoinMarketCap, BTC was trading at $46,291.21 with a market cap of $907 billion. The coin did not register a huge gain or loss in the past day. While the seven-day chart showed a gain of over 8 percent.
Spot Bitcoin ETF trading subject to SEC approval
It is striking that the move by the largest American options exchanges takes place before the official announcement of the American Securities and Exchanges Commission (SEC). Although the entire market is optimistic about an approval this time, ultimately the power still lies in the hands of the SEC, led by Gary Gensler.
However, the scenario was different this time, especially with Blackrock’s participation. In contrast to previous applications, the committee appears to have conducted several dialogues with the applicants. This has been followed by multiple submissions of amended applications.
Moreover, all the companies have spent their sponsorship money for the product. This event has even sparked a competition over who will offer lower rates, with companies announcing discounts every day.
Additionally, Van Eck CEO Jan Van Eck stated that he expected the SEC to approve the filings today and that the exchange-traded fund would begin trading tomorrow. Even market experts expect the commission to make an announcement today, but after the traditional market closes.