SEC decision Financial News

investment managers disclosed the fees they plan to charge for their proposed spot bitcoin exchange-traded funds (ETF), in another step toward approval this week by the U.S. securities regulator. BlackRock, VanEck, Ark Investments/21Shares and Bitwise, among others, said in filings with the Securities and Exchange Commission (SEC) that they expect to significantly undercut the average market rate for U.S. ETFs. Their rates were well below the average rate that analysts had anticipated and that even some issuers had indicated would be the range. A spot crypto ETF would track the market price of the underlying crypto asset, giving investors exposure to the token without having to buy the currency. Euphoria around an approval has helped bitcoin, the world's largest and best-known digital asset, rally in recent months.

Switzerland-based Pando Asset has emerged as the latest contender in the race to launch a spot Bitcoin ETF in the United States.

Recent reports indicate that the U.S. Securities and Exchange Commission (SEC) has chosen not to appeal the Grayscale decision, as Bloomberg's ETF analyst, James Seyffart, weighed in on the matter, suggesting that spot Bitcoin ETF approvals are now highly likely, deeming it a "done deal" in his October 13 post.

Bitcoin (BTC) ranged around the key $26,800 mark for a second day on Oct. 13 with a decision due in United States regulators’ battle with crypto investment giant Grayscale.

In a dynamic period for Bitcoin, the renowned cryptocurrency has seen its value slightly diminish, trading at $29,231—a 0.50% decrease as of Wednesday. 

The Securities and Exchange Commission's (SEC) delay in deciding whether to approve a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States is fueling expectations that a final verdict will come in a batch that includes key players on Wall Street, including BlackRock and Fidelity.