“This analysis is an adaptation from the work of Mati Greenspan, Senior Market Analyst at eToro”
- VanECK resubmits bitcoin ETF application
- With this resubmission VanECK buys time
- The decision’s new date stands somewhere in August and September
VanECK resets the countdown for Bitcoin ETF approval via a proven masterstroke
Well, the much-anticipated Bitcoin ETF, whose application was pulled out by VanECK last week, has been resubmitted bringing in fresh due dates for the application. The master move from VanECK is clearly a great way buy time and make things work in one’s favor. The first application had a hard deadline for the SEC to approve or reject it by February 27th. By starting the application process over, they’re basically buying themselves a lot more time.
If the previous process was any indication, the world could be looking at a final answer from the SEC by August or September. In the meantime, that should give plenty of time for the market to mature in the way that the SEC is looking for. By then we will likely have a running service by Bakkt, bitcoin futures on the Nasdaq, and a trading and storage platform from Fidelity.
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Mati Greenspan is the Senior Market Analyst at eToro, a global social trading and investment platform. Mati is a licensed portfolio manager in the European Union and his main focus is on macroeconomic analysis, portfolio diversification and cryptocurrencies. Follow him on Twitter at @matigreenspan