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The U.S. Securities and Exchange Commission has confirmed receipt of applications for Bitcoin spot ETFs from multiple financial institutions. In the past five years, many financial institutions have applied for Bitcoin spot ETFs. The U.S. SEC has not approved any Bitcoin spot ETFs due to concerns about market manipulation and risk management. So is there a high probability that the Bitcoin spot ETF will be approved? It has always been the focus of market attention. According to industry insiders, BlackRock has submitted more than 576 ETF applications, and only one application was not approved. From this perspective, the probability of applying for a Bitcoin spot ETF is relatively high. Next, the editor of the currency circle will analyze it in detail for everyone.

## Is there a high probability that Bitcoin spot ETF will be approved?

The probability of approval of a Bitcoin spot ETF is difficult to accurately predict. It is reported that many institutions have applied, but have not been approved yet. Failure to approve the Bitcoin spot ETF involves multiple factors, including market supervision, regulatory environment, investor protection, etc. To predict whether a Bitcoin spot ETF will be approved, these factors and other possible influencing factors need to be comprehensively considered. In addition, the regulatory environment and policies may differ in different countries and regions.

In 2021, BlackRock Inc. said the Global Allocation Fund gained some Bitcoin exposure through Bitcoin futures issuances on the Chicago Mercantile Exchange. BlackRock's two fund companies, BlackRock Global Asset Allocation Fund (BlackRock)
Global Allocation Fund) and BlackRock Funds
V, in its investment prospectus submitted to the U.S. SEC, stated that certain of its funds may participate in futures contract transactions based on Bitcoin. The investment prospectus also stated that not all Bitcoin futures contracts are available for investment, but Bitcoin futures that are registered with the U.S. Commodity and Exchange Commission and are settled in cash.

BlackRock's filing also has one notable highlight. In its 19b-4 filing, BlackRock said it would enter into oversight-sharing agreements with Nasdaq and the operators of Bitcoin spot trading platforms aimed at reducing the risk of market manipulation. This oversight sharing agreement allows exchanges to share information about market transactions, settlements and customer identities. However, the U.S. SEC currently maintains a high-pressure regulatory stance on cryptocurrencies. Whether BlackRock, Invesco, etc. can apply for Bitcoin spot ETFs has become the focus of market attention.

## What does Bitcoin spot ETF mean?

The Bitcoin Spot ETF is an exchange-traded fund designed to track the price performance of Bitcoin. The way spot ETFs work is that investors buy stocks or shares of spot ETFs, and the fund management company is responsible for managing and holding the corresponding Bitcoins as the underlying assets of the fund, which allows investors to trade in the open market through stock exchanges. Buy and sell Bitcoin without directly holding and managing it.

The advantage of the Bitcoin Spot ETF is that it provides a relatively easy and traditional way of investing, allowing investors to trade through brokers in traditional financial markets and obtain an alternative investment in the price of Bitcoin compared to buying it directly. And to hold Bitcoin, spot ETFs offer better liquidity and convenience.

At the same time, it can also provide a certain degree of investment protection through the supervision and transparency of the exchange. Bitcoin spot ETFs are listed and traded on exchanges, and investors can buy and sell ETF stocks on the exchange through securities accounts. This allows investors to conveniently conduct real-time buying and selling operations with high liquidity. Compared to directly buying and selling Bitcoin, Bitcoin spot ETF transactions are more convenient and flexible.

Bitcoin spot ETFs usually hold a variety of Bitcoins as underlying assets. Such diversified investments can help investors diversify risks. Compared to directly buying and holding Bitcoin, Bitcoin spot ETFs provide a wider range of asset diversification. The risk exposure of a single asset is reduced. It should be noted that investing in Bitcoin spot ETFs still involves certain risks.

The above is an analysis of the issue of whether the Bitcoin spot ETF is likely to be approved. Expert Huang Lichong pointed out that institutions applying for Bitcoin spot ETFs have rich ETF operating experience and strong risk management capabilities, which may increase their probability of passing. However, given the SEC’s strict regulation of the cryptocurrency market, their applications may also face challenges. Regardless of whether the Bitcoin spot ETF is ultimately passed or not, the interest of traditional financial institutions in cryptocurrency is definitely good news, and may usher in a new turning point for the encryption industry, thereby further promoting the popularity of cryptocurrency and accelerating the supervision and compliance of the industry. process to enhance industry transparency and credibility.