Prices of bitcoin and crypto-related stocks have surged since mid-June when BlackRock unveiled plans for an ETF that holds actual bitcoin. Fidelity Investments, Cathie Wood’s Ark Investment Management, Invesco, WisdomTree, Bitwise Asset Management and Valkyrie all reactivated or amended their applications for a spot bitcoin ETF in recent days. Refiling the applications resets the clock and sets asset managers back at least seven days in the competitive race to launch the first spot bitcoin ETF. The crypto-asset manager sued the SEC in June 2022 after it rejected its bid to convert the Grayscale Bitcoin Trust into a spot bitcoin offering. Some analysts say Binance’s dominance in the market for spot and futures trading hurts the chances of approval for a spot bitcoin ETF.

Source: Wall Street Journal July 01, 2023 11:21 UTC