The Securities and Exchange Commission (SEC) of the United States has repeatedly rejected Bitcoin ETFs, but the possibilities are endless! The Securities and Exchange Commission is now seeking public opinion on whether exchange-traded funds (ETFs) directly linked to the price of Bitcoin, such as spot Bitcoin ETFs, could be used to commit fraud.
Last Friday, the SEC requested public comments on Grayscale’s GBTC product to convert it into a spot Bitcoin ETF. The SEC did the same thing with the Bitcoin ETF application previously.
According to the notice, the public is invited to comment on whether the proposed ETF will be vulnerable to fraud and manipulation. However, it does not guarantee that the SEC will approve a Bitcoin ETF shortly.
The SEC has rejected major Bitcoin ETF applications from SkyBridge, VanEck, and WisdomTree in the last three months.
The Grayscale Bitcoin Trust (GBTC), founded in 2013, now manages $27 billion in assets. GBTC provided a regulated environment for institutional players to gain exposure to Bitcoin. Because it was still early in the game, GBTC was already trading at a premium to Bitcoin. However, with a slew of ETFs on the market, GBTC is already up against stiff competition.
Despite recent price volatility in the crypto market, demand for spot Bitcoin ETF will be sustained in the short port.
The Metaverse ETF Price War has Begun
In the midst of all the Metaverse hype, major players have already entered the fray to attract institutions. For example, ns. Fidelity Investments made a move last week by filing for a Metaverse ETF with the Securities and Exchange Commission in the United States.
Roundhill Ball Metaverse ETF (METV), which manages $859 million in assets, has reduced its management fee from 0.75% to 0.59% to keep up with the competition. Its two other market competitors, the Subversive Metaverse ETF (PUNK) and the Fount Metaverse ETF charge lower fees (MTVR).
The METV is the most well-known and largest Metaverse ETF. The competition, on the other hand, is rapidly increasing. Athanasios Psarofagis, an ETF analyst for Bloomberg Intelligence, commented on the development:
“Wow, that was a big leap.” You now have PUNK, as well as Global X and Fidelity, which have both recently filed. As a result, it’ll become competitive.”
METV comprises several significant Metaverse players, including Meta Platforms, Microsoft, and Nvidia Corp.