Nasdaq and the Chicago Board Options Exchange (Cboe) officially submitted applications to the SEC yesterday, seeking to trade options on Bitcoin (BTC) spot ETFs. Bloomberg analysts stated that the spot ETF options could be approved as early as the end of February, but some members of the cryptocurrency industry are skeptical.
(Previous summary: Bitcoin becomes the “ETF king” upon listing! Trading volume surpasses 99% of index funds.)
(Background supplement: Bitcoin spot not exciting enough? Over 15 “leveraged ETFs” applications, analysts shocked: unprecedented.)
Table of Contents
Analyst: Spot ETF options could be approved as early as the end of February
Attracting hedge funds to join
Bitcoin ETF deviates from blockchain ideals
Shortly after Bitcoin spot ETFs were approved for listing by the U.S. Securities and Exchange Commission (SEC) on January 11, Nasdaq and Cboe both submitted Form 19b-4 to the SEC on January 19, applying to trade options based on BTC spot ETFs.
According to a tweet by Bloomberg ETF analyst James Seyffart earlier today (20th), the SEC has acknowledged receiving proposals from the two exchanges to trade Bitcoin spot ETF options. Nasdaq applied for listing and trading of BlackRock’s IBIT options, while Cboe requested to trade options for “ETPs holding Bitcoin,” and Cboe launched six Bitcoin spot ETFs last week.
Seyffart stated that it is possible to start trading spot ETF options as early as the end of February.
Catherine Clay, Executive Vice President of Cboe, stated in an interview with CNBC on January 18 that the logical next step for Bitcoin ETFs is to introduce options trading. She believes this will help increase the product’s utility and reduce risks, but she admits that it is difficult to know whether the SEC will approve it.
Dave Nadig, an analyst at data company VettaFi, commented on January 17 that ETFs might cause excessive influence from traditional financial institutions on the cryptocurrency market.
According to Cointelegraph’s report, Andy Bromberg, CEO of wallet developer Eco, stated that ETFs might result in traditional financial institutions exerting excessive influence on the cryptocurrency market.
Lucas Henning, CTO of the Suku wallet development team, also criticized Bitcoin ETFs. Henning claims that ETFs will not be able to attract the public in the long term because most cryptocurrencies and protocols other than Bitcoin would not obtain SEC approval to launch ETFs.
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