According to a new update from QCP Capital, the approval of Bitcoin spot price exchange-traded funds (ETFs) is unlikely to happen anytime soon in the US due to the current makeup of the Securities and Exchange Commission (SEC), including its chair Gary Gensler. The SEC has rejected all previous applications for spot ETFs, and although BlackRock, the world’s largest asset manager, has only seen one rejection out of 576 applications so far, QCP contends that the chance of approval remains low. However, the firm also believes that institutional involvement in Bitcoin will continue to increase over time.
Meanwhile, the Grayscale Bitcoin Trust (GBTC), which had previously traded at a significant discount to BTC/USD, continues to recover, reaching its smallest discount to net asset value (NAV) of 33.45% on June 22.
Note: This article does not provide investment advice or recommendations and readers should conduct their own research before making decisions.