Marathon Digital CEO is optimistic for spot BTC ETF approval
Fred Thiel, the CEO of Marathon Digital, has provided insights into the potential factors influencing the introduction of a spot Bitcoin (BTC) Exchange Traded Fund (ETF) in the United States. Thiel is optimistic about the prospects of obtaining regulatory approval for these investment products, attributing this positive shift to the increasing interest exhibited by institutional investors.
Thiel emphasised that even major players such as BlackRock are displaying a keen interest in crypto exchange-traded funds, underscoring a strong belief in the viability of this particular asset category.
Presently, several firms, including VanEck, Fidelity, Valkyrie, and Wisdom Tree, have submitted applications for a spot Bitcoin ETF. These companies are currently vying for the opportunity to be the first to offer American investors crypto ETFs. Unlike futures funds, spot exchange-traded funds directly mirror the movements of Bitcoin’s price.
Thiel also brought attention to reports within the media indicating that the SEC might grant approval for a spot Ethereum ETF. The CEO of Marathon Digital added that this development could potentially have a positive influence on the prospects of a spot Bitcoin ETF.
According to the expert’s analysis, the broader scope of oversight extended by the regulatory body to encompass various digital assets might cultivate a conducive environment for more lenient regulatory judgments within the crypto sphere. Thiel emphasized that Bitcoin holds an advantageous position over Ethereum in terms of regulatory classification, as BTC is not currently designated as a security.
Nevertheless, former SEC’s representative John Reed Stark has cast doubts upon about the approval of applications for spot ETFs. Stark argues that such approvals would necessitate substantial modifications to the existing composition and stance of the SEC.
Earlier, Empowered Funds launched three innovative bitcoin futures ETFs.