The spot Bitcoin exchange-traded fund (ETF) fever has peaked on the day of the deadline for changes set by the Securities and Exchange Commission. But who are the big players vying for leadership in the emerging digital assets market?
December 29th is the last day for filing amendments to spot Bitcoin ETFs as determined by the SEC. A new wave of people and companies will own and mine BTC in 2024, but is it all good?
Bitcoin ETF fever is increasing
On December 28, investor “Fred Krueger” published a “Meet the Parents” look at the new buyers of the world’s largest cryptocurrency. “Thanks for your effort guys, we’ll take care of it from here,” he quipped.
BlackRock is the granddaddy of them all and the largest asset manager in the world. Its total assets under management are $10 trillion, which is about half of the U.S. GDP and a third of its massive national debt.
Fidelity is also a major player, with $4 trillion in assets under management for the 90-year-old institution. Additionally, its platform serves 3,700 asset management firms and plans to conduct its own BTC custody.
With just over $1.5 trillion in assets under management, Franklin Templeton is the third “absolute giant” in the pack, he noted. The company specializes in mutual funds and offers 455 of them.
The investor views Van Eck and Wisdom Tree as mid-tier companies, with assets under management of $80 billion and $72 billion, respectively.
Read more: How to Prepare for a Bitcoin ETF: A Step-by-Step Approach
Crypto-native ETF applicants include NYDIG, Galaxy, ARK, Bitwise and Valkyrie. These firms have much lower AUM but are very familiar with the crypto industry. Bitwise has already launched an advertising campaign with actor Jonathan Goldsmith.
Smaller players include Hashdex and Pando, which are big in South America and Switzerland. Additionally, Hashdex released its latest Bitcoin advertisement on December 28th:
“Finally, don’t forget that this may only be the first wave,” the investor said. He pointed out that Vanguard, Charles Schwab and Proshares could all get involved.
“This is just the opening salvo. Traditional investors will get a real taste of what it means to own a true Bitcoin proxy.”
GrayScale was not mentioned as it is an already established Bitcoin fund provider. However, it is seeking to convert its GBTC product into a spot ETF at the same time as its competitors' possible approval.
Latest ETF news
One of the first companies to file an amendment on the deadline was Ark Invest. ETF analyst Eric Balchunas noted that the change was focused on authorized participants, but it was unclear what was changed.
Fellow analyst James Seyffart said more would likely follow today as final preparations were made.
MV Capital partner Tom Dunleavy said the Bitcoin ETF is “NOT a sell-the-news event,” adding that “maximum inflows are coming.”
He cited several reasons, including huge marketing campaigns, crypto in pension funds, and regulatory risk reduction that makes the asset class more accessible to institutions.
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