Cantor Fitzgerald Calls Spot BTC ETF Approval a ‘Short-Term Catalyst’
- Analysts at Cantor Fitzgerald are “increasingly confident” in the approval of a spot BTC ETF.
- The analysts believe the approval from the US SEC to be the “most important short-term catalyst.”
- The optimistic views are based on the surveillance sharing agreements proposed by the applicants.
- Insiders at BlackRock and Invesco said in August that the approval would come in the next six months.
The analysts at Cantor Fitzgerald, an American financial services firm founded in 1945, believe that the approval of a spot Bitcoin exchange-traded fund (ETF) in the United States will be a short-term catalyst for the leading digital asset and the broader blockchain space. Further, the analysts at the firm are also increasingly optimistic regarding the approval of such an ETF by the regulators.
As per a report from Bloomberg, Cantor Fitzgerald, known for offering prime brokerage and investment banking services, is “increasingly confident” that the numerous applications submitted by asset management firms with the United States Securities and Exchange Commission (SEC) to debut a spot Bitcoin ETF that will provide investors direct exposure to Bitcoin prices will be approved in the near future.
The analysts at Cantor Fitzgerald noted that the SEC has been hesitant to approve such a product that follows the price of a digital asset because of the fear of manipulation on off-shore spot platforms. However, the analysts have added that the new surveillance procedures proposed by the applicants in their proposals address these fears of the regulator.
“A comprehensive surveillance-sharing agreement with a regulated market of significant size” would mollify regulators, noted Cantor Fitzgerald’s Josh Siegler and Will Carlson. The two added that the approval of a spot BTC ETF will be the short-term boost that the leading cryptocurrency needs, pushing prices higher for Bitcoin. The two claim that the approval would be “a bedrock moment for Bitcoin’s long-term adoption and legitimization.” The firm believes the approval to be the “most important short-term catalyst.”
As reported earlier by BitcoinWisdom, the iShares spot Bitcoin ETF by BlackRock was listed on the Depository Trust & Clearing Corporation (DTCC), and a CUSIP (Committee on Uniform Securities Identification Procedures) number was also assigned to it, showing signs of approval in the near future. On the other hand, inside sources at BlackRock and Invesco believe that the Bitcoin spot ETF approval will come in six months.