According to the founder and chairman of MicroStrategy – Michael Saylor, Bitcoin is the only crypto asset to get approval for ETFs by the SEC and would now trade on American Stock Exchanges via these ETFs.
“It’s pretty clear that Bitcoin is the only crypto asset that’s going to be approved for sale in the form of a spot ETF in the United States.”
Michael Saylor suggests that Ethereum would never see the same kind of spot ETF approval that Bitcoin saw.
Bitcoin ETF Approval
After 10 years of rejecting similar products, the Securities and Exchange Commission (SEC) approved 11 spot Bitcoin ETFs in January. With the investment vehicle, shares may be purchased through brokerage accounts that follow the cryptocurrency’s underlying price.
Are Other Crypto Assets Hoping For The Same?
Various other assets like the BlackRock, Fidelity and Grayscale are willing to get approval from SEC for spot ETH ETFs.
However, analysts are not optimistic that the SEC will approve such a product by the May deadline—and they are even less optimistic in light of the fact that Ethereum software company Consensys sued the agency last week, claiming that it thought Ethereum was a security.
Saylor said : “one crypto asset that a publicly traded company can hold on its balance sheet, can capitalize upon. It’s the one crypto asset that Wall Street firms are going to be able to sell on a spot ETF basis,”
“The entire modern institutional asset economy, the options market, the securities market, the money manager system, the institutional mutual funds, the institutional ETFs—they’re all going to be centered around Bitcoin as the digital property going forward,” Michael Saylor added.
Hence, the belief is that Bitcoin is the only crypto asset to get approval for ETFs by SEC.
MicroStrategy
Since 2020, data-analytics software vendor MicroStrategy has purchased Bitcoin. It makes the case that the largest digital coin by market capitalization is a wise investment that provides investors with higher returns than cash, which depreciates in value.
The Tyson, Virginia-based business revealed on Monday that now it owns 214,400 Bitcoins with value of over a billion as per today’s currency.
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