Analyst Believes Fidelity’s and SkyBridge’s Applications to Launch Spot Bitcoin ETFs Will Be Rejected

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Vetle Lunde, analyst at Arcane Research, has called the SEC’s approval of applications from Fidelity Investments and SkyBridge Capital to launch a spot Bitcoin ETF unlikely.

SkyBridge Capital and First Trust Advisors applied to launch Bitcoin ETF on March 20, 2021, Fidelity Investments on March 25.

Lunde has referred to the agency’s previous refusals. In particular, on November 12, the SEC rejected an application from VanEck, on December 1 – from WisdomTree, on December 23 – from Valkyrie Investments and from Kryptoin Investment Advisors.

The analyst has suggested focusing on the Fidelity solution. The company has organized a series of private meetings with SEC officials to argue in favor of approving the ETF spot option.

Arcane Research also pointed to a waning interest in ProShares’ Bitcoin Futures Exchange Traded Fund (BITO), attributing this to the attendant costs of rolling instruments.

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