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Bitcoin would be the only digital asset that trades on American stock markets via exchange-traded funds (ETFs), based on the prominent founding father of software company MicroStrategy.
In the quarterly earnings demand 2024, MicroStrategy founder and Executive Chairman Michael Saylor stated that “it’s pretty obvious that Bitcoin may be the only crypto asset that’s likely to be approved for purchase by means of a place ETF within the U . s . States.”
The Registration (SEC) gave the eco-friendly light to 11 place Bitcoin ETFs in The month of january after ten years of denying such products. An investment vehicle enables individuals to buy shares via brokerage accounts that track the actual cost from the cryptocurrency.
Now, numerous high-profile asset managers are wishing to obtain approval in the SEC for place Ethereum ETFs. BlackRock, Fidelity, and Grayscale a few of the large names who’ve filed documents using the Wall Street regulator.
But industry analysts are not bullish about this type of product getting approval through the SEC through the May deadline—and less now after Ethereum software company Consensys a week ago sued the SEC, alleging it considered Ethereum a burglar.
Saylor stated within the earnings call yesterday that Bitcoin may be the “one crypto asset that the openly traded company holds on its balance sheet, can capitalize upon.”
“It’s the main one crypto asset that Wall Street firms will be in a position to sell on the place ETF basis,” the MicroStrategy executive chairman stated.
“The entire modern institutional asset economy, the choices market, the securities market, the cash manager system, the institutional mutual funds, the institutional ETFs—they’re all likely to be focused on Bitcoin because the digital property moving forward,” he added.
MicroStrategy, which sells data-analyzing software, continues to be buying Bitcoin since 2020. It argues the greatest digital gold coin by market cap is a great investment and will get better returns for shareholders over cash, which loses purchasing power.
On Monday, the Tyson, Virginia-based company announced it had bought more Bitcoin and today holds 214,400 coins—worth over $13 billion at today’s prices.
Edited by Andrew Hayward
