Investors are eagerly anticipating the potential approval of a spot bitcoin exchange-traded fund (ETF) by the United States Securities and Exchange Commission (SEC). The excitement began in early June when the investment giant BlackRock (NYSE:BLK) submitted a filing for the product and gained further momentum after a court decision mandated the SEC reconsider its rejection of Grayscale's proposal to transform its Bitcoin Trust (GBTC) into a spot ETF.
The SEC’s objection to ETFs is related to the fact that Bitcoin (BTC) is traded in unregulated venues around the world, which poses a challenge in preventing fraud and price manipulation.
João Marco Braga da Cunha is the portfolio manager at Hashdex. He obtained a master of science in economics from Fundação Getulio Vargas before obtaining a doctorate in electrical and electronics engineering from the Pontifical Catholic University of Rio de Janeiro.