PiCK

First Trust Submits Bitcoin (BTC) Spot ETF Application

Bloomingbit Newsroom

Summary

Bitcoin (BTC) spot ETF application signifies a significant entry into the Bitcoin spot ETF market, according to the announcement.
First Trust joins the Bitcoin ETF competition, emphasizing the potential growth of the related market.
Investors are advised to pay attention to the launch of numerous similar products within the next 6 to 12 months.

Eric Balchunas, a Bloomberg ETF analyst, announced on the 25th (local time) via X (formerly Twitter) that "First Trust, a U.S. ETF operator, has submitted an application for a Bitcoin (BTC) spot ETF, making a significant entry into the Bitcoin spot ETF competition."

The Bitcoin spot ETF is structured to use options to achieve its target returns while limiting both downward and upward volatility as an exposure product.

Eric Balchunas predicted, "In the next 6 to 12 months, dozens of similar products could be launched in the market."

He added, "About 90% of these products are expected to be based on the Elinoyju Hinton model."