The Securities and Exchange Commission could approve the funds, known as spot bitcoin ETFs, as soon as next week. A dozen or so asset managers, including traditional finance players such as BlackRock and Fidelity Investments, have joined the race to launch the first spot bitcoin funds. That could turn the race into a money-losing effort for some of the asset managers, at least in the short term. The wild card in the race is Grayscale Bitcoin Trust, which intends to convert to a spot bitcoin ETF upon SEC approval. Asset managers must open accounts with their custodians, set up data flows and complete other crucial steps ahead of time.

Source: Wall Street Journal January 07, 2024 09:57 UTC