US Securities and Exchange Commission (SEC) is likely to approve several exchange-traded funds (ETFs) associated with the first cryptocurrency. According to the information referring to the report of the crypto-financial service Matrixport, the SEC is expected to agree to the launch of such ETFs.

This event is predicted to have a significant positive impact on digital gold quotes. In the event that the Commission decides to delay consideration of applications, there may be a correction in the price of bitcoin in September.

The head of research at Matrixport also expects high marketing costs to attract institutional and retail investors from ETF providers.

The SEC is expected to make a decision on GBTC next week. On August 11, the Commission postponed consideration of the application from ARK Invest and cryptocurrency ETP provider 21Shares.  On June 15, BlackRock submitted an application for a spot bitcoin ETF to the SEC.  

Matrixport believes that the Commission will make a decision on seven more exchange-traded funds based on the first cryptocurrency in early September. It is worth noting that ARK Invest with 21Shares will be considered by the Commission earlier than BlackRock, based on the time of submission of documents, which Kathy Wood's firm sent back in April.

All statements were later returned by the Commission as they lacked sufficient information regarding the joint monitoring agreement or its details. The companies then promptly submitted additional bids and the Commission began considering bids from BlackRock, VanEck, Invesco, Fidelity Investments and WisdomTree.

The Chicago Board Options Exchange amended ARK 21Shares' bid to include a joint oversight agreement to prevent fraud and market manipulation, which is similar to part of the BlackRock application.

At the moment, the SEC has not yet approved the launch of spot bitcoin ETFs. An exception was made only for products related to futures for the first cryptocurrency, provided by ProShares and Valkyrie Investments.

Nevertheless, experts from Bernstein and former SEC chairman Jay Clayton believe that the chances of approval of a new wave of ETF applicants are quite high. Recall that the head of ARK Invest, Katie Wood, expressed confidence in a positive outcome for several applications at the same time.