Nothing quite captures the excitement of bitcoin like a proposed exchange-traded fund.
I mean, just say it out loud. Bitcoin ETF. It’s sexy, right? And if public comments submitted to the Securities and Exchange Commission in favor of the latest would-be fund are any indication, it’s also goddamn lit.
But before this party pops off, some background: As Coindesk reported in late June, the SEC is considering allowing the creation of a bitcoin ETF. The fund, the brainchild of investment firm VanEck and blockchain startup SolidX, would allow futures exchange Cboe BZX Exchange, Inc. to list and trade SolidX Bitcoin Shares.
According to the Cboe filing statement, “the Trust will invest in bitcoin only.” One share will be roughly equivalent to 25 bitcoin, notes CryptoSlate, and only accredited investors will get to play with this particular bag.
Take this one, from someone who listed their name as Laosy Guesses.
Yes, ETFs are so lit, my dude.
Or how about this comment from Alex Hales, which suggests he’s hoping the SEC’s approval will pump up the price of bitcoin. Pump and dump for the win.
And then there’s this guy, who seems to think that our long, national nightmare is soooo close to being over — assuming the SEC approves bitcoin ETFs.
We shouldn’t overlook the simple and often effective appeal to ego. Our man Rahsaan has that covered. “You’ll be regarded as financial visionaries,” he tells the SEC. “Please,” he begs, “take us under your wing.”
Yes, spread out those wings, dear SEC — but not for any fans of Bitcoin Cash. This party is for institutional bitcoin investors only.
Of course, if flattery doesn’t work, there’s always the opposite approach: Let the SEC know you think it’s garbage.
Unfortunately for our commenting friends, we don’t yet know whether or not the SEC will approve a bitcoin ETF this time around. But we do know one thing for sure: Whatever the SEC decides, it’s going to be liiiiiiiiiit.