The cryptocurrency community is very excited about the possibility to have an approval of a Bitcoin (BTC) exchange traded fund (ETF). The U.S. Securities and Exchange Commission (SEC) has rejected several proposals made by different companies in the crypto space. Nevertheless, there are new ETFs being analyzed by the SEC and that could be approved in the near future.

An ETF is an investment tool that trades like a stock and it tracks a specific stock index, a commodity or a basket of different assets. The SEC explained that they did not approve previous ETFs due to the fact that space had some issues with custody and market manipulation.

Until now, there is no specific date regarding the approval of this investment instrument for the cryptocurrency market. Indeed, Hester Peirce, an SEC Commissioner that is known for having an open position towards digital assets explained that the approval of a Bitcoin ETF could take several years.

There are some ETF proposals that aim at being approved by the regulatory agency. One of them is called the VanEck SolidX Bitcoin ETF, which has been refiled by the Chicago Board Options Exchange (Cboe). This is the most likely ETF to receive the approval of the regulatory agency.

This ETF will be tracking Bitcoin’s price following the MVBTCO index that prices Bitcoin based on over-the-counter platforms, that are more liquid than futures markets. The proposal can be approved or denied by April 5 or just request a 90-day extension.

Bitwise Asset Management is currently waiting for the decision of the SEC regarding a Bitcoin ETF proposal made by the company. Bitwise proposed a physically-backed Bitcoin that will be tracking the company’s Bitcoin Total Return Index, which takes its information from different cryptocurrency exchanges. The SEC could eventually take a decision at the end of the current month or wait until June.

Global Impact has also presented an ETF that could have global ramifications. This ETF is related to South Korea, a country where around 30% of the crypto trading is processed.

South Korea has taken strict measures against digital currencies, exchanges and Initial Coin Offerings (ICOs). According to Brian Sewell, the founder of Zion Trades, the Korea Exchange (KRX) is paying close attention to the approval of a Bitcoin ETF.

On the matter, they mentioned:

“The US has been the front-runner on the cryptocurrency market and related derivatives and there are strong voices supporting the launch of Bitcoin ETF’s within the US market – which is why we are observing the progress and response of the US Securities and Exchange Commission’s decision on Bitcoin ETFs.”

Bitcoin has a fixed supply that does not adjust itself in case there is an increase in the demand for the asset. Thus, if there are larger players placing their funds in the space, it is highly probable to see Bitcoin growing and reaching new highs in the future.

There are many other things that could help Bitcoin price grow in the future. For example, the Intercontinental Exchange (ICE) is expected to launch a platform for institutional investors called Bakkt. In addition to it, there are some pension funds that are also analysing the possibility to invest in the most popular digital asset.

At press time, Bitcoin is being traded around $3,800 and it has a market cap of $67.74 billion.