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3 Stocks to Watch as SEC Window for Approval Opens
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As reported by Bloomberg, the Securities and Exchange Commission (“SEC”) has one last window, an eight-day period starting Thursday, Nov 9, to approve all 12 Bitcoin (BTC) ETFs that were applied for this year starting the month of June.
The probability that the SEC may actually start approving these ETFS is supported by the fact that its deadline for rebuttal comments was set till Nov 8. It must be understood that this approval will only be for a rule change that will allow Bitcoin ETF trading. This is vastly different from the actual registration of these ETFs, which would allow them to start trading.
Bitcoin has rallied and has gone past the $36,000 mark, pushing the $37,000 level following the optimism over this possibility. It is currently trading at $36,758.61 after gaining 4.45% in the past 24 hours.
The SEC might approve trading for all 12 of these applicants by Nov 17. However, in the event that it does not, there is an even bigger probability these will get their much-awaited approval by Jan 10, 2024.
Investor optimism is currently on a very high level as it is increasingly becoming clear that the regulatory body will not be able to stall these applications and stop crypto from going mainstream. One must, thus, track some of the major Bitcoin ETF applicants at this current juncture to understand the impact this news might have on them. These are some of the biggest names in the traditional marketplace that have decided to explore the crypto space in recent months.
BlackRock, Inc. (BLK - Free Report) : This enterprise risk management and fixed-income institutional asset manager applied to launch a Bitcoin exchange-traded fund in June. BlackRock is the world’s largest asset manager. BlackRock’s expected earnings growth rate for the current year is 3%. It is projected to grow at a rate of 3.3% in 2024. BLK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Invesco Ltd. (IVZ - Free Report) : This investment management company had first filed for a Bitcoin ETF in 2021 but dropped it in October of the same year. However, in June of 2023, it joined the race to be the first investment industry giant to launch a Bitcoin ETF. Invesco’s expected earnings growth rate for the current year is -14.3%. However, it is projected to grow at a rate of 15.1% in 2024. IVZ currently carries a Zacks Rank #3.
Franklin Resources, Inc. (BEN - Free Report) : This company, which is one of the most well-known global asset managers, joined the Bitcoin ETF race by applying for one in September. Franklin’s expected earnings growth rate for the current year is -1.4%. However, it is projected to grow at a rate of 4.1% in 2024. IVZ currently carries a Zacks Rank #4 (Sell).
Fidelity Investments, one of the largest investment management companies in the world, is also eagerly awaiting SEC approval. Fidelity had applied to launch a Bitcoin exchange-traded fund in late June 2023.
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3 Stocks to Watch as SEC Window for Approval Opens
As reported by Bloomberg, the Securities and Exchange Commission (“SEC”) has one last window, an eight-day period starting Thursday, Nov 9, to approve all 12 Bitcoin (BTC) ETFs that were applied for this year starting the month of June.
The probability that the SEC may actually start approving these ETFS is supported by the fact that its deadline for rebuttal comments was set till Nov 8. It must be understood that this approval will only be for a rule change that will allow Bitcoin ETF trading. This is vastly different from the actual registration of these ETFs, which would allow them to start trading.
Bitcoin has rallied and has gone past the $36,000 mark, pushing the $37,000 level following the optimism over this possibility. It is currently trading at $36,758.61 after gaining 4.45% in the past 24 hours.
The SEC might approve trading for all 12 of these applicants by Nov 17. However, in the event that it does not, there is an even bigger probability these will get their much-awaited approval by Jan 10, 2024.
Investor optimism is currently on a very high level as it is increasingly becoming clear that the regulatory body will not be able to stall these applications and stop crypto from going mainstream. One must, thus, track some of the major Bitcoin ETF applicants at this current juncture to understand the impact this news might have on them. These are some of the biggest names in the traditional marketplace that have decided to explore the crypto space in recent months.
BlackRock, Inc. (BLK - Free Report) : This enterprise risk management and fixed-income institutional asset manager applied to launch a Bitcoin exchange-traded fund in June. BlackRock is the world’s largest asset manager. BlackRock’s expected earnings growth rate for the current year is 3%. It is projected to grow at a rate of 3.3% in 2024. BLK currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Invesco Ltd. (IVZ - Free Report) : This investment management company had first filed for a Bitcoin ETF in 2021 but dropped it in October of the same year. However, in June of 2023, it joined the race to be the first investment industry giant to launch a Bitcoin ETF. Invesco’s expected earnings growth rate for the current year is -14.3%. However, it is projected to grow at a rate of 15.1% in 2024. IVZ currently carries a Zacks Rank #3.
Franklin Resources, Inc. (BEN - Free Report) : This company, which is one of the most well-known global asset managers, joined the Bitcoin ETF race by applying for one in September. Franklin’s expected earnings growth rate for the current year is -1.4%. However, it is projected to grow at a rate of 4.1% in 2024. IVZ currently carries a Zacks Rank #4 (Sell).
Fidelity Investments, one of the largest investment management companies in the world, is also eagerly awaiting SEC approval. Fidelity had applied to launch a Bitcoin exchange-traded fund in late June 2023.