Marathon Digital CEO Expresses Optimism For Spot BTC ETF Approval, Fixes Odds Above 50:50
Marathon Digital CEO Fred Thiel remains positive over the potential approval of a spot Bitcoin (BTC) Exchange Traded Fund (ETF) in the United States by the Securities and Exchange Commission (SEC).
The SEC has not yet approved a spot Bitcoin ETF as it continues to cite market manipulation concerns although recent developments have sparked the debate on the timeline for the Commission’s approval.
Among many enthusiasts who believe that an approval is imminent, Thiel backs the line of thought because of the huge institutional investors that has shown significant interest in the past two months.
“I don't know about giving out odds on something like this because the fact that Larry Fink and BlackRock are even trying to do this would say that they have a pretty high degree of certainty that they'll get it through.”
Thiel also explained that his views rest on the fact the SEC may approve a spot Ethereum ETF with a report predicting an approval around October within several applications filed.
To him, if the SEC approves a spot ETF for Ethereum, it improves the chances for Bitcoin. “…which, if they do, just increases the odds that they would potentially approve a spot Bitcoin ETF.”
In addition, unlike Ethereum, Bitcoin has not been flagged by the SEC for being a security so there is a possibility of fair regulatory compliance on the asset.
He projected on the side of approval by placing the odds above 50% like most digital asset executives and bulls.
“I'm fairly bullish personally. I think that the odds that the SEC will approve it are better than fifty-fifty.”
The Marathon Digital CEO notes that the current enthusiasm comes after the renewed interest of institutional investors in the market.
There are more than six applications for
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