Anticipation Rises for Approval of Bitcoin Exchange-Traded Funds
The market is buzzing with excitement as a crucial window for the approval of all 12 spot Bitcoin Exchange-Traded Funds (ETFs) opens today. James Seyffart, an ETF analyst at Bloomberg Intelligence, shared his insights, noting that there is a 90% chance of spot Bitcoin ETF approvals by Jan 10. However, he also mentioned that a wave of approval orders for all the current applicants could occur earlier than expected.
Delays and Window for Approval
This critical juncture follows delay orders issued by the Securities and Exchange Commission (SEC) for major firms such as BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie. Seyffart explained that this is the first available window for all 12 to launch since Grayscale’s court victory was affirmed. The window for all 12 ends by November 17.
Roadblocks For A Spot Bitcoin ETF Approval
Scott Johnsson, a finance lawyer at Davis Polk, provided further clarity on the process. He explained that 19b-4 approvals do not need to happen on the same date in order to launch on the same date. However, there are two different approvals from inside the SEC needed for an ETF launch.
Johnsson agrees with Seyffart on this topic. According to him, even if an approval is granted soon, it could still take at least a month before any ETFs are actually launched.
Grayscale Starts Talks With SEC
In related news, Nate Geraci, President of the ETF Store, reported on progress between Grayscale and the SEC. “SEC has apparently opened talks w/ Grayscale on GBTC conversion. First sign of any progress since the court mandate.”
At press time, BTC was trading at $36,700 and has gained around 4% in the last 24 hours.
Hot Take: Crypto Market Watches Closely for Potential Spot Bitcoin ETF Approvals
The crypto market is closely watching the potential approval of spot Bitcoin ETFs as anticipation grows among investors. With a key window opening up and discussions taking place between Grayscale and the SEC regarding GBTC conversion, there is renewed hope that this could lead to significant developments in the coming weeks. As BTC continues to gain value amid this speculation, it’s clear that all eyes are on the latest updates from regulatory bodies and industry experts.
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