Spot Bitcoin ETF Approval on the Horizon?
Nate Geraci, President of the ETF Store and host of the ETF Prime podcast, has pointed out an important opportunity for the US Securities and Exchange Commission (SEC) to approve spot Bitcoin Exchange-Traded Funds (ETFs). According to Bloomberg analyst James Seyffart, there is a brief window available for the SEC to issue 19b-4 approval orders for a group of spot Bitcoin ETFs until Friday, November 17.
Geraci explained that this limited time frame is crucial because it comes before newer filings from issuers like Hashdex, Franklin Templeton, and Global X enter a public comment period starting on November 17. This would exclude them from immediate batch approval.
He clarified that while 19b-4 approval orders are procedural steps allowing ETFs to list and trade, the SEC’s approval of each issuer’s registration statement is more significant for the actual launch of these ETFs.
Government Shutdown Adds Intrigue
The possibility of a government shutdown later in the week adds another layer of intrigue around a potential approval of spot Bitcoin ETFs this week.
Alessandro Ottaviani provided additional context, noting critical dates in the SEC’s decision-making process. If the SEC decides to delay these filings, January 10, 2024 would become the next significant deadline for Ark Invest’s spot Bitcoin ETF application.
Hot Take: Uncertain Timing for Spot Bitcoin ETF Approval
The window is now open for the SEC to issue 19b-4 approval orders for spot Bitcoin ETFs until Friday, November 17. However, with newer filings by other issuers entering a public comment period after this date, uncertainty surrounds the timing of any potential batch approval. The possibility of a government shutdown further complicates matters. Therefore, while there is a narrow opportunity for approval this week, it remains unclear if spot Bitcoin ETFs will receive SEC approval in the immediate future.
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