US Bitcoin ETF Approvals Delayed, Clear Runway for Simultaneous Approvals
According to ETF analysts, the delay in the approval of Franklin Templeton and Hashdex ETFs has provided a “clear runway” for potential simultaneous approvals of Bitcoin (BTC) spot exchange-traded funds (ETFs) in the United States. The Securities and Exchange Commission (SEC) postponed its decision on the applications earlier than the original deadline of Jan. 1, 2024. The SEC has requested comments on forms by Templeton and Hashdex, which are necessary for the ETFs to be listed and start trading. The comment period will last 35 days. Analysts predict that there is a high chance of spot Bitcoin ETF approvals by Jan. 10, 2024.
Probability of March 2024 Approval Increases
A commercial litigator, Joe Carlasare, believes that the delays in approval increase the probability of a March 2024 approval. The comment period for Franklin’s ETF bid has been extended until Jan. 3, 2024, and the SEC typically takes up to three weeks to review comments. Carlasare thinks that this increases the likelihood of a March approval, although January is still considered the favorite.
Franklin Submits Updated Form S-1 for ETF
Franklin also submitted an updated Form S-1 for its ETF on Nov. 28 after being highlighted as the only bidder yet to submit an updated prospectus. Analysts noted that it might be unfair if Franklin is allowed to launch its ETF on the same day as other providers despite submitting the form months later.
Multiple Bitcoin ETF Applications Before SEC
The SEC currently has 12 spot Bitcoin ETFs under consideration, including bids from Grayscale and BlackRock. Most of these applications have final decision dates in March, except for ARK Invest’s bid, which the SEC must approve or deny by Jan. 10, 2024.
Hot Take: Potential Simultaneous Approvals for US Bitcoin ETFs
The delay in the approval of Franklin Templeton and Hashdex ETFs in the United States has created a “clear runway” for potential simultaneous approvals of Bitcoin spot ETFs. Analysts predict a high chance of approvals by Jan. 10, 2024, and the delays only further support this expectation. However, there is also a possibility of a March 2024 approval due to the extended comment period for Franklin’s ETF bid. With multiple ETF applications before the SEC, including bids from major players like Grayscale and BlackRock, the cryptocurrency community eagerly awaits the decision on these groundbreaking investment products.
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