Spot Bitcoin ETF Applicants Unfazed by SEC Comments
Applicants for the spot Bitcoin ETF applications are apparently not bothered with the United States Securities and Exchange Commission (SEC) issuing additional comments on their form S-1s. This clarification comes amid fears around the possibility of a delay in approval of ETFs before the January 10, 2024 deadline, owing to the receipt of additional comments just a few days before the expected date of approval.
“No Change Of Plans”
People who received the additional comments from SEC are not really worried about the latest development. More importantly, the applicants said that the agency had not conveyed any change of plans in this regard. Hence, it is fair to be confident of an ETF approval before the deadline, which is the last date until the SEC is allowed to take a decision on whether to approve or reject the Ark 21Shares spot Bitcoin ETF.
This comes in line with Bloomberg analyst James Seyffart’s prediction that the issuance of additional comments is not necessarily a move to delay the approval. The SEC had in the last few weeks held several meetings with applicants of the likes of Blackrock, Fidelity, and Grayscale over the operational aspects of the ETFs, particularly on its insistence on having the cash creates redemption model with all the applicants.
BTC Price To Breach $50,000?
The Bitcoin Price (BTC) breached the $47,000 mark on January 8, 2024, as traders and investors anticipate the spot ETF approval in next few days. Also, it remains to be seen if the SEC officials would give a green light to the launch of ETF trading immediately after approval. Hence, such an approval could likely trigger a fear of missing out (FOMO) sentiment among investors, leading to a BTC Price jump above $50,000, which could act as a key psychological support to prospective buyers.
Hot Take: Spot Bitcoin ETF Applicants Remain Optimistic Despite SEC Comments
Despite the United States Securities and Exchange Commission (SEC) issuing additional comments on their form S-1s, applicants for the spot Bitcoin ETF applications are not concerned. They believe that the agency has not indicated any change of plans and are confident that the ETF will be approved before the January 10, 2024 deadline. Bloomberg analyst James Seyffart also suggests that these comments do not necessarily indicate a delay in approval. The Bitcoin price has already surpassed $47,000 as investors anticipate the ETF approval, and it is possible that an approval could push the price above $50,000, triggering a fear of missing out sentiment among investors.
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