Anticipation for SEC Decision on Spot Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is set to make a decision on several spot bitcoin exchange-traded funds (ETFs) early next week. Analysts are predicting that the SEC may approve multiple applications at once. The joint proposal by Cathie Wood’s Ark Invest and 21shares is expected to be decided on by January 10.
Blackrock Expects Approval for Ishares Bitcoin Trust
While some believe a decision could come on Monday, Blackrock, the world’s largest asset manager, reportedly expects its spot bitcoin ETF, the Ishares Bitcoin Trust, to be approved on Wednesday. Blackrock has prepared over $2 billion in capital for the launch of the trust. Authorized participants for the fund include Jane Street and JPMorgan.
11 Spot Bitcoin ETFs Vying for Approval
Currently, there are 11 spot bitcoin ETFs in the running for approval. Proposals for all of them were submitted to the SEC on Friday. Once these proposals are green-lit and the issuers complete their filings, the approved ETFs can begin trading. The other applicants include Grayscale Bitcoin Trust, Ark 21shares Bitcoin ETF, Bitwise Bitcoin Trust, Vaneck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF.
Last-Minute Efforts to Reject Spot Bitcoin ETFs
There have been last-minute efforts to persuade the SEC to reject spot bitcoin ETFs. However, many experts remain confident that the SEC will approve them. The long-term impact of spot bitcoin ETFs is often overlooked by investors, according to Vaneck’s digital assets director. Despite warnings of financial harm, the approval of these ETFs is expected.
Hot Take: SEC Approval of Ishares Bitcoin Trust Expected This Week
Blackrock’s spot bitcoin ETF, the Ishares Bitcoin Trust, is anticipated to receive approval from the SEC this week. With over $2 billion in capital lined up for its launch, this development could have significant implications for the crypto market. While there are concerns and opposition, the prevailing belief among experts is that the SEC will give the green light to spot bitcoin ETFs. This approval could pave the way for increased institutional adoption and investment in cryptocurrencies.
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