Spot Bitcoin ETF Issuers Meet with SEC
Several potential issuers, including BlackRock, Valkyrie, ARK 21Shares, Franklin Templeton, Fidelity, VanEck, and Grayscale, met with the SEC to discuss their spot Bitcoin ETFs. These meetings have raised hopes that harmonized approvals may be on the horizon.
SEC Holds Calls with Filers
The United States Securities and Exchange (SEC) engaged in calls with spot Bitcoin ETF filers. The discussions involved staff from the SEC’s divisions of corporation finance, trading, and market. This news was initially reported by Fox Business.
Potential Focus on Redemption Models
The conversations between the companies and the SEC are believed to have centered around redemption models. The SEC is reportedly leaning towards cash creations rather than an in-kind structure for Bitcoin ETFs.
SEC Approval Predicted
While the SEC has not confirmed its decision yet, experts predict a 90% chance of approval for the spot Bitcoin ETF applications. This deviation from the SEC’s usual pattern of delaying decisions and issuing denials without much feedback has fueled optimism among market participants.
Grayscale’s Court Win
The recent court victory of Grayscale against the SEC has added to the hype surrounding Bitcoin ETFs. However, experts caution that the SEC may still refuse Grayscale’s application despite the legal win.
Potential Market Impact
If any of the 13 spot Bitcoin ETF applications are approved by the SEC, it could have a significant impact on the market. MicroStrategy CEO Michael Saylor believes it could be the most significant development on Wall Street in the last 30 years. However, some experts argue that the hype around Bitcoin ETFs may be overstated.
Hot Take: The Future of Bitcoin ETFs
The meetings between potential spot Bitcoin ETF issuers and the SEC have raised hopes for harmonized approvals. With a predicted 90% chance of approval and the recent court win by Grayscale, the stage is set for the SEC to make a historic decision. If approved, Bitcoin ETFs could have a major impact on the market and be a game-changer for Wall Street. However, there are still uncertainties, and some experts believe that the hype surrounding Bitcoin ETFs may be exaggerated. Only time will tell how this story unfolds.
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