Spot Bitcoin ETF Approval Date
On Friday, January 5, 2024, stock exchanges, investment management firms, and the U.S. Securities and Exchange Commission (SEC) engaged in discussions regarding final wording changes on filings for Spot Bitcoin Exchange-traded Funds (ETFs). Sources familiar with the matter indicate that this development might pave the way for U.S. approval of Spot Bitcoin ETFs as early as next week.
Amendments to Filings
During these discussions, issuers conferred with SEC officials on the S-1 prospectus documents, mandatory for Spot Bitcoin ETF approval. Multiple issuers anticipate receiving final approval of S-1 filings by late Tuesday or Wednesday. The SEC asked for a few alterations in the filings, which were labeled as “minor” changes by three issues. Certain asset managers are expected to amend their filings by 8 a.m. ET on Monday, January 8.
Spot Bitcoin ETF Launch Deadlines
The Spot Bitcoin ETF approval deadlines include:
- January 10 for Ark Invest and 21Shares.
- March 14-15 for BlackRock, Fidelity, VanEck, Bitwise, Wisdomtree, and Invesco & Galaxy.
- March 19 for Valkyrie.
- April 19 for Global X.
- May 30 for Hashdex and Franklin Templeton Investments.
- August 8 for Pando.
- The deadline for Grayscale’s proposal has passed and the organization is in direct talks with the SEC.
CPI And PPI Reports Release Next Week
The U.S. Bureau of Labor Statistics will release the December 2023 CPI Report at 8:30 a.m. ET on January 11, 2024. According to Cleveland Fed’s nowcast data, headline CPI is estimated to rise 0.3% month-on-month. A relatively high December reading might slightly postpone anticipated interest rate cuts in 2024.
On January 12, the PPI report would be released. With the next week’s outcomes, investors are turning their attention to the Federal Committee’s upcoming meeting on January 31. Recent December monetary policy meeting minutes suggest the Fed is increasingly comfortable with controlled inflation.
Impact on Crypto Market
An increase in Fed rates encourages institutional and individual investors to consider more secure assets. This could be a drawback for the crypto market as digital currencies are highly volatile and fail to provide a sense of security. Earlier, after three consecutive Fed rate hikes in 2021 and 2022, the crypto market experienced a massive crash.
Hot Take: Potential Approval of Spot Bitcoin ETFs Sparks Optimism
The potential approval of Spot Bitcoin ETFs as early as next week has sparked optimism among investors and crypto enthusiasts. This development could open up new opportunities for investors to access Bitcoin through regulated financial products. If approved, Spot Bitcoin ETFs would provide an alternative way to invest in Bitcoin without directly owning the cryptocurrency.
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