Sources: SEC Could Approve Spot Bitcoin ETFs Soon
According to sources within the US Securities and Exchange Commission (SEC), the agency may start notifying spot Bitcoin exchange-traded fund (ETF) applicants of their approvals by Friday. Grayscale Investments and Fidelity Investments have recently filed an 8A securities registration form, generating excitement in the market.
Analyst James Seyffart predicts that successful applicants will be ready to launch their ETFs within days, contrary to previous expectations of weeks. The approval dates are set from Jan. 8 – Jan. 10, 2023, marking almost ten years since the first attempt at a Bitcoin ETF.
Grayscale SEC Filing Creates Hype
The recent filings discussing authorized partners and securities registration have sparked excitement around the approval process. Bloomberg analyst Eric Balchunas expects companies to rush to name authorized partners ahead of the deadline. However, Seyffart clarifies that Grayscale and Fidelity’s 8A filing is not a sign of approval but rather part of the ETF listing process.
Grayscale’s efforts are notable due to its pioneering role in bringing Bitcoin to institutional investors through its Bitcoin Trust. Grayscale CEO Michael Sonnenshein supports multiple ETF approvals at once to ensure a level playing field.
Industry Considers Impact of Bitcoin Spot ETFs
The approaching deadline for spot Bitcoin ETF applications has elicited various responses from market players. If the SEC rejects these applications, investment adviser Nate Geraci believes lawsuits may follow. Simeon Hyman of ProShares argues that the futures market is well-regulated and not threatened by a spot ETF.
Brian Kelly, Founder & CEO of BKCM LLC, predicts an inevitable selloff after the ETF frenzy reaches its peak. However, he sees it as a buying opportunity for those who have not yet invested in Bitcoin.
Hot Take: Anticipation Builds as SEC Approvals Draw Near
The anticipation surrounding the potential approval of spot Bitcoin ETFs by the SEC is growing. With sources suggesting that notifications could be sent out soon, excitement is building in the crypto market. The filings by Grayscale and Fidelity have added fuel to the hype, as companies prepare for the possibility of launching their ETFs within days of receiving approval.
Market players are closely watching the developments, considering the impact of Bitcoin spot ETFs on the industry. While some believe that lawsuits may follow if applications are rejected, others argue that the futures market is well-regulated and not threatened by spot ETFs.
As the deadline approaches, it remains to be seen how the SEC will respond to these applications and whether multiple ETFs will be approved simultaneously. Regardless of the outcome, the crypto community eagerly awaits a decision that could have a significant impact on the future of Bitcoin investment.
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