ARK 21Shares Spot Bitcoin ETF Could Be Approved Next Year
Bloomberg ETF analysts James Seyffart and Eric Balchunas have made predictions regarding the approval of the ARK 21Shares Spot Bitcoin ETF by the US Securities and Exchange Commission (SEC). Seyffart stated on his X platform that there is a 90% chance of approval by the SEC’s January 10 deadline. The analysts based their prediction on recent amendments made to the fund’s prospectus, which they believe indicate an imminent approval. Earlier predictions by the analysts suggested a 75% chance of approval this year, increasing to 95% by the end of next year if not approved sooner.
Other Applicants Expected to Update Their Applications
Eric Balchunas noted that Invesco Galaxy has also amended its Spot Bitcoin ETF prospectus following ARK 21Shares’ amendment. He anticipates that other applicants will update their applications as well, suggesting that all applications could be approved simultaneously, similar to what happened with Ethereum futures ETFs.
Grayscale’s Application Under Review Again
Following Grayscale’s unsuccessful appeal to convert its GBTC fund into a Spot Bitcoin ETF, the appeals court is expected to issue a mandate outlining how the SEC should review the application again. Dialogue between Grayscale and the SEC is set to begin next week, but it remains uncertain when or if these applications will be approved, given that the SEC has delayed its decision until next year.
Positive Reaction from Bitcoin
The news of the SEC’s decision not to file an appeal has had a positive impact on Bitcoin, which is currently trading at around $26,849.76, reflecting an increase in value over the past twenty-four hours.
Hot Take: Approval Predictions for ARK 21Shares Spot Bitcoin ETF
Based on recent amendments to the prospectus and the likelihood of other applicants updating their applications, analysts predict a high chance of approval for the ARK 21Shares Spot Bitcoin ETF by the SEC. This could happen as early as next year. The positive reaction from Bitcoin reflects market optimism about the potential approval. However, it remains uncertain when exactly the SEC will make its decision, given the delay until next year. As the dialogue between Grayscale and the SEC begins, further developments are expected in the coming weeks.
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