Will the SEC Approve a Dozen Outstanding Spot Bitcoin ETFs in Less Than a Week?

Will the SEC Approve a Dozen Outstanding Spot Bitcoin ETFs in Less Than a Week?

The SEC has a brief window to potentially approve all 12 spot Bitcoin ETF applicants in the U.S. The United States Securities and Exchange Commission (SEC) may approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications within this timeframe. Bloomberg ETF analysts James Seyffart and Eric Balchunast believe there’s a 90% chance of spot Bitcoin ETF approvals by January 10.

Potential Window for SEC Approval of Bitcoin ETFs

In a recent report, Seyffart and Balchunas noted a potential window for the SEC to approve all 12 pending spot Bitcoin ETF filings, including Grayscale’s GBTC trust conversion, between November 9 and November 17. Given the SEC’s recent extension of the deadline for several pending filings, this period was highlighted as a possibility, with November 8 being the last day of the comment period.

After November 17, the comment period for three filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, would restart. That means a decision on these filings would not be made until after November 23. Although the window for accepting all 12 filings closes on November 17, Seyffart mentioned that the SEC could theoretically decide on nine of the twelve applications before January 10.

While this development could be positive and negative for Bitcoin enthusiasts, some individuals express contentment at the prospect of major Wall Street players holding significant amounts of their favored asset.

Grayscale in Talks with SEC

As the cryptocurrency community eagerly anticipates the SEC’s decision on Bitcoin ETFs, crypto asset manager Grayscale has reportedly engaged in discussions with the regulator regarding its application to convert its flagship trust product, GBTC, into a spot Bitcoin ETF. Sources familiar with the matter suggest that Grayscale has been in contact with the SEC’s Division of Trading and Markets and the Division of Corporation Finance since winning its court battle with the regulator on August 29.

The increasing belief in the potential approval of a Bitcoin ETF has contributed to a surge in optimism within the crypto market. Over the past three months, Bitcoin’s price has risen by more than 30%, consequently driving up the valuations of other major assets in the crypto space. Analysts have projected that introducing a spot Bitcoin ETF could draw between $50 billion and $100 billion in investments over the next five years. This influx of capital has the potential to bring about a substantial transformation in the market dynamics of the asset.

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The potential approval of all pending spot Bitcoin ETF applications by January 10 could significantly impact investor sentiment and drive substantial growth in capital inflow into cryptocurrencies.

Author – Contributor at | Website

Owen Patter is a distinguished crypto analyst, accomplished researcher, and skilled editor, leaving a notable imprint on the cryptocurrency landscape. As a proficient crypto analyst and researcher, Owen delves into the intricate realms of digital assets, offering insights that resonate with a diverse audience. His analytical acuity is harmoniously paired with adept editorial skills, allowing him to transform complex crypto information into easily comprehensible content.

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