Bitcoin ETF on the Horizon: SEC Likely to Decide by January 10th, 2024
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The possibility of the Securities and Exchange Commission (SEC) approving the eagerly anticipated spot Bitcoin exchange-traded fund (ETF) is a hot topic among experts.
Reasons Fueling Speculation
The price of Bitcoin has surged by 40% in anticipation of the U.S. Securities and Exchange Commission potentially approving Spot Bitcoin ETFs. However, the approval process is intricate, and analysts can only speculate about when the industry might receive a decision from the regulator.
The SEC had previously postponed its decision on the proposed ARK 21Shares Bitcoin ETF until at least January 10, 2024. Recent rumors suggest that the regulator may soon issue a statement addressing applications from asset managers such as BlackRock and Fidelity. These applications had faced delays in September, and the rebuttal period recently ended.
Earlier this year, hope for approval increased when judges ruled in August that the SEC needed to reevaluate Grayscale Investments’ bid for a spot Bitcoin ETF. Grayscale had sued the agency the previous year after its plan to convert its flagship GBTC fund was rejected. With a 115% increase in the last year, the price of Bitcoin has soared to $37,235.
Statements from Experts
While the SEC has approved exchange-traded funds (ETFs) based on futures, it has not yet approved a spot Bitcoin fund. The regulator’s comments were inconclusive.
The timing and decision-making process at the SEC remains uncertain, as noted by Indiana University finance expert Vivian Fang.
“It may wait until the final deadline, but I believe it will likely make a decision this year,” Fang stated. “This expectation appears to be reflected in recent cryptocurrency price movements, as the market anticipates near-term approvals for spot Bitcoin ETFs.”
Bloomberg Intelligence analysts James Seyffart and Eric Balchunas recently pointed out that there’s a significant chance of approvals starting to roll in by early January. There’s a window of opportunity open until November 17. They believe that even if approvals don’t come this month, there’s a 90% chance of approval by January 10.
The approval of a spot Bitcoin ETF by the SEC is eagerly awaited. While the outcome remains uncertain, experts believe there’s a strong possibility of approval shortly. It’s a time of anticipation and opportunity. Don’t miss out – take action now and stay tuned for updates.
Filed under: Bitcoin - @ November 11, 2023 5:06 am