The United States’ securities regulator may approve spot Bitcoin ETFs in the coming days
The United States’ main securities regulator, the U.S. Securities and Exchange Commission (SEC), is expected to inform spot Bitcoin ETF applicants of approval in the coming days, according to a report by Reuters. This news comes after at least a dozen asset managers have expressed their intention to offer spot Bitcoin ETFs on various exchanges including Nasdaq, Cboe BZX, and NYSE Arca. The approval would require the fund or its partners to hold Bitcoin, thereby driving demand for the cryptocurrency.
SEC expected to inform applicants of ETF approval on Jan. 2 or Jan. 3
Reuters reported that the SEC could inform spot Bitcoin ETF applicants of their approval on either Tuesday, Jan. 2 or Wednesday, Jan. 3. This would give the applicants enough time to prepare for a planned launch on Jan. 10. The SEC must also decide on other pending applications simultaneously, including the application from Ark/21Shares. While the report did not specify which applicants are likely to receive approval, it did note that several firms submitted amendments in line with the deadline for changes.
Approval would give applicants time to prepare for Jan. 10 launch
If the spot Bitcoin ETF applicants receive approval from the SEC, they would have the necessary time to prepare for their planned launch on Jan. 10. This would involve ensuring that the fund or its partners have sufficient holdings of Bitcoin to fulfill the ETF’s requirements. The approval would be a significant step in the direction of mainstream acceptance for cryptocurrency and could pave the way for more Bitcoin ETFs in the future.
At least a dozen asset managers plan to offer spot Bitcoin ETFs
At least a dozen asset managers have expressed their intention to launch spot Bitcoin ETFs on various exchanges. This includes well-known firms such as BlackRock, VanEck, Valkyrie, Bitwise, Invesco, Fidelity, and WisdomTree. The introduction of spot Bitcoin ETFs would provide investors with an opportunity to invest in Bitcoin through traditional financial markets, potentially attracting more institutional players to the cryptocurrency space.
Slew of amendments submitted by firms ahead of deadline
Ahead of the deadline, several firms submitted amendments to their applications in order to comply with the SEC’s requirements. These firms include BlackRock, VanEck, Valkyrie, Bitwise, Invesco, Fidelity, and WisdomTree, as well as Ark Invest and Grayscale. The amendments are part of ongoing engagement between the SEC and asset managers, which have been discussing various aspects such as cash creations and redemptions, surveillance-sharing agreements, and the prevention of market manipulation.
Analyst comment
Positive news: The United States’ securities regulator is expected to approve spot Bitcoin ETFs. This would drive demand for Bitcoin and pave the way for more ETFs in the future. The approval would also provide investors with an opportunity to invest in Bitcoin through traditional financial markets.
As an analyst, I predict that the market will experience increased interest and demand for Bitcoin, leading to a potential surge in its price. This could attract more institutional players to the cryptocurrency space and further legitimize Bitcoin as a mainstream investment option.
