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SEC’s Potential Green Light: Historic Chance for Approval of 12 Bitcoin ETFs in 8-Day Window

Bloomberg Analysts Predict a 90% Chance of Approval Before Jan. 10 Amidst Crypto Market Optimism"

by Alexander
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In a pivotal move, the United States Securities and Exchange Commission (SEC) may greenlight all 12 pending spot Bitcoin exchange-traded fund (ETF) applications within the next eight days. Bloomberg ETF analysts James Seyffart and Eric Balchunas highlight a unique opportunity for approval, starting from November 9 and extending until November 17.

The SEC’s decision window arises from the extension of the deadline for several spot Bitcoin ETF filings, culminating in November 8 as the last day for comments. Notably, this brief period could mark a groundbreaking moment for the crypto space, including Grayscale’s potential conversion of its GBTC trust product.

In a post on X (formerly Twitter), Seyffart revealed that the SEC issued delay orders simultaneously for major players such as BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie. This strategic move aligns with the belief that the SEC might usher in all 12 filers to launch, following Grayscale’s recent court victory.

Nine of the pending spot Bitcoin ETF applications could technically be approved anytime before Jan. 10. Source: James Seyffart

The looming decision could have a significant impact on the market, with Grayscale reportedly engaging in discussions with the SEC about converting its trust product GBTC into a spot Bitcoin ETF. Sources familiar with the matter suggest ongoing dialogue between Grayscale and the SEC’s Division of Trading and Markets, as well as the Division of Corporation Finance.

Crypto enthusiasts are optimistic about the potential approval’s ripple effect on the market. Over the last three months, Bitcoin has surged by over 30%, propelling other major assets like Solana (SOL), Ripple (XRP), and Ether (ETH) to notable gains. While some foresee the approval sparking the next bull market, skeptics question the rally’s sustainability.

As the crypto community eagerly anticipates the SEC’s decision, the market remains on the edge, with potential approval seen as a catalyst for further growth. Analysts Seyffart and Balchunas project a 90% chance of approval before January 10, 2024, injecting a sense of optimism into the evolving landscape of cryptocurrency investments.

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