Between November 9 and November 17, there’s an eight-day period during which the SEC could potentially approve all 12 spot Bitcoin ETF applications, as suggested by Bloomberg ETF analysts James Seyffart and Eric Balchunas.
The U.S. Securities and Exchange Commission has the potential to greenlight all 12 pending spot Bitcoin ETF applications over the next eight days. Bloomberg ETF analysts James Seyffart and Eric Balchunas have pointed out that from November 9 in the United States, the SEC has an opportunity to approve all 12 spot Bitcoin ETF filings, including the conversion of Grayscale’s GBTC trust product, until November 17. However, it’s important to note that this is not a guaranteed outcome, but rather a possibility.
New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD
— James Seyffart (@JSeyff) November 8, 2023
Spot Bitcoin ETF Approval Window Opens Briefly
The U.S. Securities and Exchange Commission (SEC) has issued delay orders for several prominent ETF providers, including BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie, simultaneously. According to Bloomberg ETF analysts, James Seyffart, and Eric Balchunas, this marks the first available window, which began on November 9, for the potential approval of all 12 spot Bitcoin ETF filings, following Grayscale’s recent court victory affirmation.
The reason for this limited timeframe is tied to the SEC’s extension of the deadline for certain pending spot Bitcoin ETF applications, with November 8 serving as the final day for public comments. After November 17, the comment period for three filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, will reopen, delaying potential approvals or denials until at least November 23.
While the window for considering all 12 filings closes on November 17, Seyffart also noted that the SEC retains the option to make decisions on nine of the twelve applications at any time before January 10. Although the approval of a spot Bitcoin ETF remains uncertain, both Seyffart and Balchunas predict a 90% likelihood of approval by early next year, before January 10.
Nine of the pending spot Bitcoin ETF applications could technically be approved anytime before Jan. 10. Source: James Seyffart
Grayscale Engages SEC for GBTC Conversion Amid Bitcoin ETF Hope
Amid growing anticipation for the SEC’s decision on Bitcoin ETFs, crypto asset manager Grayscale is reportedly in discussions with the regulator regarding its application to transform its trust product GBTC into a spot Bitcoin ETF, as per a November 9 report from CoinDesk.
Sources with knowledge of the situation revealed that Grayscale has been in communication with both the SEC’s Division of Trading and Markets and the Division of Corporation Finance since winning a legal battle with the regulator on August 29.
The increased likelihood of a Bitcoin ETF approval has boosted optimism in the crypto market, with Bitcoin’s price surging over 30% in the last three months. This robust Bitcoin rally has also had a positive impact on other major assets. In the past month, Solana (SOL) experienced an impressive 93% growth, thanks to scaling enhancements, while Ripple (XRP) and Ether (ETH) saw gains of 36% and 20%, respectively.
While many industry insiders believe that an ETF approval could trigger the next bull market, some analysts remain skeptical about the sustainability of the rally.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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