- The SEC has an opportunity to approve all Bitcoin spot ETF applications in one fell swoop.
- Bloomberg analysts explain why the agency has good reason to give its nod.
Happy Thursday!
A new window of opportunity has opened for potential spot Bitcoin exchange-traded funds, analysts say.
Let’s dive into it.
Approving all applications
This is the first time that the Securities and Exchange Commission has the possibility of approving all 12 applications to launch Bitcoin spot ETFs at the same time since Grayscale’s court victory.
That’s according to Bloomberg Intelligence ETF analyst James Seyffart, who said on X on Wednesday that the window will end on November 17.
The SEC has a 90% chance of approving spot Bitcoin ETF applications before January 10, Seyffart said. “Nothing is guaranteed,” he added.
Seyffart added that the SEC could make a decision on ETF applications from Grayscale, ARK Invest, BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie at any time between now and January 10.
The deadline for applications from Hashdex and Franklin Templeton will hit on November 17, while the deadline for Global X’s filing is on November 21.
Seyffart and fellow Bloomberg Intelligence ETF analyst Eric Balchunas said in September that the SEC will likely try to approve all ETF applications at once to avoid giving the advantage to some of the products over others.
The crypto sector is eagerly awaiting the approval of spot Bitcoin ETFs, as the product will offer investors a convenient way to bet on the price of Bitcoin without needing to set up the necessary wallet infrastructure.
Bernstein said in an October report that the approval of a Bitcoin spot ETF will bring “legitimacy to liquid tokens” and make it “acceptable for institutional investors” to trade in these products.
Crypto market movers
- Bitcoin is up 6.2% in the last 24 hours, reaching $37,666.
- Ethereum rose by 2.3% in the same period, at $1,932.
- Chainlink and Solana are up 11% and 10%, respectively.
What we’re reading
- EU passes Data Act that critics fear may drive DeFi out of Europe — DL News
- Griffin Says Peace Dividend Over, High Inflation to Last Decades — Bloomberg
- How Misinformation On Hamas And Crypto Fooled Nearly 20% Of Congress — Forbes
Tom Carreras is a Markets Correspondent at DL News. Got a tip? Reach out at tcarreras@dlnews.com
