The SEC has a brief window on November 9 to potentially approve all 12 spot Bitcoin ETF applicants in the U.S. This opportunity will last at least eight days. The United States Securities and Exchange Commission (SEC) may approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications within this timeframe.
Bloomberg ETF analysts James Seyffart and Eric Balchunast believe there’s a 90% chance of spot Bitcoin ETF approvals by January 10.
Potential Window for SEC Approval of Bitcoin ETFs
In a recent report, Seyffart and Balchunas noted a potential window for the SEC to approve all 12 pending spot Bitcoin ETF filings, including Grayscale’s GBTC trust conversion, between November 9 and November 17.
Given the SEC’s recent extension of the deadline for several pending filings, this period was highlighted as a possibility, with November 8 being the last day of the comment period.
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
After November 17, the comment period for three filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, would restart. That means a decision on these filings would not be made until after November 23.
Although the window for accepting all 12 filings closes on November 17, Seyffart mentioned that the SEC could theoretically decide on nine of the twelve applications before January 10.
While this development could be positive and negative for Bitcoin enthusiasts, some individuals express contentment at the prospect of major Wall Street players holding significant amounts of their favored asset.
Grayscale in Talks with SEC
As the cryptocurrency community eagerly anticipates the SEC’s decision on Bitcoin ETFs, crypto asset manager Grayscale has reportedly engaged in discussions with the regulator regarding its application to convert its flagship trust product, GBTC, into a spot Bitcoin ETF.
Sources familiar with the matter suggest that Grayscale has been in contact with the SEC’s Division of Trading and Markets and the Division of Corporation Finance since winning its court battle with the regulator on August 29.
The increasing belief in the potential approval of a Bitcoin ETF has contributed to a surge in optimism within the crypto market. Over the past three months, Bitcoin’s price has risen by more than 30%, consequently driving up the valuations of other major assets in the crypto space.
Analysts have projected that introducing a spot Bitcoin ETF could draw between $50 billion and $100 billion in investments over the next five years. This influx of capital has the potential to bring about a substantial transformation in the market dynamics of the asset.