Spot Bitcoin ETF Imminent? SEC Approval Window Is Due To Open — Or Will It Just Get Punted?
By Benzinga
The window for approval of all pending Spot Bitcoin ETFs opens tomorrow and will last for at least eight days.
That's according to commentary from Bloomberg’s ETF analyst James Seyffart and BI Senior ETF analyst Eric Balchunas.
Even if approvals do not arrive this month, there is still a 90% probability of approval by Jan. 10, 2024, they said.
Read More: Bitcoin Tops $35,000; Toncoin Emerges As Top Gainer
Price Action: BTC prices have seen a surge of around 30% in the past 30-day trading session, taking the last year's gains to 95%.
We are less than a week away from Benzinga's Future Of Digital Assets Event in New York, scheduled on Nov.14. If the ETFs are approved, you surely do not want to miss the event to find out more about the impact on the crypto market and if not approved you still do not want to miss seeing what is in store in January.
While the SEC does not have any reasons for the potential rejection of the applications, JPMorgan notes that the commission would almost certainly face lawsuits if it were unable to approve the applications. Some policy experts slam the SEC stating that it is a clear authority violation.
The 12 Spot Bitcoin ETF applications are from: Grayscale, ARK 21Shares, BlackRock (NYSE:BLK), Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, Fidelity, Valkyrie, Global X, Hashdex, and Franklin Templeton.
BlackRock seems to have the highest traction from investors. With $8.5 trillion in assets under management, analysts assume that BlackRock approval could bring $200 billion to Bitcoin and push BTC price to $330,000.
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them.
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