What Are Chances Of Bitcoin ETF Approval Before January 6, 2024?

Considering the time frame followed by the U.S. Securities and Exchange Commission (SEC) officials around previous exchange traded funds (ETF) approvals, it is expected that the first ever spot Bitcoin ETF in the United States could be approved by the January 10, 2024 deadline. Will the Bitcoin (BTC) price soar further in the lead up to the deadline?

Also Read: BTC Price On Verge Of Touching $50K Ahead Of Bitcoin ETF Approval?

US SEC’s Form S-1 Review

According to Fox Business journalist Eleanor Terrett, the US SEC is yet to review the changes made to the form S-1s filed before December 29, 2023 deadline. Earlier, CoinGape reported that the agency marked the deadline before which the filers could make final changes to their applications. Following the review, the SEC officials should make comments on the form S-1s. BlackRock, Invesco, Valkyrie, VanEck, Wisdomtree, Fidelity, and ARK 21Shares are among the companies in fray for the spot Bitcoin ETF approval.

Hence, the review of form S-1s could likely take until early next week, which is from January 8, 2024, considering the SEC’s approval timeline followed when it approved the ETH futures in October 2023. Adding to this, Terrett said that the SEC staff had been off from December 29, 2023. Overall, the ETF approval is likely to happen on Tuesday or Wednesday, which is January 9 or 10, 2024.

Early Approval Ruled Out?

Therefore, the possibility of a Bitcoin ETF approval could be unlikely before January 6, 2024. Meanwhile, the Bitcoin BTC Price took a refreshing jump entering the new year, with a nearly 5% jump compared to 24 hours ago.

On the other side, crypto stocks MicroStrategy Stock Price (MSTR) and Coinbase Stock Price (COIN) gained significant value in the last few months, amid much hype around the spot Bitcoin ETF approval by the US SEC.

Also Read: Bitcoin (BTC) Halving: Here are 5 Potential Cycles to Watch