Odds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%: Bloomberg
Bloomberg ETF analysts have raised the odds of approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) to 90%. It follows after Ark Invest and 21Shares updated its spot Bitcoin ETF prospectus requested by the U.S. SEC. Meanwhile, the SEC chooses to not proceed with an appeal to the court ruling allowing Grayscale to convert its GBTC product to a spot Bitcoin exchange traded fund.
Bloomberg Analysts Raise Odds Of Spot Bitcoin ETF To 90%
Bloomberg’s analysts Eric Balchunas and James Seyffart have raised the chances of spot Bitcoin ETF approval to 90%. The move comes after Ark Invest and 21Shares updated the Bitcoin ETF prospectus at the request of the U.S. SEC.
The analysts expect a spot Bitcoin ETF approval by the SEC by January 10. The recent update to applications indicates constructive conservation with the SEC. Ark Invest added five additional pages in the application about risk disclosures, new language, and further context.
“This back-and-forth between the SEC and fund sponsors is standard practice for new launches but a first for spot Bitcoin ETF applications, indicating that the SEC is working to approve Ark’s proposal.”
Bloomberg senior ETF analyst Eric Balchunas also tweeted that following ARK Invest’s response to SEC comments, Invesco Galaxy has now updated its spot Bitcoin ETF prospectus. Other applicants are expected to update their documents soon.
Also Read: Hong Kong’s HKVAC Adds XRP, Hedera, Maker And Quant In Crypto Indexes
SEC Chooses Not to Appeal Grayscale Ruling
The US SEC decided not to appeal against the court ruling on Grayscale. James Seffart also noted that the approval by the SEC can come earlier if the deadline for the Grayscale lawsuit to convert GBTC to spot Bitcoin comes this year. Analysts believe the SEC Division of Trading & Markets is cornered, the courts and the other issuers are pressurizing the SEC to approve a spot Bitcoin ETF.
Grayscale has also submitted an application for Ether ETF. The odds of Ether ETF approval are higher. In fact, ProShares is launching a short Ethereum futures ETF (Short ETH Strategy ETF) next week. Trading will begin on October 16 with the stock code SETH.
Also Read: SOL Price Shoots Over 4% As Solana Foundation Offers $400,000 Bounty
- Will Bitcoin Rally as JPMorgan Tips Fed To End QT at FOMC Meeting?
- White House Crypto Czar Backs Michael Selig as ‘Excellent Choice’ To Lead CFTC
- Ripple Explores New XRP Use Cases as Brad Garlinghouse Reaffirms Token’s ‘Central’ Role
- Kyrgyzstan Adds Binance Coin (BNB) to National Crypto Reserve, CZ Confirms
- Ripple-Backed Evernorth Grows XRP Treasury to $1B Ahead of Nasdaq Listing
- Analyst Eyes Key Support Retest Before a Rebound for Ethereum Price Amid $93M ETF Outflows and BlackRock Dump
- Bitcoin Price Eyes $120K Ahead of FED’s 98.3% Likelihood to Cut Rates
- PEPE Coin Price Prediction as Weekly Outflows Hit $17M – Is Rebound Ahead?
- HBAR Price Targets 50% Jump as Hedera Unleashes Massive Staking Move
- Chainlink Price Outlook: Analyst Predicts $100 as Reserve Adds 63K LINK
- SUI Price Prediction as TVL and Monthly DEX Volume Hit All-Time Highs- What’s Next?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
