The United States Securities and Exchange Commission (SEC) has a brief window, starting November 9, to potentially approve the 12 U.S. Bitcoin spot ETF applications.
This opportunity will extend for at least eight days, and Bloomberg ETF analysts James Seyffart and Eric Balchunast believe in a 90% chance of approval for these ETFs by January 10.
In a recent report, Seyffart and Balchunas highlighted a possible window for the SEC to approve the 12 requests, including the conversion of Grayscale’s GBTC trust, between November 9th and 17th.
Given the SEC’s recent extension of the deadline for several pending applications, this period was highlighted as a possibility, with November 8 being the last day of the comment period.
After November 17, the comment period for three applications including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF would restart. This means that a decision on these requests would only be made after November 23rd.
Although the window to accept all 12 requests closes on November 17, Seyffart mentioned that the SEC could theoretically rule on 9 of the 12 requests before January 10.
This possibility is viewed with optimism by some Bitcoin enthusiasts and analysts express satisfaction with the prospect of large Wall Street players holding significant amounts of this asset.
As the cryptocurrency community anxiously awaits the SEC’s decision on Bitcoin ETFs, crypto asset manager Grayscale has reportedly begun discussions with the regulator over its request to convert its flagship trust product, GBTC, into a Bitcoin spot ETF.
Sources familiar with the matter suggest that Grayscale has been in contact with the SEC’s Division of Trading and Markets and Division of Corporate Finance since its August 29 court battle victory.
Growing belief in the potential approval of a Bitcoin ETF has contributed to a rise in optimism in the cryptocurrency market. Over the past three months, the price of Bitcoin has risen more than 30%, boosting valuations of other major assets in the cryptocurrency sector.
Analysts project that the introduction of a Bitcoin spot ETF could attract between $50 billion and $100 billion in investments over the next five years. This influx of capital has the potential to cause a substantial transformation in the market dynamics of this asset.