2023-11-10 13:19 |
Bitcoin has hit yet another 2023 high, touching $36,700 at press time. This comes as analysts theorize that there’s an eight-day window between November 9 and November 17 where the U.S. Securities and Exchange Commission could greenlight all 12 pending spot Bitcoin exchange-traded fund (ETF) applications.
Bitcoin ETF Approval WindowIn their latest research note, Bloomberg ETF strategists James Seyffart and Eric Balchunas indicated that starting from November 9 in the United States, the Securities and Exchange Commission has a short “window” to authorize spot Bitcoin ETF trading. Within this period, we could see the listing of BlackRock iShares Spot Bitcoin ETF and the conversion of the Grayscale Bitcoin Trust, according to ETF analysts.
They argue that when the SEC extended the deadline for pending ETF filings, it picked November 8 as the last day for rebuttal comments. It’s also possible that the regulator could give the nod to several between now and November 17 but requires all the ETFs to commence trading on the same day.
“Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie at the same time,” Seyffart said in a post on X (formerly known as Twitter). “If the agency wants to allow all 12 filers to launch — as we believe — this is the first available window since Grayscale’s court victory was affirmed.”
Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie at the same time. If the agency wants to allow all 12 filers to launch — as we believe — this is the first available window since Grayscale's court victory was affirmed pic.twitter.com/v5GkbP5IUj
— James Seyffart (@JSeyff) November 8, 2023Seyffart added that this window for accepting all the 12 ETFs ends by November 17. However, the SEC could technically decide on the first nine filings anytime before Jan 10, 2024.
The Bloomberg analyst then pointed out the importance of completing two vital steps before any pending spot Bitcoin ETF can begin trading. Even if the SEC allows a rule change that would authorize an ETF to trade, that’s completely different from greenlighting a fund’s registration statement.
What Scott said: There are TWO paths that need to be completed for an ETF launch. Even if 19b-4 is approved, S-1s still need sign off from division of Corp Fin. No sign that's done yet. Possible and even likely that there could be weeks or even months between approval & launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
— James Seyffart (@JSeyff) November 8, 2023While it could be months before a Bitcoin ETF is launched, the ongoing price rally proves investors are highly optimistic about it. BTC is up around 30% in the last month, buoyed by the growing investor confidence due to hype that the much-anticipated approval of a spot Bitcoin ETF is on the horizon.
SEC Has Opened Talks With GrayscaleAs the crypto community enthusiastically awaits the decision from the SEC, the regulator is reportedly actively discussing with Grayscale Investments regarding the firm’s bid to transform its flagship fund into a spot Bitcoin ETF.
As per an individual familiar with the matter, Grayscale has been in contact with the SEC’s Division of Trading and Markets and the Division of Corporation Finance since winning its legal fight with the Wall Street top financial cop back in August.
Notably, potential spot Bitcoin ETFs aren’t just about leading the BTC price to rocket. Blockchain analytics firm CryptoQuant predicts that $155 billion will flow into the Bitcoin market cap should the ETFs be greenlighted, which could cause a substantial shift in the top crypto’s market dynamics.
BTC was changing hands at $36,700 at publication time, a 4% gain in the last 24 hours.
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