BitcoinBTCNews

Analysts Foresee Simultaneous Bitcoin ETF Approvals by SEC

2 Mins read

The long-awaited approval of a spot Bitcoin ETF (exchange-traded fund) draws nearer as issuers have overcome a significant obstacle this week.

ETF applicants and associated exchanges met the designated deadline, submitting the final versions of their 19b-4 filing on January 5. These documents outline proposed rule changes for the listing exchanges and has undergone requested amendments from the regulator.

Observers Predict Simultaneous Bitcoin ETF Approvals

Bloomberg analyst James Seyfarrt predicts that the SEC could approve all 11 pending Bitcoin ETF applications, including Grayscale, Ark 21Shares, Bitwise, VanEck, Wisdomtree, and Invesco. Other applicants include Franklin Templeton, Fidelity, Hashdex, Valkyrie, and BlackRock.

Still, he emphasized the applications of Pando and 7RCC arrived too late to be included in the initial wave of approvals.

“There’s three that have filed that i don’t have in this first wave or we think are completely out. Global X looks to have dropped out essentially. and then I think Pando and 7RCC were likely too late. Hashdex is very much still involved,” Seyfarrt added.

Seyfarrt also noted that this is “not a guarantee,” especially if certain firms remain unprepared by Day 1.

Bitcoin ETF Applicants
The Applicants For a Spot Bitcoin ETF. Source: Bloomberg

On the other hand, Bloomberg senior analyst Eric Balchunas anticipates approximately 8.5 launches on Day 1. The analyst cited the SEC’s probable inclination to approve as many applications simultaneously to ensure fair competition.

Meanwhile, some observers have flagged the possibility of the market getting “rugged” because of an 11th-hour letter against approval from Better Markets.

“If this ETF was a foregone conclusion, why would they go through the effort of putting this out last minute?,” Matt Ahlborg of Bitrefill wondered.

Better Markets is a nonprofit organization that promotes the public interest in financial reform, financial markets, and the economy. The organization is led by crypto skeptic Dennis M. Kelleher and enjoys the support of anti-crypto crusader Senator Elizabeth Warren.

Ongoing Preparations by Applicants

Amid mounting market anticipation, Bitcoin ETF applicants have remained proactive. Potential issuers Hashdex, Bitwise, and others have embarked on an advertising campaign to promote their ETFs.

Similarly, asset manager VanEck has concentrated efforts on engaging crypto enthusiasts for its ETF. Recently, the firm donated $10,000 to Bitcoin Core developers and further pledged 5% of its Bitcoin ETF profits to the group.

“We’re not Bitcoin tourists at VanEck. We’re in it for the long haul…[BTC Core developers] tireless dedication to decentralization and innovation is the cornerstone of the Bitcoin ecosystem, and we’re here to support it,” VanEck said.

The crypto community viewed this pledge as a positive gesture from VanEck, considering its earlier demonstration of support using the HODL ticker for the ETF.


Source

1409 posts

About author
Harry is a crypto enthusiast and experienced trader with a track record of success. With a deep understanding of blockchain technology, he has analyzed market trends and identified profitable opportunities, resulting in impressive returns. Harry 's expertise lies in developing effective trading strategies that leverage the potential of cryptocurrencies. Through his articles, guides, and educational resources, he shares his insights and knowledge, helping individuals make informed trading decisions. With a keen eye for market patterns, Harry has navigated the volatile crypto landscape with confidence. Stay tuned for valuable perspectives and expert advice from Harry as he contributes to the Ailtra platform.
Articles
Related posts
CryptoNews

Indonesia's presidential elections pose uncertainty for the thriving cryptocurrency industry

1 Mins read
Indonesia, has emerged as a formidable player in the global cryptocurrency space in recent years. However, the nation’s upcoming general elections in…
BNBCryptoNews

Understanding the Cryptocurrency Boom - Dogecoin Climbs Due to X Payment Integration, While Stellar and BNB Also Experience Growth

1 Mins read
The cryptocurrency market has been experiencing notable gains over the past few days. This is led by an unexpected and surprising spike…
CryptoNews

Crypto Entrepreneur Charged with Defrauding Investors Out Of $150 Million Through Marketing Scheme

1 Mins read
Federal prosecutors have charged a German businessman with securities fraud, wire fraud and money laundering for allegedly scamming over 150 investors out…

🚀 Ailtra Crypto Bot Earned $8.9M Million in 7 Months with 0% Loss!

🚀 Ailtra generated $7.4 in 7 months only!

Unlock 20-75% Monthly Returns & Get $100 FREE!

Meet Ailtra Bot! Launching on 31st March an AI Crypto Bot boasting 20%-75% monthly gains and $7.5M earnings in 7 months. 💸Secure a FREE $100 bonus and up to $20K potential via referrals every month. 🎉Only 1,000 spots are available in first phase – claim yours fast! 🔥

Ailtra.ai will not disclose your account information to any 3rd parties.