As the deadline for the United States Securities and Exchange Commission (SEC) to approve Bitcoin spot ETF (exchange-traded fund) approaches, approximately a dozen applicants have submitted 19b-4 amendment documents. This latest development involves 11 asset management firms, including BlackRock, Grayscale, Valkyrie, ARK 21shares, Hashdex, Biteise, Invesco Galaxy, Fidelity, VanEck, WisdomTree, and Franklin Templeton.
These submissions are a crucial step in the SEC approval process for an exchange-traded fund. However, the final S-1 filings still need to be completed and approved before exchanges in the United States can start listing crypto ETF products.
Bloomberg analyst Eric Balchunas has suggested that the Bitcoin spot ETF will receive the SEC’s approval next week. According to Balchunas, the approval process for the investment vehicle is essentially complete, with the final S-1 filings due next Monday, January 8. James Seyffart, another Bloomberg analyst, also expressed optimism about the SEC approving a Bitcoin spot ETF by next week.
Despite the positive outlook from these experts, US financial advisors are less confident about the SEC authorizing the product this year. A recent Bitwise survey revealed that only 39% of advisors believe that spot BTC ETF will be approved in 2024.
There is a belief that the approval of a Bitcoin spot ETF will lead to increased demand for and institutional inflow into the premier cryptocurrency. BlackRock, the world’s largest asset manager, appears to be at the forefront of this movement. Matthew Sigel, VanEck’s head of digital assets research, has stated that BlackRock has $2 billion of capital lined up from existing Bitcoin holders who wish to “rotate” into Bitcoin spot ETFs in the first week. Balchunas noted that if this is true, the $2 billion would set a new record for first day/week volume for an ETF.
At the time of writing, Bitcoin is valued at $43,800, reflecting a 0.3% change in the past day. The price of Bitcoin is looking to break above $44,000 on the daily timeframe.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Eric Balchunas, Matthew Sigel, James Seyffart |
| Companies | Invesco Galaxy, WisdomTree, Valkyrie, Shutterstock, BlackRock, Bitwise, VanEck, Hashdex, Grayscale, United States Securities and Exchange Commission, TradingView, Franklin Templeton, Fidelity, Biteise, ARK 21shares |
| Currencies | Bitcoin |
| Securities | None |
