A recent victory by Grayscale against the federal securities regulator has raised the probability of an approved spot Bitcoin exchange-traded fund (ETF) by the end of 2023, according to Bloomberg analysts. Eric Balchunas, a senior ETF analyst at Bloomberg, said the chances have risen to 75% from an earlier 65%. James Seyffart and Elliot Stein, Bloomberg analysts, added that the United States Court of Appeals Circuit reached its decision unanimously and decisively, making it difficult for the SEC to justify further denials. Seyffart added that spot Bitcoin ETF approvals will likely be a “done deal” by Q4 2024, estimating the approval odds to have now skyrocketed to 95%. Balchunas said that a denial by the SEC will be “politically untennable”. Over the next five days, seven Bitcoin spot ETF applications are due for a “first deadline” decision by the SEC, including Bitwise, BlackRock, VanEck, Fidelity, Invesco, Wisdomtree and Valkyrie. Balchunas said he “wouldn’t be surprised” if the SEC delays these upcoming Bitcoin spot ETF applications. However, the most likely outcome is that the SEC will approve the Bitcoin spot ETFs in one hit.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	8
People	Elliot Stein, SEC, Eric Balchunas, James Seyffart, VanEck.
Companies	BlackRock, United States Court of Appeals Circuit, VanEck, Grayscale, SEC, Bitwise, Invesco, Wisdomtree, Valkyrie., Fidelity
Currencies	Ethereum, Bitcoin
Securities	None