Bloomberg Analyst Gives Date for Critical Bitcoin Development!

Bloomberg analysts Eric Balchunas and James Seyffart have raised the chances of approval of a spot Bitcoin exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC) to an impressive 90%. This optimistic outlook follows recent developments in the ETF space, including updates to prospectuses by Ark Invest and 21Shares at the request of the SEC. Here are the details…

Target date, January 10

Bloomberg ETF analysts have raised the odds of a spot Bitcoin ETF being approved by the U.S. Securities and Exchange Commission (SEC) to 90%. These analysts have their sights set on a potential Bitcoin ETF approval by the SEC, with their target date being January 10. What makes this situation particularly noteworthy is the constructive back-and-forth between the SEC and the fund sponsors, indicating a strong intent to approve Ark’s offering. Ark Invest’s response to the SEC comments encouraged other players such as Invesco Galaxy to also update their spot Bitcoin ETF prospectuses. This shows that the industry is preparing for a development that could be a significant breakthrough in cryptocurrency investment options.

As a related move cryptokoin.com As we reported, the US SEC has decided not to appeal a recent court decision allowing Grayscale to convert its GBTC product into a spot Bitcoin exchange-traded fund. While this decision does not directly affect the approval of other spot Bitcoin ETFs, it does put more pressure on the SEC to approve such products. James Seyffart noted that SEC approval could come even sooner if the deadline for Grayscale to convert GBTC to spot Bitcoin ETF status is met later this year. This development indicates that the SEC Trading and Markets Division is under increasing pressure from both the courts and other issuers to green light a spot Bitcoin ETF.

Apart from Bitcoin, there is also an ETF application for ETH

Moreover, Grayscale does not limit itself to Bitcoin. They have also applied for an Ethereum ETF. The Ether ETF appears more likely to be approved, especially considering that ProShares will launch its short Ethereum futures ETF (Short ETH Strategy ETF) next week and begin trading under the symbol SETH on October 16. In the cryptocurrency and ETF world, it is clear that the environment is evolving rapidly and investors are eagerly awaiting the arrival of a spot Bitcoin ETF. Recent developments point to a high probability of approval, which could open new horizons for those who want to add cryptocurrencies to their portfolios. Decisions made by the SEC and the progression of these practices will undoubtedly remain relevant as the crypto investment landscape continues to mature.

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