In the coming days, the US Securities and Exchange Commission (SEC) is expected to render a decision on the approval of the spot Bitcoin ETF.
Reportedly, the United States Securities and Exchange Commission (SEC) will likely decide in the coming days whether or not to approve the spot Bitcoin ETF, contingent on the 19b-4 and S-1 forms being cleared.
Bitcoin ETF Launch And Approval
A Bloomberg report indicates that the US SEC will conduct a referendum on 19b-4 forms within the coming days. Applicants to the ETF must submit Form S-1 by 8:00 AM on Monday, January 8, 2024. Prior to this, Bloomberg analysts estimated that the likelihood of ETF rejection has decreased to 5% in light of the recent meetings between SEC officials and firm representatives seeking approval. Reporting stated,
“If the SEC grants both sets of required approvals, the ETFs could start trading as soon as the next business day.”
Consequently, a significant vote regarding this subject is scheduled to occur early this week; this vote may serve as a precursor to the eagerly awaited authorization of the ETFs.
Approval of the Bitcoin ETF could represent a significant step toward a standardized inflow of institutional capital into the cryptocurrency market. Major players such as MicroStrategy ($MSTR) are placing substantial bets on the volatility of the Bitcoin (BTC) price by perpetually investing to amass the leading cryptocurrency.
In recent months, the Microstrategy (MSTR) and Coinbase (COIN) stock prices increased substantially in tandem with the Bitcoin (BTC) price on account of anticipation surrounding the approval of a Bitcoin ETF.
According to rumors, the spot Bitcoin ETF products of Blackrock, Fidelity, Van Eck, Valkyrie, Bitwise, and Grayscale may become available for trading on the stock market on January 11, 2024. This is by the January 10 filing deadline for the Ark 21Shares spot Bitcoin ETF that US SEC authorities must meet.
