The SEC may approve all twelve spot Bitcoin ETF filings during an eight-day period between November 9 and November 17.
Within eight days, the United States Securities and Exchange Commission may approve all twelve pending spot Bitcoin exchange traded fund (ETF) applications.
James Seyffart and Eric Balchunas, ETF analysts at Bloomberg, wrote that the SEC has a “window” beginning on November 9 in the United States to approve all 12 spot Bitcoin ETF filings in the days leading up to November 17, including Grayscale’s conversion of its GBTC trust product. They emphasized that this was only a possibility.
New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD
— James Seyffart (@JSeyff) November 8, 2023“Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie at the same time,” Seyffart wrote on X (formerly Twitter) on November 8.
“If the agency wants to allow all 12 filers to launch — as we believe — this is the first available window since Grayscale’s court victory was affirmed.”
The reason for this brief window is that the SEC designated November 8 as the final day of the comment period when it extended the deadline for several pending spot Bitcoin ETF filings.
The comment period for three filings, including Hashdex Bitcoin ETF, Franklin Bitcoin ETF, and Global X Bitcoin Trust, would recommence on November 17, indicating that their approval or denial would only occur after November 23 at the latest.
Although the deadline to submit all twelve applications is November 17, Seyffart noted that, in theory, the SEC could render a decision on nine of the twelve submissions prior to January 10. 9 pending spot Bitcoin ETF applications could be approved before January 10. According to James Seyffart.
Although there is no assurance that a spot Bitcoin ETF will be approved, Seyffart and Balchunas both estimate that there is a 90% possibility that an approval will occur before January 10, 2020.
Grayscale Discusses With SEC Over GBTC Conversion
Grayscale, a crypto asset manager, reportedly initiated discussions with the SEC regarding its application to convert its trust product GBTC into a spot Bitcoin ETF, as reported by CoinDesk on November 9. Market analysts are anxiously awaiting the regulator’s decision.
Since its victory over the regulator in court on August 29, Grayscale has reportedly maintained communication with the SEC’s Division of Corporation Finance and the Division of Trading and Markets, according to sources with knowledge of the situation.
The cryptocurrency market has become more optimistic in recent months, as the perceived likelihood of a Bitcoin ETF being approved has increased; the price of Bitcoin has risen by more than 30%. The enormous ascent of Bitcoin has also stimulated price movement in other significant assets.
Solana (SOL) increased by an astounding 93% over the previous month due to scaling enhancements, whereas Ripple (XRP) and Ether (ETH) increased by 36% and 20%, respectively.
While many in the industry are confident that approval will catalyze the next bull market, other analysts are not as convinced of the rally’s durability.
