June 24, 2024
Analysts anticipate spot Bitcoin ETF approval by January 10
Bitcoin News

Analysts Anticipate Spot Bitcoin ETF Approval by January 10

While the U.S. Securities and Exchange Commission (SEC) may express discomfort with BlackRock’s alteration to its “prime execution agent” in the new spot Bitcoin ETF update, analysts remain optimistic about early 2024 approvals for Bitcoin exchange-traded funds (ETFs) in the United States.

As 2023 comes to a close, applicants for spot Bitcoin ETFs are rushing to incorporate new cash-only requirements into their proposals. Despite last-minute amendments, Bloomberg ETF analysts James Seyffart and Eric Balchunas anticipate SEC approval for a spot Bitcoin ETF in January 2024.

On December 21, Seyffart shared observations about BlackRock’s recent spot Bitcoin ETF update, highlighting the SEC’s acceptance of a cash redemption system over in-kind redemptions. He noted a change in nomenclature, replacing “prime broker and the trade credit lender” with “prime execution agent.” Seyffart suggested the SEC might not be comfortable with this change, raising questions about third-party involvement in Bitcoin cash transactions.

Multiple applicants, including ARK, Bitwise, and Valkyrie, have adapted to a cash-only model. However, some, such as Grayscale and WisdomTree, continue to include in-kind or cash in their filings. Despite these variations, Seyffart remains confident in ETF approvals by January 10, though he acknowledges that some issuers may lag due to resistance to the SEC’s cash-only model.

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