May 29, 2024
Speculation Peaks, Possible Spot Bitcoin ETF Approval Tomorrow
Bitcoin News

Speculation Peaks: Possible Spot Bitcoin ETF Approval Tomorrow

Speculation is intensifying on social media about the potential approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). The excitement was triggered by a tweet from Grayscale’s legal chief mentioning “just filling out some forms” and a tweet from TechCrunch reporter Jacquelyn Melinek suggesting multiple ETFs could be approved, expecting an announcement the next day.

The hashtag #BTCETF and “Bitcoin ETFs” are currently trending on Twitter, and Bitcoin’s price has risen by 3.4% in the last 24 hours. Despite the social media frenzy, Bloomberg ETF analyst James Seyffart considers much of the speculation around a January 5 approval as “noise” and anticipates approval between January 8 and January 10. Attorney Joe Carlasare notes that the public comment period for some ETF applications extends until midnight on January 5, making an approval before the start of the following week “very unlikely.”

Senior Bloomberg ETF analyst Eric Balchunas explains that the SEC is providing final comments, and issuers will file their final 19b-4 and S-1 forms afterward. Both forms require SEC approval before an ETF can trade, with an approved 19b-4 form necessary for the spot Bitcoin ETF’s effective approval. Scott Johnsson, general partner at VB Capital, remains skeptical about an ETF approval before next week, questioning the simultaneous approval of all clear 19b-4 applications.

14 issuers are competing for a spot Bitcoin ETF, including major names like BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity. While social media fuels speculation, industry experts emphasize the need for final SEC approvals and adherence to the regulatory process before a Bitcoin ETF can become a reality.

Bitcoin’s price, currently at $43,652, remains reactive to the ongoing discussions and speculations regarding the potential ETF approval.

Photo by Pixabay

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