Source: AobeStock/24K-Production
President of advisory firm The ETF Store, Nate Geraci, thinks that the long-awaited approval for a spot Bitcoin ETF could come this week.
Bitcoin has experienced an impressive 40% surge over the past month fueled by heightened anticipation of regulatory approval of a spot Bitcoin ETF.
Recent speculation has intensified, hinting that the SEC might be poised to make a significant announcement regarding applications from major asset managers, including industry giants BlackRock and Fidelity.
This speculation has gained momentum following the conclusion of a rebuttal period this week, a crucial development after a delay in September.
SEC Might Take Advantage of Short Window
As reported earlier, Bloomberg analysts are saying that there is a significant chance that approvals could start coming in by early January, but they also noted that a window has since opened up until Nov. 17 for a potential approval.
Nate Geraci highlighted the possibility that the SEC might take advantage of a short window for issuing 19b-4 approval orders.
These orders could potentially set the stage for batching up all existing spot Bitcoin ETF filings, leading to a simultaneous launch.
Geraci emphasized that if approvals are granted, they would likely be for 19b-4 filings, enabling rule changes that facilitate the listing and trading of spot Bitcoin ETFs on exchanges.
Spot bitcoin ETF approval *could* come this week…
Here’s my attempt to briefly summarize the situation that @JSeyff was all over.
h/t @SGJohnsson pic.twitter.com/whAAiHxwaZ
— Nate Geraci (@NateGeraci) November 13, 2023
Bloomberg’s James Seyffart and Eric Balchunas said that there is a 90% chance of Bitcoin ETF approval by January.
Despite the SEC’s prior approvals of ETFs based on futures, the awaited decision on a spot Bitcoin ETF could signify a significant milestone in the cryptocurrency market.
Bitcoin’s current price, standing at $36,967 according to CoinMarketCap, reflects a remarkable 105% surge over the past year.
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