Tuesday, 28 November 2023

Crypto News

SEC’s first window to approve all 12 spot Bitcoin ETFs starts today

SEC’s first window to approve all 12 spot Bitcoin ETFs starts today

The United States Securities and Exchange Commission could approve all 12 of the pending spot Bitcoin (BTC) exchange traded fund (ETF) applications within the next eight days. 

Bloomberg ETF analysts James Seyffart and Eric Balchunas wrote that starting from Nov. 9 the SEC has a “window” to approve all 12 spot Bitcoin ETF filings — including Grayscale’s conversion of its GBTC trust product — in the days leading up to Nov. 17, but stressed this was only a possibility.

“Delay orders were issued by the SEC for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity & Valkyrie at the same time,” Seyffart wrote in a Nov. 8 post on X (formerly Twitter).

“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 when the SEC extended the deadline for a number of the pending spot Bitcoin ETF filings, it selected Nov. 8 as the last day of the comment period.

From Nov. 17, the comment period for 3 filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF and Franklin Bitcoin ETF would recommence, meaning that they wouldn’t be approved or denied until after Nov. 23 at the earliest.

While the window for accepting all 12 filings ends on Nov. 17, Seyffart added that the SEC could technically make a decision on nine of the twelve applications anytime before Jan. 10.

Nine of the pending spot Bitcoin ETF applications could technically be approved anytime before Jan. 10. Source: James Seyffart

While the approval of a spot Bitcoin ETF is in no way guaranteed, both Seyffart and Balchunas predict a 90% chance of an approval sometime before Jan. 10 next year.

Grayscale in talks with SEC over GBTC conversion

While market pundits eagerly await the SEC’s decision, crypto asset manager Grayscale has reportedly initiated discussions with the regulator concerning its application to convert its trust product GBTC into a spot Bitcoin ETF, according to a Nov. 9 report from CoinDesk.

According to sources familiar with the matter, Grayscale has been in contact with both the SEC’s Division of Trading and Markets and the Division…

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