HomeBitcoinOdds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%:...

Odds Of Spot Bitcoin ETF Approval By US SEC Rises Above 90%: Bloomberg

Bloomberg ETF analysts have raised the odds of approval of a spot Bitcoin ETF by the U.S. Securities and Exchange Commission (SEC) to 90%. It follows after Ark Invest and 21Shares updated its spot Bitcoin ETF prospectus requested by the U.S. SEC. Meanwhile, the SEC chooses to not proceed with an appeal to the court ruling allowing Grayscale to convert its GBTC product to a spot Bitcoin exchange traded fund.

Bloomberg Analysts Raise Odds Of Spot Bitcoin ETF To 90%

Bloomberg’s analysts Eric Balchunas and James Seyffart have raised the chances of spot Bitcoin ETF approval to 90%. The move comes after Ark Invest and 21Shares updated the Bitcoin ETF prospectus at the request of the U.S. SEC.

The analysts expect a spot Bitcoin ETF approval by the SEC by January 10. The recent update to applications indicates constructive conservation with the SEC. Ark Invest added five additional pages in the application about risk disclosures, new language, and further context.

“This back-and-forth between the SEC and fund sponsors is standard practice for new launches but a first for spot Bitcoin ETF applications, indicating that the SEC is working to approve Ark’s proposal.”

Bloomberg senior ETF analyst Eric Balchunas also tweeted that following ARK Invest’s response to SEC comments, Invesco Galaxy has now updated its spot Bitcoin ETF prospectus. Other applicants are expected to update their documents soon.

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SEC Chooses Not to Appeal Grayscale Ruling

The US SEC decided not to appeal against the court ruling on Grayscale. James Seffart also noted that the approval by the SEC can come earlier if the deadline for the Grayscale lawsuit to convert GBTC to spot Bitcoin comes this year. Analysts believe the SEC Division of Trading & Markets is cornered, the courts and the other issuers are pressurizing the SEC to approve a spot Bitcoin ETF.

Grayscale has also submitted an application for Ether ETF. The odds of Ether ETF approval are higher. In fact, ProShares is launching a short Ethereum futures ETF (Short ETH Strategy ETF) next week. Trading will begin on October 16 with the stock code SETH.

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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