Bitcoin

Spot

Grayscale Bitcoin Trust

James

Bloomberg Exchange Traded Fund (ETF) analysts Eric Balchunas and James Seyffart&nbsp;have <a href="https://blinks.bloomberg.com/news/stories/S2F57KDWLU69">raised the probability of getting a spot Bitcoin (BTC) ETF approval</a> from the United States Securities and Exchange Commission (SEC) to 90%. The prediction comes after Cathie Wood’s ARK Invest and 21Shares updated its spot BTC ETF prospectus as requested by the regulator.&nbsp; 
<h2 id="b-sec-receives-multiple-etf-applications-b">SEC Receives Multiple ETF Applications</h2> 
The U.S. SEC received a number of spot Bitcoin ETF applications from the likes of <a href="https://thecoinrise.com/blackrock-applies-for-spot-bitcoin-etf-with-sec/">BlackRock</a>, <a href="https://thecoinrise.com/fidelity-investments-submits-application-for-spot-bitcoin-etf-with-sec/">Fidelity</a>, <a href="https://thecoinrise.com/wisdomtree-reapplies-to-u-s-sec-for-bitcoin-etf/">WisdomTree</a>, Invesco, <a href="https://thecoinrise.com/valkyrie-reapplies-to-u-s-sec-list-spot-btc-etf/">Valkyrie</a>, VanEck, and Bitwise a few months ago. The applications brought a glimpse of renewed hope for the crypto industry as the SEC had never approved a spot BTC ETF before.&nbsp; 
After looking at some of their initial filings, the SEC requested that all applicants should add a surveillance-sharing agreement. Popular investment asset management firm <a href="https://thecoinrise.com/blackrock-names-coinbase-as-surveillance-sharing-partner-in-btc-etf-filing/">BlackRock chose American cryptocurrency exchange Coinbase</a> as its SSA partner and reviewed its application. The other applicants equally listed their SSA partners. 
<h2 id="b-analysts-increase-odd-of-spot-btc-etf-approval-b-span-style-font-weight-400-span">Analysts Increase Odd of Spot BTC ETF Approval&nbsp;</h2> 
Considering the reputation and caliber of the firms that indicated interest in a spot Bitcoin ETF, Balchunas and Seyffart&nbsp;had initially assigned a 65% likelihood to the offering going live this year. However, <a href="https://thecoinrise.com/grayscale-wins-court-battle-over-bitcoin-etf-approval-against-the-sec/">Grayscale bagged a significant victory against the SEC</a> over the rejection of its application to convert its Grayscale Bitcoin Trust (GBTC) to a physically backed ETF.&nbsp; 
This news seemed to change the trajectory of the entire crypto industry and in response to the pivotal legal development, the Bloomberg ETF analysts <a href="https://thecoinrise.com/odds-of-bitcoin-etf-approval-surge-following-grayscales-victory/">adjusted their estimate to around 75%</a>. Not too long after, the U.S. SEC decided to <a href="https://thecoinrise.com/sec-postpones-decision-of-seven-bitcoin-etf-applications/">postpone the decision of a total of seven proposals for Bitcoin ETFs</a> till sometime in October.&nbsp; 
<h2 id="b-sec-postpone-spot-bitcoin-etf-decisions-to-2024-b">SEC Postpone Spot Bitcoin ETF Decisions to 2024</h2> 
In September, the regulator stated that it is “appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change.” Hence, it further <a href="https://thecoinrise.com/sec-delays-decision-on-ark-21sharess-spot-bitcoin-etf-application/">postponed a decision on ARK 21Shares spot Bitcoin ETF</a> to 2024. Noteworthy, the ARK 21Shares Bitcoin ETF was supposed to be due by November 11.&nbsp; 
Valkyrie also had its spot BTC ETF application decision postponed by the regulator. All things being equal, a decision from the SEC on the spot Bitcoin ETF applications is expected by January 10th, 2024. 
The post <a rel="nofollow" href="https://thecoinrise.com/bloomberg-analysts-see-90-probability-of-having-spot-bitcoin-etf-approval/">Bloomberg Analysts See 90% Probability of Having Spot Bitcoin ETF Approval</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Bloomberg Analysts See 90% Probability of Having Spot Bitcoin ETF Approval

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