Bitcoin ETF

Bitcoin

<p class="is-style-lead">Grayscale CEO Michael Sonnenshein said his firm has not received any word about approval for spot Bitcoin ETFs from the Securities and Exchange Commission (SEC) leading up to a window where all 12 applications could receive the green light.</p> 
<p>The SEC has not disclosed when it might authorize issuers like BlackRock and ARK Invest to list exchange-traded funds (ETFs) that offer direct exposure to spot Bitcoin prices, said Sonnenshein on Nov. 8. Grayscale’s boss <a href="https://www.bloomberg.com/news/videos/2023-11-08/grayscale-ceo-won-t-rule-out-legal-action-against-sec-video" data-type="link" data-id="https://www.bloomberg.com/news/videos/2023-11-08/grayscale-ceo-won-t-rule-out-legal-action-against-sec-video" target="_blank" rel="noopener">added</a> that the firm could litigate if the SEC rejects its application.</p> 
<p>Sonnenshein shared these remarks during the 7th Annual D.C. Fintech Week amid <a href="https://crypto.news/bitcoin-price-surpasses-35k-again-despite-whale-activity-drop/">rallying crypto token prices</a> and expectations surrounding a forthcoming SEC nod for spot Bitcoin ETFs. Cryptocurrencies like ADA, LINK, Polygon and XRP have seen double-digit gains within a week as Bitcoin sat above $35,000.</p> 
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<p> You might also like: <a href="https://crypto.news/analyst-says-bitcoin-etf-approval-may-be-coming-within-days/"> Analyst says Bitcoin ETF approval may be coming within days </a> </p> 
<p>Although no one can say for sure when the SEC could issue approvals for any of the 12 bids currently in review, ETF experts opined that the odds favor a decision to bring <a href="https://crypto.news/analyst-says-bitcoin-etf-approval-may-be-coming-within-days/">spot Bitcoin ETFs</a> to market by Jan. 10.&nbsp;</p> 
<p>Bloomberg analysts Eric Balchunas and James Seyffart each said that a window has happened for the securities watchdog to greenlight all applications on its desk, including <a href="https://crypto.news/grayscale-gbtc-sec-bitcoin-etf-approval/">Grayscale’s GBTC conversion</a>, and this timeframe would be open for eight days between Nov. 8 and&nbsp; Nov. 17.&nbsp;</p> 
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   <p lang="en" dir="ltr">JUST IN: 🇺🇸 Bloomberg analysts say a "brief window" opens tomorrow for SEC to potentially approve spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> ETFs, and it will be open for at least 8 days. <a href="https://t.co/CfDXylvd8v" target="_blank">pic.twitter.com/CfDXylvd8v</a></p>— Bitcoin Magazine (@BitcoinMagazine) <a href="https://twitter.com/BitcoinMagazine/status/1722324293730652205?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 8, 2023</a>
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<p>Balchunas also pointed to educational content published by the SEC that may further strengthen hopes of approval sooner rather than later. The commission released similar materials in October 2021 shortly before sanctioning a Bitcoin futures ETF issued by ProShares.&nbsp;</p> 
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   <p lang="en" dir="ltr">Could be coincidence but prob not. They did pre-approval educational stuff ahead of <a href="https://twitter.com/search?q=%24BITO&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$BITO</a> approval as well. Also I feel like this is his way of saying, look we aren't endorsing these ETFs we just trying to disclose all the poss risks so you can decide. Hands washed.</p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1722305664309944479?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 8, 2023</a>
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<p> Read more: <a href="https://crypto.news/bitcoin-etfs-could-face-rug-pull-from-gensler-analysts-say/"> Bitcoin ETFs could face rug-pull from Gensler, analysts say </a> </p>

SEC yet to indicate approval timeline, says Grayscale CEO on spot Bitcoin ETFs

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