After a decade-long wait, the anticipated moment for Bitcoin Exchange-Traded Funds [ETFs] may be just around the corner, marking a potential watershed in the crypto market. According to sources familiar with the matter, regulatory approval for Bitcoin ETFs is likely to be granted as early as January 10, providing a sense of relief and excitement within the crypto community. Notably, there are suggestions that not just one but multiple funds could commence trading as early as Thursday morning.
Insiders reveal that conversations with the Securities and Exchange Commission [SEC] affirm the potential approval on Wednesday, although the final decision rests with the regulator. The approval process is intricately linked to the submission of 19b-4 filings, made by exchanges seeking permission for fund trading. The expected sequence involves quick approvals for both the S-1s and 19b-4s, paving the way for specific funds to proceed.
Recent developments saw ten ETF applicants submit amended S-1 filings on January 8, disclosing critical details, including fees. BlackRock and VanEck, among others, resubmitted the Bitcoin Spot ETF S-1 update document on January 9, 2024, as per records on the SEC official website.
Following the fee disclosures by ETF applicants, the SEC promptly issued additional comments on the S-1 forms of pending applicants. While some interpreted this as a potential delay, it appears that these comments focused on minor details rather than substantial changes, suggesting that they are unlikely to impede the expected approval timeline.
Bitcoin Consolidates
Bitcoin’s value, which recently surged past $47,000, experienced a slight dip to $46,688 after a 4% increase earlier in the week. Despite this, BTC’s year-to-date climb stands at 9.6%, contrasting with declines in stocks and gold over the same period. The market’s optimism hinges on the anticipation of the US approving spot Bitcoin ETFs by the January 10 deadline.
Major players in the space, including BlackRock Inc., Fidelity Investments, and Ark Investment Management, have updated their paperwork with the SEC. With the regulator having until Wednesday to take action on at least one of the applications, the crypto community eagerly awaits the outcome, anticipating a potential milestone in the integration of Bitcoin ETFs into the mainstream financial landscape.