The initial opportunity for the SEC to greenlight all 12 spot Bitcoin ETFs applications is commencing today. As per the analysis of Bloomberg’s ETF experts, James Seyffart and Eric Balchunas, this eight-day period unfolds between November 9 and November 17.
During this timeframe, it presents an opportunity for the United States Securities and Exchange Commission.During this time, there’s a possibility for them to grant approval for all pending spot Bitcoin exchange-traded fund (ETF) requests.
On November 8, James Seyffart, in a post on the X platform (formerly Twitter), brought attention to a significant development. He highlighted that the SEC had simultaneously issued delay orders for BlackRock, Bitwise, VanEck, WisdomTree, Invesco, Fidelity, and Valkyrie.
This occurrence has set the stage for the forthcoming approval window. It also includes Grayscale’s intent to convert its GBTC trust product.
The reason for this brief window is rooted in the SEC’s extension of the deadline for several spot Bitcoin ETF applications. They designated November 8 as the conclusion of the comment period.
The Road Ahead for the 12 Spot Bitcoin ETFs: Dates and Speculation
Starting from November 17, the comment period for three of the applications, namely Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, will resume. As a result, decisions regarding their approval or denial will not materialize until November 23 at the earliest.
Although the window for processing all twelve applications terminates on November 17, it’s worth noting that the SEC retains the ability. They can make determinations on nine of the twelve submissions at any time before January 10.
While there is no guarantee of a spot Bitcoin ETF approval, both Seyffart and Balchunas speculate a 90% likelihood of such an approval occurring before January 10 next year.
In parallel to the anticipation surrounding the SEC’s verdict, Grayscale, a cryptocurrency asset manager, has entered into discussions with the regulator regarding its proposal to transform its GBTC trust product into a spot Bitcoin ETF.
Grayscale’s Engagement with SEC and the Impact of Bitcoin ETF Optimism on the Crypto Market
According to informed sources, Grayscale has engaged with both the SEC’s Division of Trading and Markets and the Division of Corporation Finance following its legal victory against the regulator on August 29.
As the prospects of a Bitcoin ETF receiving the green light have improved, the crypto market has been marked by increased optimism. This optimism is evident as Bitcoin’s value surged by over 30% in the past three months.
This notable rally has also catalyzed gains in other prominent assets. Notably, Solana (SOL) achieved a remarkable 93% surge, fueled by scaling enhancements. Additionally, Ripple (XRP) and Ether (ETH) registered growth rates of 36% and 20%, respectively.
Although many industry insiders are confident that an ETF approval will kickstart the next bullish phase, some analysts remain skeptical about the sustainability of this rally.