What’s the Forecast for Bitcoin ETFs: Anticipated SEC Approval or Possible Rejection by January 10th?

Major investment firms are optimistic regarding the Securities and Exchange Commission (SEC) potentially approving the very first 'spot' Bitcoin exchange-traded fund (ETF) in the early days of January.

Just yesterday, a tweet fueled such optimism.

Eleanor Terrett from Fox Business, an American news outlet, tweeted, 'The SEC is holding discussions today with exchanges like Nasdaq, Cboe, and NYSE to finalize their feedback on the submissions made by the $BTC Spot ETF issuers.'

Various media have reported that while the final decision is still pending, there are hints suggesting the SEC might start notifying issuers of their approval as soon as Friday, with actual trading possibly beginning the following week.

But, stop cheering!

James Seyffart, an ETFs analyst at Bloomberg, expressed that he does not foresee any approvals this week. He tweeted, \"From what I gather, this is merely a securities registration. For the ETF to be listed, it still requires a 19b-4 approval along with an effective, approved, and finalized S-1 document. So far, there’s no 19b-4 in place, and the S-1 remains in its preliminary stages (as noted below). I’m still looking towards next week.\"

As Metaverse Post reported Recent guidance from the SEC hints at a strong possibility of approval by January 10, 2024. This date serves as a crucial deadline for the SEC to reach a decision regarding the application submitted by Ark Investment Management, led by Cathie Wood, in collaboration with 21Shares, who is the first to seek approval for a spot Bitcoin ETF.

Big Players Betting on Bitcoin ETF Approval

Goldman Sachs is reportedly negotiating to become an authorized participant in the soon-to-be-launched spot Bitcoin exchange-traded funds (ETFs) anticipated by BlackRock and Grayscale, as outlined by several news outlets.

Right now, 14 asset management firms are actively pursuing approval from the U.S. Securities and Exchange Commission (SEC) for spot Bitcoin ETF s. These ETFs are designed to allow investors to gain exposure to the price movements of the cryptocurrency market without having to directly purchase the digital assets.

Recently, software company MicroStrategy acquired around $615.7 million worth of Bitcoin in cash. According to regulatory filings, this acquisition involved securing approximately 14,620 Bitcoins at an average price of about $42,110 over the period from November 30 to December 26. MicroStrategy and its subsidiaries highlight their commitment to long-term Bitcoin investments.

As the cryptocurrency market eagerly anticipates the SEC's ruling on the first-ever 'spot' Bitcoin exchange-traded fund (ETF) by January 10, discussions and speculations suggest that approval could be on the horizon, although analysts advise taking a cautious approach.

Institutional giants like Goldman Sachs are gearing up for involvement, indicating an increasing sense of confidence in the market. The outcome of this approval process will significantly affect Bitcoin’s integration into institutional frameworks and market participation. No matter the verdict—whether approval or rejection—this decision marks a pivotal moment for cryptocurrency’s journey into mainstream finance, influencing its future impact on the global financial landscape.