According to Bloomberg ETF analysts, the chance of a spot Bitcoin ETF receiving approval from the U.S. Securities and Exchange Commission (SEC) has risen to 90%. This update follows Ark Invest and 21Shares revising their prospectus as per the SEC’s request. In related news, it has been confirmed that the SEC will not challenge the court ruling enabling Grayscale to transform its GBTC product into a spot Bitcoin exchange-traded fund.
Bloomberg’s analysts, Eric Balchunas and James Seyffart, have increased the likelihood of approving a spot Bitcoin ETF to 90%. This adjustment comes in response to the updated BTC ETF prospectus by Ark Invest and 21Shares, prompted by the U.S. SEC’s request.
The analysts expect the Securities and Exchange Commission (SEC) to approve a spot Bitcoin ETF by January 10. Recent updates to the application indicate positive communication with the SEC, as Ark Invest has included an extra five pages. These pages provide enhanced risk disclosures, new language, and additional context.
The SEC’s practice of exchanging feedback with fund sponsors is customary for new launches. However, when spotting Bitcoin ETF applications, this is an unprecedented event. It demonstrates the SEC’s commitment to progressing toward approving Ark’s proposal.
Bitcoin ETF Race Heats Up: Invesco Galaxy Adapts To ARK’s Lead
Bloomberg’s senior ETF analyst, Eric Balchunas, shared on Twitter that ARK Invest responded to SEC comments. As a result, Invesco Galaxy has now revised its spot Bitcoin ETF prospectus. Other applicants are expected to follow suit and update their documents soon.
The U.S. Securities and Exchange Commission (SEC) has decided not to appeal the recent court ruling regarding Grayscale. According to James Seyffart, this could potentially expedite SEC approval if the deadline for the Grayscale lawsuit, which involves converting GBTC to a spot Bitcoin ETF, falls within this year. Analysts believe that the courts and other issuers are pressuring the SEC’s Division of Trading & Markets to approve a spot Bitcoin ETF.
Grayscale has applied for an Ethereum ETF, indicating positive prospects for approval. ProShares plans to launch the Short ETH Strategy ETF next week, offering short Ethereum futures trading starting October 16 under the ticker symbol SETH.
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