Nate Geraci, managing director at consulting firm ETF Store, said spot Bitcoin ETF applications could be approved this week.
In his assessment, Geraci cited Bloomberg ETF analyst James Seifert as saying that the SEC’s eight-day period for ETF approval has begun. Geraci emphasized that there is a consensus among analysts that spot Bitcoin ETFs will be approved en masse, and the eight-day period starting Thursday is the only chance to do so.
Bloomberg’s James Seifert reports that the window for when the SEC could issue ETF approval is now open. There is consensus that the SEC will approve spot Bitcoin ETFs en masse. Because the organization does not want to just approve one company and expose it to the competitive market. The SEC’s approval of spot Bitcoin ETF applications in the current period will help them all open for trading at the same time. 17th November will be the last day for this as there are some more companies to apply after the others. Applications filed later will enter the public comment period, at which point the SEC will not be able to approve them until that period ends (early January). Therefore, the SEC will not be able to include these companies in any class approval,” he said.
On the other hand, James Seifert underlined that approval in January is more likely based on Geraci’s assessment.
Finally, Michael Sonnenshein, CEO of Grayscale, one of the companies that applied for the ETF, made a notable post today. “It was a ten-year dress rehearsal,” Sonnenshein said, referring to the Winklevoss twins’ Bitcoin ETF application in 2013 and Grayscale’s 10-year history. “The real thing starts now.” He said.
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