‘Clear runway’ opens for all Bitcoin ETF approvals in Jan: Analysts

Share This Post

The SEC’s delays on two spot Bitcoin ETFs could mean it’s lining up to approve all pending applications in one swoop, say analysts.

Bitcoin (BTC) spot exchange-traded funds (ETFs) in the United States now have a “clear runway” to potential simultaneous approvals after an advanced decision to delay the bids of Franklin Templeton and Hashdex ETFs, according to ETF analysts.

In a Nov. 28 X (Twitter) post, Bloomberg ETF analyst James Seyffart said the Securities and Exchange Commission delayed its decision on the applications 34 days earlier than the Jan. 1, 2024, decision deadline.

The SEC requested comments on forms by Templeton and Hashdex that are necessary for the ETFs to eventually be listed and start trading. The comment and rebuttal period will last 35 days.

Seyffart and his colleague Eric Balchunas had placed 90% odds on spot Bitcoin ETF approvals by Jan. 10 next year, and the twin delays “all but confirms for me that this was likely a move to line every applicant up for potential approval by the Jan 10, 2024 deadline,” Seyffart said.

Balchunas agreed, posting to X that the SEC was “prob looking to get them out of the way, clear runway.”

Commercial litigator Joe Carlasare thinks, however, the delays increase the probability of a March 2024 approval as the comment period for Franklin’s ETF bid was extended until Jan. 3, 2024, and the SEC typically takes a maximum of three weeks to review comments.

“January is still likely the favorite though,” he added.

Related: Futures will be the best crypto game in town even after a Bitcoin spot ETF

On Nov. 28, Franklin also submitted an updated Form S-1 for its ETF — a document registering securities with the SEC — after Seyffart earlier highlighted it was the only bidder yet to submit an updated prospectus.

Reacting to the filing, Balchunas said while he’s in favor of letting all ETFs launch simultaneously, it “seems kinda unfair” that Franklin might be allowed to launch its ETF the same day as other providers despite submitting the form months later.

There are currently 12 spot Bitcoin ETFs before the SEC, including bids from Grayscale and BlackRock. Most have final decision dates in March, besides ARK Invest’s bid, which the SEC must approve or deny by Jan. 10, 2024.

Magazine: Beyond crypto — Zero-knowledge proofs show potential from voting to finance

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Cipher Mining: Will It Be Another Standout Bitcoin Miner This Cycle?

Dive into Cipher Mining’s Q3 2024 performance From revenue challenges to strategic investment in fleet upgrades, data center expansion and plans for AI/HPC Discover what’s next for this

Bitcoin Funding Rates Surge 20% On Major Exchanges — What’s Happening?

The price of Bitcoin picked up this week from where it left off in the previous week, forging successive all-time highs in the past seven-day span Over the last few days, the big question on

Altcoins bag massive gains amid Bitcoin’s climb: Stellar, Cardano and Kusama up double digits

As Bitcoin continues its race to break the $100,000 mark, altcoins are raking in massive gains Ethereum (ETH), the second-largest cryptocurrency, climbed 325% to $3,42459 on Saturday, but its weekly

$100K Is a Hairsbreadth Away

Bitcoin races toward $100K, but meme coins still found a way to shine This editorial is from last week’s edition of the Week in Review newsletter Subscribe to the weekly newsletter to get the

Are Bitcoin forks advancing progress or threatening stability?

The following is a guest post from Shane Neagle, Editor In Chief from The Tokenist Bitcoin pushed the financial innovation envelope in many directions As a distributed digital ledger, it opened up

Uniswap (UNI) Poised For 45% Rally, On-Chain Metrics Confirm

The post Uniswap (UNI) Poised For 45% Rally, On-Chain Metrics Confirm appeared first on Coinpedia Fintech News In this bull run, the majority of top cryptocurrencies have already experienced notable