Bloomberg Analyst Predicts Imminent Approval for Spot Bitcoin ETF

• Spot Bitcoin ETFs in the US Near Official Approval
• Possible First Approvals in Sight
• Additional Indicators Point to Potential Approval
• Bitcoin Market Fares Well as Decisions Await
• Final Decision Rests with SEC

Spot Bitcoin ETFs in the US Near Official Approval

Eric Balchunas, a reputable ETF analyst at Bloomberg, suggests that Spot Bitcoin$42,260 -0.64% ETFs in the United States are on the brink of receiving official authorization. The final remarks from the SEC are currently being delivered to issuers regarding their applications. The various applicants will then dispatch their concluding 19b-4s and S-1s in response to these comments.

Possible First Approvals in Sight

At this time, it remains uncertain as to which ETF applicants will secure approval first. A multitude of issuers eagerly await authorization, with investment and asset managers such as Fidelity, BlackRock, and Grayscale in the running for Spot Bitcoin ETFs. In addition, several applicants are initiating their securities registrations with the SEC, suggesting to investors that the initial approvals could be forthcoming.

Additional Indicators Point to Potential Approval

Although, the senior ETF analyst emphasizes that this does not imply that any approvals have been granted yet. However, this is one more positive indicator in a string of signs that the SEC may indeed sanction the first Spot Bitcoin ETFs during Q1 2024.

Just prior to Balchunas's statement, Anthony Scaramucci, investor and host of the Open Book podcast, posted It's done on his social media account. This statement led Bitcoin investors to speculate that he was referring directly to the SEC's examination of pending Spot Bitcoin ETF applications. The SEC is delivering final comments currently, with issuers expected to submit their final 19b-4s and S-1s shortly afterwards.

Bitcoin Market Fares Well as Decisions Await

The current Bitcoin market is performing well, marking a 3% increase in the past 24 hours to $44,393.62. It is highly probable that the first approval of a Spot Bitcoin ETF application could trigger a surge in the entire crypto market, with Bitcoin leading the way.

Final Decision Rests with SEC

Ultimately, the decisive word on the future of Spot Bitcoin ETF usage in the United States rests with the SEC board. Chairman Gary Gensler has stated that the SEC will reevaluate Bitcoin ETF applications. Despite this, there remains a divide on the role of Bitcoin ETFs and whether their approval could lead to an increase in digital theft and crypto crime.

Edited by Jonathan Stoker