Bloomberg Intelligence analyst Eric Balchunas cited sources indicating that SEC officials are preparing all applicants for the launch of a Bitcoin ETF on January 11, 2024.
Bloomberg Senior ETF Analyst Eric Balchunas recently shared a crucial update on the pending approval of Bitcoin spot ETFs. According to Balchunas, three sources have indicated that the final S-1 amendment forms are likely to be filed before 8 a.m. Monday.
This marks a significant step as the SEC targets a simultaneous launch on January 11. Balchunas’ post is a response to Nate Geraci’s suggestion that the ’19b-4′ can now be submitted, indicating that the launch is imminent. Geraci mentioned that Reuters echoes the same sentiment, with revisions to the S-1 amendment forms expected at 8 a.m. ET on Monday.
There is speculation that approval could initially occur on Tuesday or Wednesday, which could lead to a launch on Thursday or Friday. Notably, the SEC is reportedly only seeking “trivial” amendments, indicating a smoother approval process.
An anonymous source, according to Nate Geraci, suggests that the SEC commissioner vote is likely to take place on Wednesday, providing more clarity on the expected timeline.
When is Final Approval Expected?
According to executives and representatives of five investment management firms cited by Reuters, discussions between SEC officials and stock exchanges are heading in the right direction for the possible approval of a spot ETF early in the week beginning the 8th. January 2024. The applicants express confidence that they will “obtain final approval of S-1 filings by late Tuesday or Wednesday,” aligning with the deadline facing the SEC regarding the Ark 21Shares Bitcoin ETF.
Ahead of potential approval, three companies are expected to make minor adjustments to their paperwork by 8 a.m. EST. ET on Monday, January 8, 2024. These amendments are poised to be the final official steps taken by ETF applicants prior to the approval process.
Analysts Fight against Rumors
Meanwhile, the hashtag #BTCETF and the term “Bitcoin ETF” are currently trending on Twitter, which has led to a lot of speculation on social media.
Bloomberg ETF analyst James Seyffart called much of the speculation surrounding a Jan. 5 approval noise, saying he still expects approval to come between Jan. 8 and 10.
Similarly, attorney and commercial litigator Joe Carlasare noted that the public comment period for several ETF applications does not close until midnight on Jan. 5, which he believes makes it “very unlikely” that approval will come anytime before the start of next week.
Scott Johnsson, general partner at VB Capital, said he was “still skeptical” that an ETF would be approved before next week.
Maintain Caution: Balchunas’s Perspective
Cautious optimism surrounds these recent developments in the broader context of the possibility of Bitcoin spot ETFs gaining approval, fueling speculation within the crypto community. Despite the anticipation, Balchunas remains cautious and emphasizes that official confirmation from the SEC is essential to solidify these assumptions.
While the information comes from reliable figures in the ETF space, final confirmation from the SEC is still pending. Investors and enthusiasts are advised to keep an eye on official statements as the cryptocurrency world anticipates a major regulatory milestone.
As the US Securities and Exchange Commission (SEC) nears the final stages of approving Bitcoin spot ETFs, the expected launch date for these proposed ETFs remains uncertain. Additionally, there is uncertainty over whether SEC officials will announce ETF approval to all 11 applicants simultaneously or in separate batches.
By Leonardo Perez
