- The SEC is expected to approve its first spot bitcoin ETF in January 2023, which would be a major milestone for the crypto industry.
- Multiple analysts predict the SEC will approve multiple spot bitcoin ETFs at once, citing the SEC’s lack of appeal against the Grayscale verdict and active engagement with applicants.
- There are currently 12 spot bitcoin ETF applications pending SEC approval, with reviews scheduled in Q1 and Q2 2023 from major firms like Grayscale, BlackRock, and ARK Invest.
The US Securities and Exchange Commission (SEC) is expected to approve its first spot bitcoin exchange-traded fund (ETF) in January 2023. This would be a major milestone for the cryptocurrency industry.
SEC Likely to Approve Spot Bitcoin ETF in January
According to Bernstein Research, the probability of the SEC approving a spot bitcoin ETF by the January 10 deadline “looks highly likely.” Bernstein cites the SEC’s lack of appeal against the Grayscale verdict and its active engagement with ETF applicants as reasons why approval is imminent.
Multiple analysts, including JPMorgan, predict the SEC will approve multiple spot bitcoin ETFs at once. The price of bitcoin surged last week on speculation that BlackRock is close to launching its spot bitcoin ETF.
Spot Bitcoin ETF Applications Pending Approval
There are currently 12 spot bitcoin ETF applications pending SEC approval, including from Grayscale, ARK Investment Management, BlackRock, Bitwise, WisdomTree, Fidelity, Vaneck, and Invesco. Eight applications have review dates in Q1 2023, while three have reviews in Q2.
Conclusion
The long wait for a spot bitcoin ETF appears nearly over. Approval could significantly impact bitcoin demand and price. The crypto industry eagerly anticipates the SEC’s decision in January.
