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Home»ETHEREUM NEWS»‘Bitcoin’s time has arrived’: ETF hopefuls eagerly await SEC decision
ETHEREUM NEWS

‘Bitcoin’s time has arrived’: ETF hopefuls eagerly await SEC decision

By Crypto FlexsJanuary 8, 20243 Mins Read
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‘Bitcoin’s time has arrived’: ETF hopefuls eagerly await SEC decision
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Hashdex, which hopes for a Bitcoin ETF, has released an ad declaring “Bitcoin’s time has arrived,” as speculation grows that a U.S. Securities and Exchange Commission (SEC) decision on approving a spot Bitcoin ETF could be imminent. .

Citing a “source very close to the matter”: Tech Crunch“Bitcoin Spot ETF Will Receive SEC Approval,” Jacquelyn Melinek wrote on Thursday. majority “This is the company’s application.” “I’m hoping for something tomorrow,” she added, pointing to potential news on Friday.

Others took a more cautious stance. “The SEC will issue its final opinion as we speak and the issuer will file its final 19b-4 and S-1 shortly.” bloomberg Eric Balchunas, senior ETF analyst, said Thursday. “So what I mean is this is as close to “done” as we’ve ever been, but as far as I know there is no official approval.”

Washington is moving slowly, and later reports suggested the approval process could be extended into next week to give the SEC time to review comments and amendments.

“I anticipate an 11th-hour phone call today regarding some revisions to the 19b-4 filing and comments on the S-1 and possible release date.” fox business‘ Eleanor Terrett wrote. “The approval timeline still looks like next week, but it will depend on how quickly the (SEC) can read the comments and amendments made today.”

bloomberg Analyst James Seyffart agreed, noting that “an approval order is likely to come out next week.” In a tweet Friday morning. “Today we are seeking 19b-4 amendment filings that include changes that the SEC and issuers have been discussing for several weeks. That is, cash generation/repayment. (Honestly, I expected this by now),” he said.

VanEck promises potential ETF gains for Bitcoin core developers.

In anticipation of a Bitcoin ETF being approved, investment firm VanEck tweeted that it would pledge 5% of potential ETF returns to Bitcoin core developers on Bitcoin Brink. “We are not VanEck’s Bitcoin tourists. We are in it for the long term,” the company said, adding that it initially donated $10,000.

The approval of a U.S. spot Bitcoin ETF is a long-held ambition among cryptocurrency believers, who see it as a harbinger of institutional adoption of cryptocurrencies. This product tracks the price of Bitcoin while allowing investors to gain exposure to the asset without the hassle of purchasing, storing, and holding Bitcoin. Several major investment firms, including BlackRock, Fidelity, and Invesco, have filed ETF applications with the SEC.

Last August, the SEC said it needed more time to evaluate several spot Bitcoin ETF applications it had received. Other companies filing Bitcoin ETFs include WisdomTree, Galaxy Digital, Valkyrie Funds, GlobalX, and Ark/21Shares.

Financial advisors are not optimistic that a Bitcoin ETF will actually receive SEC approval this year, with only 39% of advisors surveyed by Bitwise Investment Advisors saying they are confident approval will happen.

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