The cryptocurrency community has been rocked by confusion and speculation over the recent filing of a Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission.
“My understanding here is that this is just a securities registration. Listing an ETF still requires 19b-4 approval and a valid/approved/completed S-1 document,” said James Seyffart.
Fidelity Investments’ filing with the US SEC has sparked confusion among online speculators. Some interpreted this as a sign of approval for a spot Bitcoin ETF, but analysts were quick to refute these claims.
“An application to list the Trust’s shares has been submitted to and approved by the Cboe BZX Exchange,” the filing states.
Bloomberg ETF analyst James Seyffart covered the news on X (formerly Twitter). Although hesitant at first, he aimed to clarify the situation and prevent incorrect speculation from spreading.
“I wasn’t going to say anything, but I saw some interpreting it to mean that it had already been approved and there were about 5,000 questions.”
Read more: How to Prepare a Bitcoin ETF: A Step-by-Step Approach
Cryptocurrency enthusiasts are optimistic about the upcoming US SEC approval.
The deadline for the U.S. SEC to approve a spot Bitcoin ETF is January 10th.
Moreover, the excitement is evident as investors on decentralized prediction platform Polymarket are betting on this outcome.
Meanwhile, as evidenced by the trading price of the contract’s “Yes” shares, the probability of approval by January 15, 2024 is 88%.
However, the 88% probability is a significant increase from the 50% probability estimated just a month ago. The growing optimism is not unfounded. A recent report revealed that the SEC is ready to notify 14 spot Bitcoin ETF applicants of their approval status.
The news sent waves through the cryptocurrency market, with Bitcoin’s value soaring 55% since early October.
Read more: How to open a Bitcoin account in 3 easy steps
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