The US Securities and Exchange Commission (SEC) has eight days to approve all 12 pending spot Bitcoin exchange-traded fund (ETF) applications but you must be wondering what an ETF is and why its anticipated approval is surging the price of the scarce digital asset.
This is because the comment period for 9 of the 12 applications ends on November 17.
The SEC has already extended the deadline for a number of the pending spot Bitcoin ETF filings, and selected November 8 as the last day of the comment period.
From November 17, the comment period for 3 filings, including Global X Bitcoin Trust, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF, would recommence.
This means that they wouldn’t be approved or denied until after November 23 at the earliest.
While the window for accepting all 12 filings ends on November 17, the SEC could technically make a decision on 9 of the 12 applications anytime before January 10.
Bloomberg ETF analysts James Seyffart and Eric Balchunas predict a 90% chance of an approval sometime before January 10 next year.
New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD
— James Seyffart (@JSeyff) November 8, 2023
While the approval of a spot Bitcoin ETF is in no way guaranteed, the market is optimistic about the possibility with the price of Bitcoin gaining more than 30% in the last 3 months.
