Bloomberg #ETF experts James Seyffart and Eric Balchunas believe that the US Securities and Exchange Commission (SEC) may approve a fund as soon as next year following significant modifications to the ARK 21Shares Spot Bitcoin ETF proposal.
Expected Approval Rate Of 90%
Seyffart emphasised his team's projection of a 90% possibility that a Spot Bitcoin ETF will be authorised by Ark Invest's January 10 deadline in a post uploaded on his X (previously Twitter) platform. The Spot Bitcoin ETF application submitted by ARK Invest is likely to get a final decision from the SEC (approval or rejection) on January 10.
The new forecast follows the recent change to the Spot Bitcoin ETF prospectus by ARK Invest and 21Shares. The backdrop of the fund and the risks involved have been expanded upon in these revisions. According to these experts, a fund would only undergo such an alteration during the approval process.
After Grayscale's triumph, Bloomberg analysts projected a 75% likelihood that the pending Spot Bitcoin ETF applications would be approved this year, with the probability increasing to 95% by the end of next year.
In addition to the change made by ARK 21Shares, Invesco Galaxy also updated the Spot Bitcoin ETF prospectus, as noticed by Eric Balchunas on his X platform. He predicted that the other candidates would shortly submit revised forms. As was the case with the Ethereum futures ETFs, this indicates that the SEC may accept all applications at once.
An Enormous Boost for Bitcoin ETFs in the Spot Market In Light of the SEC's Ruling
As a result of the SEC's decision not to appeal the court's judgement in its case against Grayscale, these Spot #bitcoin ETF applications have received significant momentum. Grayscale's application to convert its GBTC fund into a Spot Bitcoin ETF was denied by the SEC on the grounds that the agency had behaved arbitrarily and capriciously. The SEC has until October 13 to file an appeal to the Court of Appeal's decision.
According to Reuters, the appeals court is anticipated to issue a mandate outlining how the SEC may carry out its ruling, which could include the Commission considering Grayscale's application anew in light of the company's choice not to submit an en banc application or appeal to the Supreme Court.
Read this related article to find out why US megabank JPMorgan thinks this Bitcoin metric will plummet.
Grayscale and the SEC, as mentioned by James Seyffart, are expected to start talking to one another next week. Whether or whether the SEC will grant approval is still up in the air, especially since the agency has postponed a decision on all Spot Bitcoin ETFs until 2019.
Bitcoin's price has increased in the previous twenty-four hours as a result of the SEC's decision not to appeal, with the cryptocurrency now trading at roughly $26,849.76, according to statistics from CoinMarketCap.
