The Countdown for a Bitcoin ETF Decision Is Approaching a Critical Deadline
There’s likely fewer than 30 days left before the crypto world’s inevitable leap into traditional finance offers digital-money proponents a path to redemption post-FTX.
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That’s the bullish narrative in virtual-currency land as the clock ticks down to Jan. 10 – when US regulators must finally decide whether to greenlight a physically-backed Bitcoin ETF. The Securities and Exchange Commission will by that time be required to either accept or deny an application from Cathie Wood’s ARK Investment and 21Shares, who were the first to file during this year’s batch of applicants. It could at that time also rule on other similar filings. More than 10 companies are working toward getting these ETFs — which would directly hold Bitcoin — green-lit.
Should approval finally happen, it would mark a significant moment for the digital-assets industry, which is still in recovery mode following 2022’s massive failures, including that of the collapse of the FTX exchange.
“This decisive date has been the center of attention for Bitcoin investors since October and will be an extremely important date to watch,” K33’s Vetle Lunde wrote in a note about the January deadline. He predicts that the funds will get regulatory blessing.
While issuers have been trying to get a spot-Bitcoin product approved since 2013, excitement has built up this year in particular given the participation of Wall Street heavyweights such as BlackRock, Invesco and Fidelity in the race.
