Global asset management firm Alliancebernstein’s research arm expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in early January 2024. Noting that the regulator “has been actively responding with edits/comments on the ETF applications,” the firm’s analysts said: “The probability of an approval by the Jan. 10 due date looks highly likely.”
Spot Bitcoin ETF Approval ‘Highly Likely’ in January
Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the U.S. Securities and Exchange Commission (SEC) to approve its first spot bitcoin exchange-traded fund (ETF) in January next year. A memo from Bernstein Research sent to Thestreetcrypto reads:
A bitcoin ETF in early Jan is now looking like a ‘done deal.’
The memo explains that the market was waiting to see if the SEC would “appeal against the Grayscale verdict.” The largest crypto asset manager, Grayscale Investments, is seeking to convert its bitcoin trust (GBTC) into a spot bitcoin ETF. The SEC initially rejected the application but the court later ruled in favor of the crypto firm and ordered the securities regulator to reevaluate its application.
“Now that SEC has chosen not to appeal, and actually, has been actively responding with edits/comments on the ETF applications, the probability of an approval by the Jan. 10 due date looks highly likely,” the Bernstein Research memo details.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale’s application to covert GBTC into a spot bitcoin ETF.
Other applicants include Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have the latest possible review dates in the first quarter of next year, and three have the latest review dates in the second quarter.
Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once. Last week, the price of bitcoin surged on speculation that Blackrock, the world’s largest asset manager, is close to launching its spot bitcoin ETF.
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