Anticipation for the U.S. Securities and Exchange Commission (SEC)’s upcoming decision on spot bitcoin exchange-traded funds (ETFs) has reached a fever pitch, with analysts predicting that the regulator may approve multiple applications at once early next week. Jan. 10 is the deadline for the SEC to make a decision on the joint spot bitcoin ETF proposal by Cathie Wood’s Ark Invest and 21shares.
While some believe that a decision could come as soon as Monday, Blackrock, the world’s largest asset manager, expects the SEC to approve its spot bitcoin ETF, the Ishares Bitcoin Trust, on Wednesday, according to Fox Business.
Currently, 11 spot bitcoin ETFs are vying for approval. Proposals to list and trade all of them were submitted to the securities regulator on Friday. Once the SEC green-lights these proposals, and the issuers sign off on their S-1 (prospectus) filings, the approved spot bitcoin ETFs can begin trading.
Besides Blackrock’s Ishares Bitcoin Trust, the 10 other applicants are Grayscale Bitcoin Trust, Ark 21shares Bitcoin ETF, Bitwise Bitcoin Trust, Vaneck Bitcoin Trust, Wisdomtree Bitcoin Trust, Invesco Galaxy Bitcoin ETF, Fidelity Wise Origin Bitcoin Trust, Valkyrie Bitcoin Fund, Hashdex Bitcoin ETF, and Franklin Bitcoin ETF.
Blackrock has reportedly lined up over $2 billion for the launch of its Ishares Bitcoin Trust. The world’s largest asset manager has named Jane Street and JPMorgan as the fund’s authorized participants.
Last-minute efforts, such as a letter from Better Markets warning of financial carnage and massive investor harm, aim to compel the SEC to reject spot bitcoin ETFs. However, many have dismissed these concerns and remain confident in the SEC’s approval. Vaneck’s digital assets director noted last week that investors often overlook the long-term impact of spot bitcoin ETFs.
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