Spot Bitcoin ETF Odds at 90%
Bloomberg ETF experts, Eric Balchunas and James Seyffart, have heightened the probability of a spot Bitcoin ETF being approved by the U.S. Securities and Exchange Commission (SEC) to 90%. This decision followed updates made to the Bitcoin ETF prospectus by Ark Invest and 21Shares in response to SEC's request.
The duo forecasts the SEC could sanction the spot Bitcoin ETF by January 10, given the recent constructive interactions reflected in the modified applications. Notably, Ark Invest introduced five new pages detailing risk disclosures, revised verbiage, and more context.
Furthermore, following ARK Invest's revisions in response to SEC feedback, Invesco Galaxy has also refreshed its spot Bitcoin ETF application. It's anticipated that other contenders will make similar adjustments in the near future.
Opting against contesting the court's verdict about Grayscale, the U.S. SEC has allowed Grayscale to evolve its GBTC product into a spot Bitcoin ETF. Seyffart highlighted that if the cutoff for Grayscale's lawsuit to transition GBTC to a spot Bitcoin ETF is this year, the SEC might give its nod earlier. Observers opine that the SEC Division of Trading & Markets is under pressure, as both courts and other applicants urge for the approval of a spot Bitcoin ETF.
On another note, Grayscale has petitioned for an Ether ETF. Given the circumstances, the chances for its approval seem promising. Interestingly, ProShares is set to launch an Ethereum futures ETF, dubbed the "Short ETH Strategy ETF," on October 16, bearing the ticker "SETH."
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