Technically the SEC body unofficially approved Bitcoin spot ETF applications
After the next 6 days, the Bitcoin spot ETF products will start trading on the stock market exchanges.
The United States Securities and Exchange Commission (SEC) is currently busy in the process of approval of Bitcoin spot ETF applications, which have been in queue since mid-2023. Over the last week, many reports surfaced in the crypto sector which created huge negative sentiments among crypto investors.
On 5 Jan 2023, Nasdaq filed highly anticipated amended 19b-4 forms for BlackRock and Valkyrie with the SEC body for their corresponding Bitcoin spot ETF applications.
Bloomberg Media published a report to provide more clarity about the ongoing progress of Bitcoin spot ETF applications under the umbrella of the SEC body. According to Bloomberg, the SEC body asked issuers to file the amendments as “staff had no additional feedback on the paperwork for several of the firms after the latest amendments.”
As per the report, this information is a clear sign that the Securities regulatory body informed these applicants with official approvals to follow on Monday.
Bloomberg ETF expert Eric Balchunas said that he heard from multiple sources that 8 Am Monday is the final due date for the ETF applicants to submit final S-1s, which is another sign that the SEC body is trying to line everyone up for the Jan 11th launch.
If everything happens smoothly, then 11 ETFs will start trading on the stock exchanges on 11 Thursday of next week.
According to reports, Grayscale might face some delay in the approval of its Bitcoin spot ETF application because it is following an different approach to convert its Green Bitcoin (GBT) to an ETF.
Some reports claimed that Grayscale will secure regulatory approval along with all other applications, which is still uncertain.
On the total expected initial volume of all these bitcoin ETF products, experts believe it will be near $2 billion & that will be a type of record for any ETF history.
Notebely the latest reports failed to bring any new reaction in the Bitcoin trade price.
The current trade price of Bitcoin is $43,603 which is a stable price over the last 24 hours’’ trade price.
Read also: Ex-Morgan Stanley CEO says Bitcoin isn’t a core Investment
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