Skip to main content

SEC’s Spot Bitcoin ETF Approval Looking Like ‘a Done Deal’ in January, Says Bernstein

SEC's Approval of Spot Bitcoin ETF in Early January 'a Done Deal,' Says Bernstein Research

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.

Do you think the SEC will approve its first spot bitcoin ETF in January next year? Let us know in the comments section below.



from Bitcoin News https://ift.tt/uotSv7h
Labels:

Comments

Post a Comment

Popular posts from this blog

Ripple Donates $300K to Support Nepal and Tibet Flood Relief

Ripple is donating $300,000 to World Central Kitchen and Mercy Corps following devastating floods in Nepal and Tibet. The funding will support emergency meals, clean-water access, and sanitation efforts in affected communities. Ripple Directs $300K to Emergency Assistance A $300,000 Ripple donation will support emergency food, water, and sanitation assistance after destructive flooding struck Nepal […] from Bitcoin News https://ift.tt/b60CqSG
Post a Comment
Read more

$13T Asset Manager Charles Schwab Adds 3 Altcoins to Its Crypto Push

There’s been a great deal of institutional interest in crypto assets over the last two years, and on Thursday, the $13 trillion asset manager Charles Schwab announced that it is expanding its digital asset listings beyond bitcoin and ethereum. According to the announcement, solana (SOL), avalanche (AVAX), and chainlink (LINK) accessibility will be added to […] from Bitcoin News https://ift.tt/b1dBkM5
Post a Comment
Read more

Glassnode and Ark Invest Introduce ‘Cointime Economics’ — A New Model to Measure Bitcoin’s Value

Researchers from Glassnode and Ark Invest have collaborated to develop a new economic model for analyzing Bitcoin’s onchain metrics called “Cointime Economics.” The framework offers an alternative way to measure the economic activity and value of bitcoin based on “coinblocks” rather than the standard accounting method of unspent transaction outputs, or UTXOs. Cointime Economics: A Unique Framework for Analyzing Bitcoin The Cointime Economics white paper explains that coinblocks are the product of the number of bitcoin, or BTC , multiplied by the number of blocks they are held without moving. For instance, ten bitcoins held for ten blocks would equal 100 coinblocks. This method aims to capture the real economic weight and importance of each bitcoin based on the time it remains dormant. The longer a bitcoin is unmoved, the higher its cointime and implied economic significance. Cointime Economics introduces metrics such as coinblocks created, destroyed, and stored to describe Bitcoi...
Post a Comment
Read more