Bloomberg ETF analysts James Seyffart and Eric Balchunas posted a research note on November 8 This suggests that an upcoming 8-day opening on November 9 may see SEC approvals for several proposed spot Bitcoin ETFs.
That tweeting is reading:
“New research note from me today. We still believe there is a 90% chance of approval of spot #Bitcoin ETFs by January 10th. But if it comes sooner, we will enter a period where a wave of approval orders for all current applicants *Could* occur.”
Seyffat further commented on the note on Twitter, stating that the current period for all twelve ETF applications ends on November 17. However, he said the SEC could decide nine of the 12 ETF filings in the next two months.
No guarantee
The fact that an approval window has opened does not guarantee that the U.S. Securities and Exchange Commission (SEC) will approve pending applications. The agency has not stated that it will approve the applications.
The optimism surrounding pending filings stems from several factors, including the fact that the SEC solicited comments on several proposals as of late September. Seyffarts’ note noted that several applicants received deferment notices that signaled the end of the comment period today, November 8, opening the collective approval period.
The fact that several applications are based on a proposal from BlackRock, the world’s largest asset manager, also raises hopes for approval of Bitcoin ETFs. BlackRock and many other applicants have addressed previous concerns about market manipulation by adding a monitoring sharing agreement with Coinbase.
Another reason for optimism is Grayscale’s recent court victory, which will force the SEC to review the planned GBTC-to-ETF conversion.
Meanwhile, Cathie Wood, director of ARK Invest, has suggested that the SEC will likely approve multiple ETFs at once. This means that any time frame where multiple ETFs can be approved at the same time is notable.
Bloomberg’s analysts point to an 8-day period starting on November 9, during which several Bitcoin ETFs could see the approval appear first on CryptoSlate.