LIVESEC Approval of Spot Bitcoin ETF Looks Like a 'Done Deal' in January, Bernstein Says.
Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, expects the US 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:
"The bitcoin ETF in early January now looks like a 'done deal'."
The memo explains that the market is waiting to see whether the SEC will “appeal the Grayscale ruling.” The largest crypto asset manager, Grayscale Investments, is working 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 company and ordered the securities regulator to reevaluate its application.
“Now that the SEC has chosen not to appeal, and in fact, has actively responded with edits/comments on the ETF application, approval is most likely due on January 10,” the Bernstein Research memo details.
According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. According to public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale's application to disguise GBTC as a spot bitcoin ETF.
Other suitors include Cathie Wood's ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications have a possible final review date in the first quarter of next year, and three applications have a final possible review date in the second quarter.
Some analysts, including at JPMorgan, expect the SEC to approve several bitcoin ETFs at once. Last week, bitcoin prices surged amid speculation that Blackrock, the world's largest asset manager, would soon launch a bitcoin ETF
