Will Spot Bitcoin ETF be approved in less than 20 days?

The crypto market is buzzing with anticipation as the approval window for spot Bitcoin exchange-traded funds (ETFs) is set to open in less than 20 days. Recently revealed by prominent crypto influencer Crypto Rover, a comprehensive list of pending spot ETF filings reveals potential candidates awaiting U.S. Securities and Exchange Commission (SEC) approval.

The Pending Bitcoin ETF Landscape

Crypto Rover’s table screenshot reveals interesting insights into pending spot Bitcoin ETF application. Of the thirteen applications listed, twelve were filed this year, underscoring the crypto industry’s growing interest in gaining regulatory approval for these investment vehicles.

Notably, Grayscale Bitcoin Trust is the only application filed before 2023, representing a resubmission filed on October 19, 2021.

Grayscale’s unique approach

A notable feature of the pending filings is Grayscale’s latest filing, which involves converting its existing Grayscale Bitcoin Trust (GBTC).

This strategic move aims to make Bitcoin more accessible to individual and institutional investors through the traditional investment route of stocks, in contrast to the direct investment model in the crypto space.

Regulatory Landscape and Deadlines

Despite the impending approval window, the SEC has not yet set a new deadline for Grayscale’s ETF approval after the deadline expires on October 13, 2021. However, for most other applications, the deadlines are centered around the first quarter of 2024. While only two applications extended into the second quarter, Pando's submission is scheduled to be considered in the third quarter of 2024.

Crypto Rover’s insightful post suggests that Coinbase is the preferred custodian for most proposed spot Bitcoin ETFs. In addition, eight out of thirteen applications selected the Chicago Board Options Exchange (CBOE) as the proposed exchange, further shaping the landscape of potential ETF products.

Market expectations

As the countdown to the approval window progresses, crypto enthusiasts are looking forward to the potential approval of a spot Bitcoin ETF. This regulatory green light could mark a critical moment for the market, marking the beginning of the next bull run. Market excitement is further fueled by the upcoming Bitcoin halving event in the first quarter of 2024, setting the stage for significant developments in the crypto market in the coming months.

With the potential approval of a spot Bitcoin ETF looming, the crypto community is on tenterhooks waiting to see if this regulatory milestone will be a game-changer for the industry. As the countdown continues, all eyes are on the SEC and upcoming decisions that could soon shape the trajectory of the crypto market.

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