BTC Spot ETF being approved by the US Securities and Exchange Commission (SEC) to 90%. This comes after Ark Invest and 21Shares updated the prospectus for the Spot Bitcoin ETF requested by the US Securities and Exchange Commission. Meanwhile, the SEC has chosen not to move forward with an appeal of a court ruling allowing Grayscale to convert its GBTC product into a Spot Bitcoin ETF.
Bloomberg Analysts Raise Odds of Approval for Spot Bitcoin ETF to 90% Bloomberg analysts Eric Balchunas and James Seyfart. Raising the chances of approval of the Spot Bitcoin ETF to 90%. The move comes after Ark Invest and 21Shares updated the Bitcoin ETF prospectus at the request of the US Securities and Exchange Commission.
Analysts expect the SEC to approve the Spot Bitcoin ETF by January 10. The latest filing update indicates constructive filing with the SEC. Ark Invest has added five additional pages in the app on risk disclosure, new language and additional context.
“This correspondence between the SEC and fund sponsors is standard practice for new launches but is the first of its kind for Bitcoin ETF applications . “Which indicates that the SEC is working to approve Ark’s proposal.”
As Eric Balchunas, a senior ETF analyst at Bloomberg, tweeted. It follows ARK Invest's response to the SEC's comments. Invesco (NYSE: IVZ ) Galaxy has now updated its prospectus for the Spot Bitcoin ETF. Other applicants are expected to update their documents soon.
SEC Chooses Not to Appeal Grayscale Ruling The SEC has decided not to appeal the court's ruling on Grayscale. James Seyphart also noted that SEC approval could come early if the deadline for Grayscale's lawsuit to convert GBTC into a Spot Bitcoin ETF comes this year. Analysts believe the SEC's Trading and Markets Division is in trouble. And that courts and other issuers are pressuring the SEC to approve the Spot Bitcoin ETF.
Grayscale has also filed for an Ether ETF. The odds of an ETF being approved are higher. In fact, ProShares will launch a shorts futures ETF next week. Trading will begin on October 16 with the ticker symbol SETH.
