Spot Bitcoin ETF approval in the US
In Oct 2021, the US Securities and Exchange Commission (SEC) granted approval for the nation’s first BTC-based exchange-traded fund. The financial watchdog has yet to approve a spot ETF for Bitcoin in the United States, but I expect this to change soon.
On Nov 30, SEC officials met with the representatives of Grayscale, a prominent crypto asset manager seeking to convert its existing Grayscale Bitcoin Trust into an exchange-traded fund. The company won a critical court battle against the agency in August, legally forcing the latter to review its BTC ETF application.
A day earlier, there was also a formal meeting between the financial watchdog, BlackRock, and Nasdaq. The asset manager filed for a spot Bitcoin ETF at the SEC in June and a spot Ethereum ETF in November. Besides the above developments, Bloomberg Intelligence ETF analyst James Seyffart said he believes that the probability of SEC Bitcoin ETF approval early next year is around 90%. Analysts believe the approval will happen somewhere between January 8 and 10.
The market is currently optimistic, and a Bitcoin spot ETF in the US will play an essential role in onboarding institutions seeking to achieve diversified asset allocation via BTC investments.
