The cryptocurrency market is full of anticipation as the approval window for spot Bitcoin Exchange-Traded Funds (ETFs) opens in less than 20 days. In a recent disclosure by popular crypto influencer Crypto Rover, a comprehensive list of pending spot ETF filings sheds light on potential candidates awaiting approval from the Securities and Exchange Commission (SEC).
The pending Bitcoin ETF landscape
Crypto Rover's tabulated screenshot reveals interesting insights into pending spot Bitcoin ETF applications. Of the thirteen listed, a significant twelve were unveiled this year, underscoring the growing interest within the cryptocurrency industry to secure regulatory approval for these investment tools.
Notably, Grayscale Bitcoin Trust stands out as the only application submitted before 2023, representing a new file submitted on October 19, 2021.
The unique grayscale approach
One distinctive aspect of the pending applications is Grayscale's latest filing, which involves the conversion of its existing Grayscale Bitcoin Trust (GBTC).
This strategic move aims to make Bitcoin more accessible to individual and institutional investors through a traditional investment avenue in the form of shares, as opposed to the direct investment model prevalent in the crypto space.
Regulatory landscape and deadlines
Despite the looming approval window, the SEC has yet to set a new deadline for approval of Grayscale's ETF after the previous deadline expires on October 13. However, for most other applications, the deadlines are concentrated within the first quarter of 2024. While only two applications extend into the second quarter, Pando's submission will be reviewed in the third quarter of 2024.
