Great news for Crypto Bitcoin fans Bitcoin ETF Coming soon on January 10, 2024
Sources close to the companies applying for Bitcoin ETFs say recent guidance from SEC officials is that Bitcoin ETF approval will likely be granted by January 10, 2024.
Reporting from Yahoo Finance, Friday (22/12/2023), this is the final deadline for the SEC to approve or reject the application from the first company to ask for the SEC's blessing for a spot bitcoin ETF.
In all, about a dozen companies, including Wall Street asset management giants like BlackRock and Fidelity, have applied for spot bitcoin ETFs, or those valued based on real-time prices of the digital asset. People at these companies believe the SEC can approve multiple applications at once.
If approval is indeed obtained, as many expect, it would mark a major step towards mainstream adoption of cryptocurrencies in the US.
A spot bitcoin ETF would give retail investors greater exposure to the world's largest cryptocurrency at lower costs than existing bitcoin ETFs that are already approved and priced in the futures market.
Additionally, investors can gain exposure to bitcoin and avoid unregulated exchanges by purchasing ETFs through tightly regulated money management companies when trading occurs on the New York Stock Exchange and Nasdaq stock markets.
One downside for investors includes the SEC's unusual demands on ETF structures. In meetings with major money management firms, the SEC insisted that applicants use cash to purchase ETF shares, and could not use the underlying asset, which in this case was bitcoin.
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