The approval window for spot Bitcoin Exchange-Traded Funds (ETFs) is set to open in less than 20 days, which has the cryptocurrency industry buzzing with anticipation. A thorough list of pending spot ETF files was recently made public by well-known cryptocurrency influencer Crypto Rover, providing insight into the possible applicants who are still seeking Securities and Exchange Commission (SEC) approval.
The Situation with Upcoming Bitcoin ETFs
A tabulated screenshot from Crypto Rover provides interesting information about the applications for pending spot Bitcoin ETFs. Of the thirteen on the list, twelve of them were submitted this year, which indicates that the cryptocurrency industry is becoming more and more interested in getting these investment instruments approved by regulators.
Among the applications filed before 2023, Grayscale Bitcoin Trust is noteworthy since it is a re-file that was filed on October 19, 2021.
The Special Method of Grayscale
One notable feature of the applications that are still pending is Grayscale's most recent submission, which entails transforming its current Grayscale Bitcoin Trust (GBTC).
In contrast to the direct investment strategy that is common in the cryptocurrency field, this calculated move intends to make Bitcoin more available to individual and institutional investors through a traditional investment avenue in the form of shares.
The Regulatory Environment and Timelines
Although there is a window of opportunity for approval, the SEC has not yet established a new deadline for Grayscale's ETF approval, as the last one expired on October 13. The majority of other applications, however, have deadlines that fall during the first quarter of 2024. Pando's application is slated to be reviewed in Q3 2024, but only two applications are extended into the second quarter.
According to Crypto Rover's excellent report, Coinbase is the preferred custodian for the majority of proposed spot Bitcoin ETFs. The landscape of possible ETF offerings has also been further shaped by the fact that eight out of thirteen applicants have chosen the Chicago Board of Exchanges (CBOE) as the designated exchange to fulfill their intended purpose.
Market Prediction
Crypto fans are waiting to see if spot Bitcoin ETFs will be approved as the window for approval is closing. This regulatory approval may indicate a turning point in the market and the start of the next bull cycle. The impending Bitcoin halving event, which is anticipated to take place in the first quarter of 2024, adds to the increased enthusiasm and paves the way for big changes in the cryptocurrency market in the months ahead.
The cryptocurrency community is anticipating the possible approval of spot Bitcoin ETFs and is watching closely to see if this regulatory milestone will significantly alter the sector. With the clock ticking down, all eyes are on the SEC and the decisions
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