SEC’s Spot Bitcoin ETF Approval Looking Like ‘a Done Deal’ in January, Says Bernstein

Global plus absorption steadfast Alliancebernstein’s probe limb expects the U.S. Securities and Exchange Commission (SEC) to o.k. its archetypal spot bitcoin exchange-traded money (ETF) successful aboriginal January 2024. Noting that the regulator “has been actively responding with edits/comments connected the ETF applications,” the firm’s analysts said: “The probability of an support by the Jan. 10 owed day looks highly likely.”

Spot Bitcoin ETF Approval ‘Highly Likely’ successful January

Bernstein Research, a subsidiary of planetary plus absorption steadfast Alliancebernstein, expects the U.S. Securities and Exchange Commission (SEC) to o.k. its archetypal spot bitcoin exchange-traded money (ETF) successful January adjacent year. A memo from Bernstein Research sent to Thestreetcrypto reads:

A bitcoin ETF successful aboriginal Jan is present looking similar a ‘done deal.’

The memo explains that the marketplace was waiting to spot if the SEC would “appeal against the Grayscale verdict.” The largest crypto plus manager, Grayscale Investments, is seeking to person its bitcoin spot (GBTC) into a spot bitcoin ETF. The SEC initially rejected the exertion but the tribunal aboriginal ruled successful favor of the crypto steadfast and ordered the securities regulator to reevaluate its application.

“Now that SEC has chosen not to appeal, and actually, has been actively responding with edits/comments connected the ETF applications, the probability of an support by the Jan. 10 owed day looks highly likely,” the Bernstein Research memo details.

According to SEC Chairman Gary Gensler, the securities watchdog is considering eight to 10 spot bitcoin ETF applications. Based connected nationalist records, determination are 12 spot bitcoin ETF applications pending reappraisal astatine the SEC, including Grayscale’s application to covert GBTC into a spot bitcoin ETF.

Other applicants see Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Eight applications person the latest imaginable reappraisal dates successful the archetypal 4th of adjacent year, and 3 person the latest reappraisal dates successful the 2nd quarter.

Some analysts, including those astatine JPMorgan, are expecting the SEC to o.k. aggregate spot bitcoin ETFs astatine once. Last week, the terms of bitcoin surged connected speculation that Blackrock, the world’s largest plus manager, is adjacent to launching its spot bitcoin ETF.

Do you deliberation the SEC volition o.k. its archetypal spot bitcoin ETF successful January adjacent year? Let america cognize successful the comments conception below.