Reports and interviews from the weekend suggest that the U.S. Securities and Exchange Commission (SEC) may soon approve spot Bitcoin ETFs, contingent on the authorization of 19b-4 and S-1 forms. Asset management giants have been anticipating this outcome after months of preparation.
According to Bloomberg, the SEC is expected to vote on 19b-4 forms within days (before January 11), with companies required to submit their S-1 forms by the morning of January 8, 2024, Eastern Time.
Previous statements by Bloomberg analysts indicated that the likelihood of ETF rejection has decreased to 5% following recent meetings between SEC officials and representatives of firms seeking approval. It was noted that if the SEC grants both necessary approvals, ETFs could start trading the next business day.
The anticipation of this vote suggests a significant move towards the expected approval of Bitcoin ETFs, which could play a crucial role in channeling institutional funds into the crypto market in a standardized manner. Major Bitcoin investors like MicroStrategy continue to accumulate BTC, taking significant risks on its future value.
Throughout 2023, companies investing in cryptocurrencies have seen increased stock volatility. MicroStrategy and Coinbase stocks have experienced notable rises in line with Bitcoin’s price surge and the potential ETF approval. Rumors indicate that companies such as Blackrock, Fidelity, VanEck, Valkyrie, Bitwise, and Grayscale may launch spot Bitcoin ETF products on the exchange from January 11, 2024.