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January Is The ‘Absolute Runway’ For All Bitcoin ETF Authorizations

2023-11-29 16:15:05

Analysts speculate that the SEC may be preparing to approve all pending requests in one fell swoop based on its postponement of two spot Bitcoin ETFs.


ETF experts clearly think that there is now an absolute runway for Bitcoin spot ETFs that trade on exchanges in the US to potentially get contemporaneous approvals following an early decision to postpone the proposals of Franklin Templeton and Hashdex ETFs. James Seyffart, a Bloomberg ETF analyst, stated in a Nov. 28 X (Twitter) post that the SEC postponed making a judgment on the requests for thirty-four days, ahead of their due date of Jan. 1, 2024.

The paperwork that Franklin Templeton and Hashdex required in order for the ETFs to finally be registered and begin trading was sent to the SEC for feedback. There will be a 35-day window for comments and rebuttals. The simultaneous delays all but verify that this was probably a plan to line up every application for likely authorization by the Jan 10, 2024 time frame. James Seyffart and his counterpart Eric Balchunas state that they had set a 90% likelihood on the Bitcoin spot ETF licenses by January 10 of that year. Balchunas concurred, writing on X that the SEC was probably trying to organize the runway and get guys out of the way. Franklin Templeton reportedly filed an amended Form S-1, which registers equities via the SEC, for its ETF on November 28. Prior to that, Seyffart had said that Franklin was the sole bidder who had not yet filed a fresh application.

Commenting on the file, Balchunas stated that although he supports allowing all ETFs to open concurrently, he found it a little unjust that Franklin, having submitted the form months afterward, may be permitted to open its ETF on the same night as other vendors. Right now, the SEC is considering 12 spot Bitcoin ETFs, notably proposals from BlackRock and Grayscale. With the exception of ARK Invest's offer, which the SEC has to accept or reject by January 10, 2024, the majority of offers had finalization deadlines in March.

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