Grayscale Keeps Talks With The SEC Going While Paving the Way for a Spot Bitcoin ETF
New estimates indicate that the SEC will approve a Bitcoin spot ETF in early January, after Grayscale’s second meeting with the agency.
After meeting with the regulator, Grayscale submitted a revised preliminary prospectus on November 22 outlining its intentions to transform the GBTC fund into a spot ETF.
According to ETF Store president Nate Geraci’s December 1 report, details are still being worked out. He said, “I think we’re approaching the finish line,” before offering his thoughts on the outcome of these talks.
It is quite probable that Ark Invest will launch its own exchange-traded fund (ETF) using the capital it has invested in the Grayscale fund.
That green light would arrive in the first few days of January, according to James Seyffart, a fellow Bloomberg ETF analyst.
It seems that the likely approval window for a spot Bitcoin ETF will be between January 5, 2024, and January 10, 2024.
It could arrive in the week of January 8, as January 6 and 7 are weekends. In addition, he said that Hashdex and the SEC met this week, with the latter postponing the application. But it wasn’t seen as a negative thing.
“This is just the latest sign that the SEC is actively collaborating with companies that could launch Bitcoin exchange-traded funds (ETFs) on the infrastructure and details of the backend.”
He elaborated on how the Hashdex app is unique in that it incorporates spot Bitcoin into the ETF framework via the exchange for physical transactions via CME futures.
It was a positive development, according to financial lawyer Scott Johnsson. Another sign that this is about setting up possible approvals is the “quicker turnaround than usual,” he said.
According to Balchunas, the fact that things may be cleared on January 10 is more proof that they are moving more quickly than typical.
This week, BlackRock met with the Trading and Markets division of the SEC once again to provide an updated, in-kind model about redemption flow.
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