- Analysts foresee a potential approval window for Spot Bitcoin exchange-traded funds (ETFs) from January 5 to 10, 2024.
- A previous November 17 deadline set by analysts passed without any action from the Securities and Exchange Commission (SEC).
Analysts are now directing their attention to a revised timeline for the potential approval of Spot Bitcoin exchange-traded funds (ETFs), with a prospective window from January 5 to 10, 2024.
James Seyffart, an ETF specialist at Bloomberg Intelligence, has illuminated this updated timeline by highlighting the deadlines for Hashdex and Franklin Templeton ETFs around January 5-8.
This timeline aligns with the broader window of January 5-10, where approval for all twelve spot BTC ETF filings could potentially become a reality.
This revised timeline extinguishes any remaining hopes for a December approval, as recent developments within the Securities and Exchange Commission (SEC) suggest that the odds now lean toward 2024.
Seyffart and his colleague Eric Balchunas maintain their prediction of a 90% likelihood of approval by January 10.
Financial Advisors Eagerly Await BTC Access
Financial advisors are eagerly awaiting Spot Bitcoin ETF approval, as it will enable them to offer BTC access to their clients. Ric Edelman, founder of Edelman Financial Services, a $250 billion asset management firm, emphasizes the significance of ETF approvals for financial advisors.
Edelman anticipates a surge in interest, citing that 12% of advisors currently recommend Bitcoin, while 47% already own the asset.
Edelman also highlights the importance of advisors owning Bitcoin for credibility. Many advisors who own BTC are eagerly awaiting the availability of spot BTC ETFs, anticipating approvals from compliance departments for this innovative investment product.
In a recent memo, the US SEC revealed its discussions with Grayscale regarding the potential transformation of the Grayscale Bitcoin Trust into an ETF.
While the regulatory body initially opposed this transition, Grayscale contested the decision in a legal battle, ultimately emerging victorious.
