- Bitcoin’s price briefly surged to $29,000 on Wednesday and became part of the movement towards the psychological level of $30,000.
- Applicants for spot Bitcoin ETFs are currently engaging in discussions with the SEC to make the necessary changes for potential approval by a certain date.
- These discussions surrounding spot Bitcoin ETFs have contributed to a 2% increase in BTC price over the last 24 hours and a 6% increase over the past week. The price is gradually moving towards $30,000 amid a positive sentiment.
Bloomberg ETF analysts reveal that firms applying to launch spot Bitcoin ETFs are in discussions with the SEC and share the details.
Companies Are Engaging with the SEC for Spot Bitcoin ETFs
Bitcoin’s price briefly surged to $29,000 on Wednesday and became part of the movement towards the psychological level of $30,000. This came with a positive sentiment, particularly due to discussions about Bitcoin ETFs in the market, especially among institutional investors. Bloomberg analysts mention that applicants for spot Bitcoin ETFs are in discussions with the SEC regarding the changes required for Bitcoin ETF approval.
Bloomberg ETF analyst James Seyffart refers to an article by attorney Scott Johnsson regarding the latest changes advised by the SEC to spot Bitcoin ETF issuers. These changes encompass issues such as custody regulations, compliance with GAAP, risk disclosures, and electricity consumption in mining.
Applicants for spot Bitcoin ETFs are currently engaging in discussions with the SEC to make the necessary changes for potential approval by a certain date. Seyffart believes that these discussions represent positive signs that the SEC is considering approval for the spot Bitcoin ETF.
“However, there will likely be more changes in the coming weeks and months. It is an ongoing dialogue with feedback and responses. But it will certainly be interesting to see what the SEC wants to see in these documents.”
Previously, after Ark Invest and 21Shares updated their spot Bitcoin ETF prospectuses, Bloomberg analysts Eric Balchunas and Seyffart increased the probability of spot Bitcoin ETF approval to 90%. The SEC may approve it earlier this year without waiting for the final date of the case to convert GBTC to spot Bitcoin.
Fidelity Updates Its Spot Bitcoin ETF Application
Eric Balchunas shared that Fidelity Investments has updated its spot Bitcoin ETF with the latest recommendations from the U.S. SEC. Other Bitcoin ETF issuers are also updating their spot Bitcoin ETF applications, and more changes are expected in the coming weeks and months.
The discussions around spot Bitcoin ETFs have led to a 2% increase in BTC’s price in the last 24 hours and a 6% increase over the past week. With significant purchases by institutional investors seen last week, analysts expect increased demand this week.
