- The Commission is facing the next ultimate deadline, generally expected to make a decision around January 10, 2024.
- Bloomberg analyst James Seyffart believes that some issuers may lag behind until January 10, 2024, while others could obtain SEC approval.
- Previously, as reported by COINOTAG, Blackrock confirmed that it would adopt the cash redemption model by modifying its Form S-1.
When will the U.S. Securities and Exchange Commission (SEC) approve spot Bitcoin ETFs? The ETF analyst revealed the date!
ETF Analyst Discloses the Date for Bitcoin ETFs
After the U.S. Securities and Exchange Commission (SEC) organized a joint conference meeting with ETF applicants, analysts are curious about whether the institution is preparing to approve some issuers’ applications in the coming days. The Commission is facing the next ultimate deadline, generally expected to make a decision around January 10, 2024.
It has been reported that the SEC directed ETF applicants to commit to working only on the cash creation model, contrary to the form indicated by current applications. Seven out of fourteen ETF applicants have already converted to the cash model. Bitwise was the first company to switch exclusively to the cash model, while others such as Grayscale, VanEck, WisdomTree, and Franklin Templeton continue with both the in-kind and cash creation types. It remains to be seen whether these companies will opt for a cash conversion only.
Bloomberg analyst James Seyffart believes that some issuers may lag behind until January 10, 2024, while others could obtain SEC approval. However, he expressed a slight possibility that Bitcoin ETF approvals could come in 2023. Seyffart said, ‘Could it – might it – get approved in 2023? But as a base case, I expect approvals between January 8-10.’
Previously, as reported by COINOTAG, Blackrock confirmed that it would adopt the cash redemption model by modifying its Form S-1. However, it did not approve the in-kind model, indicating that the internal model is awaiting approval.
Will Blackrock be one of the first to be approved?
Previously, Fox Business senior correspondent Charles Gasparino shared that the SEC is taking a path to grant ETF approvals by January 10, 2024. Meanwhile, some ETF applicants have queued up to meet with SEC officials regarding their applications. In the recent past, both Blackrock and Grayscale each held about 4 to 5 meetings with the Commission.
