Multiple spot Bitcoin ETFs will be approved, TechCrunch’s inside sources say Multiple spot Bitcoin ETFs will be approved, TechCrunch’s inside sources say
Reporter Jacquelyn Melinek said she is "expecting something" Friday.
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Updated: Jan. 4, 2024 at 11:13 pm UTC
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TechCrunch senior crypto reporter Jacquelyn Melinek claimed on Jan. 4 that regulators will approve more than one spot Bitcoin ETF at once.
Melinek posted to Twitter/X:
“[I have] heard from sources extremely close to the matter that the bitcoin spot ETF is going to be approved by the SEC for multiple firms’ applications.”
Though simultaneous spot Bitcoin ETF approvals have been expected, past reports have been speculative rather than definite.
Ark Invest CEO and CIO Cathie Wood, whose firm is leading one spot Bitcoin ETF application, notably suggested in August that multiple approvals are likely to occur simultaneously due to similarities between various applications. It should also be noted that the SEC has approved other crypto-related ETFs, such as Bitcoin and Ethereum futures ETFs, in close succession or days apart.
ETF approval on Friday is possible
Melinek added that she is “expecting something tomorrow” but did not clarify whether her sources suggested an ETF approval on that date.
Other reporters from FOX Business have predicted that the SEC will announce approvals on Friday, Jan. 5, despite a deadline five days later.
Other developments that point to incoming approval. Several applicants have filed 8-A registration statements with the U.S. Securities and Exchange Commission (SEC), including Grayscale, VanEck, and Fidelity on Jan. 4.
The SEC also met with three exchanges tasked with listing those ETFs — Nasdaq, NYSE, and Cboe BZX — on Jan. 3 to finalize comments, according to FOX Business journalist Eleanor Terret. Bloomberg ETF analyst Eric Balchunas commented that the finalization of comments means that the approval process appears complete but that additional filings are due.
If the SEC does not announce a spot Bitcoin ETF approval on Friday, it must decide on an application from Ark Invest by Jan. 10. Though the SEC can reject applications, Bloomberg ETF analysts believe there is a 90% chance that one or more ETFs will be approved by Ark’s Jan. 10 deadline.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.