Spot Bitcoin ETFs could get end-of-week approval, FOX reporters say Spot Bitcoin ETFs could get end-of-week approval, FOX reporters say
Amid extensive engagement and amendments, potential spot Bitcoin ETF approvals loom as SEC reviews final applications.
2 min read
Updated: Jan. 2, 2024 at 8:35 pm UTC
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FOX Business reporters suggested on Jan. 1 that various pending spot Bitcoin ETFs could be approved by the end of the week.
Journalist and producer Eleanor Terrett said that the U.S. Securities and Exchange Commission (SEC) has more work to do prior to approvals, writing:
“… It would surprise me if approvals were to happen tomorrow. From what I understand through conversations I’ve had with issuers, the SEC still has to review all the changes made to the S-1s filed on Thursday/Friday AND make comments on them.
Terrett said that, based on the SEC’s previous approvals of Ethereum futures ETFs, the regulator will likely perform its last reviews then give issuers a deadline for final S-1 filings. This will become effective 24 to 48 hours later, she said.
FOX correspondent Charles Gasparino added that at least one applicant — BlackRock — has not been provided any updates, writing:
“People at [BlackRock] say it’s radio silence from [the SEC] … Eleanor Terrett’s sources say the amount of paper work the SEC still needs to go through make the announcement likely toward week’s end.”
Each FOX reporter’s statement counters Dec. 29 reports elsewhere. At that time, Reuters predicted based on its anonymous sources that the SEC might inform applicants of approval by Tuesday, Jan. 2 or Wednesday, Jan. 3. Terrett said in her latest statement that an approval on either date “seems tight.”
SEC must decide on first ETF by Jan. 10
The SEC must reach a decision on an application from Ark Invest and 21Shares by Jan. 10. Though the SEC is not required to approve that application, most experts believe that it will approve the fund along with several other similar applications.
There are at least a dozen spot Bitcoin ETFs awaiting approval at present. Though the SEC has rejected previous attempts at spot Bitcoin ETFs, the latest batch of applications is seen as promising due to extensive engagement from the SEC in meetings, frequent amendment filings from applicants, and applications from leading asset managers such as BlackRock and Fidelity.
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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.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
