TechCrunch reporter revises Bitcoin ETF prediction, expects greenlight next week TechCrunch reporter revises Bitcoin ETF prediction, expects greenlight next week
A Friday approval looks increasingly unlikely, but a Jan. 10 deadline still holds.
2 min read
Updated: Jan. 5, 2024 at 8:45 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
TechCrunch reporter Jacquelyn Melinek posted a statement on Jan. 5 updating her expected timeline for spot Bitcoin ETF approvals.
Earlier, Melinek said she had spoken with sources and “expected something” on Friday without explicitly stating that an approval would occur.
Today, she postponed the expected date in a message on X, writing:
“Hearing similar/new updates on spot bitcoin ETF … Approvals could now be next week, but ‘no definitive timing.’ Because a lot of work is going on behind the scenes, the [government] is moving at their own pace so things are going slower.”
Commenting specifically on the postponed date, Melinek wrote:
“I mentioned I was ‘expecting something’ based off the close sources’ info and I followed up again to verify when I could today. Things change, unfortunately. I can’t control that.”
Melinek added that issuers will likely finalize their 19b-4 filings on Friday or Monday and that those filings will be made public soon.
Those 19-b4 filings concern the rule changes that are necessary for exchanges like Nasdaq, NYSE Arca, and Cboe BZX to list each spot Bitcoin ETF. As of 8:00 p.m. UTC on Jan. 5, the U.S. Securities and Exchange Commission (SEC) had not published the relevant updates on its national securities exchange page.
Jan. 10 remains the deadline for decision
Two other high-profile commentators also updated their predictions today and suggested that the approval process is in its final stages.
Fox Business reporter Eleanor Terrett, who previously suggested a possible Friday approval, said that applicants will likely submit 19-b4 filings today and added that she now expects an ETF to be approved next week. Bloomberg ETF analyst James Seyffart, who originally predicted approval by Jan. 10, wrote that he is “still expecting potential approval orders next week.”
The SEC must decide on a joint application from Ark Invest and 21Shares by Wednesday, Jan. 10. Though it could potentially reject that ETF, many commentators believe that the SEC will approve it and other applications.
Optimism around approval is due to extensive meetings between the SEC and ETF applicants, frequent amendments from applicants, and applications from major asset management firms 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.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.