Bloomberg analysts states that the approval for a spot Bitcoin exchange-traded fund (ETF) is nearly certain. They see a whopping 90% chance of such a product being approved by Jan. 10, 2024.
Bloomberg analysts James Seyffart and Eric Balchunas said the communication between fund managers and the SEC regarding spot Bitcoin ETFs is becoming more constructive.
"A recent update to the spot bitcoin ETF prospectus from Ark and 21SHares adds at least five pages of new text, signaling a constructive conversation with the SEC, and a step that typically only occurs when a fund is on its way to being approved"
Last Friday, Reuters reported that the SEC opted not to appeal an August court ruling that said its rejection of Grayscale's ETF proposals was "arbitrary and capricious". Bloomberg reported last Saturday, the dialog between Grayscale and the SEC is "going to open up" following its decision not to appeal.
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