Spot Bitcoin ETF to be Approved in Less Than 20 Days?

The crypto market is full of anticipation as the approval window for spot Bitcoin Exchange-Traded Funds (ETFs) will open in less than 20 days. In a recent revelation by renowned crypto influencer Crypto Rover, a comprehensive list of pending spot ETF filings sheds light on the potential candidates awaiting approval from the Securities and Exchange Commission (SEC).

The Landscape of Pending Bitcoin ETFs

Crypto Rover’s tabulated screenshot reveals intriguing insights into the pending spot Bitcoin ETF applications. Among the thirteen listed, a significant twelve were submitted in the current year, underscoring the growing interest within the crypto industry to secure regulatory approval for these investment instruments.

Notably, Grayscale Bitcoin Trust stands out as the lone application submitted before 2023, representing a re-file submitted on October 19, 2021.

Grayscale’s Unique Approach

A distinctive aspect of the pending applications is Grayscale’s latest filing, which involves converting its existing Grayscale Bitcoin Trust (GBTC).

This strategic move aims to make Bitcoin more accessible to individual and institutional investors through a traditional investment avenue in the form of shares, contrasting with the direct investment model prevalent in the crypto space.

Regulatory Landscape and Deadlines

Despite the upcoming approval window, the SEC has yet to set a new deadline for Grayscale’s ETF approval following the expiration of the previous deadline on October 13. However, for most other applications, deadlines are concentrated within the first quarter of 2024. While only two applications extend into the second quarter, Pando’s submission is scheduled for consideration in Q3 2024.

Crypto Rover’s insightful post indicates that Coinbase is the custodian of choice for most proposed spot Bitcoin ETFs. Additionally, eight out of thirteen applications have selected the Chicago Board of Exchanges (CBOE) as the designated exchange to serve their intended purpose, further shaping the landscape of potential ETF offerings.

Market Anticipation

As the countdown to the approval window ticks away, crypto enthusiasts await the potential approval of spot Bitcoin ETFs. This regulatory green light could signify a pivotal moment in the market, marking the beginning of the next bull cycle. The heightened excitement is complemented by the upcoming Bitcoin halving event expected to unfold in the first quarter of 2024, setting the stage for significant developments in the crypto market in the coming months.

With the potential approval of spot Bitcoin ETFs on the horizon, the crypto community is on the edge of its seats, waiting to see if this regulatory milestone will be a game-changer for the industry. As the countdown continues, all eyes are on the SEC and the impending decisions that could shape the trajectory of the crypto market shortly.