According to JPMorgan analysts, the SEC will likely approve several bitcoin-backed ETFs in the coming months.
Bitcoin ETF
In a report released Wednesday, JPMorgan said that bitcoin ETF approvals are expected to materialize before January 10, 2024. That is, before the deadline for certain ETFs.
The SEC must respond to several ETF requests by January 15. Notably those of BlackRock, Vaneck, WisdomTree, Invesco Galaxy and Valkyrie. Go to our article Bitcoin ETF – Deadlines for more information.
The SEC will also have to respond to ARK Invest’s request a little earlier, on January 10. Its CEO Cathie Wood wanted to be optimistic at the microphone of CNBC by declaring that she observed a “change of attitude” from the SEC.
Furthermore, Ms. Wood does not expect the SEC to approve a single fund, but probably several at once.
The Coinbase exchange, which will custodian the bitcoins of many of these ETFs, is similarly hopeful that the ETF will see the light of day soon.
“I am hopeful that these requests will be granted, if only because they should be granted under the law”said the company’s legal director, Paul Grewal.
Same story with Bloomberg. An ETF veteran said he was “very confident that an ETF will be approved within three months.”
In another encouraging sign, BlackRock updated its ETF application this week following feedback from the SEC. In other words, the SEC is now in contact with the various investment funds, which is very different from the silence that has reigned for more than 10 years.
To summarize, demand for bitcoin is poised to increase even as supply halves in April (halving).
The bull run is starting to pick up pace…
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