Bloomberg ETF analysts Eric Balchunas and James Seyffart have increased their prediction of the likelihood of a spot Bitcoin ETF being launched in the United States. They now believe there is a 75% chance that the US will have its first spot BTC ETF by the end of 2023, and they consider it almost certain that such a product will launch by the end of 2024.
This prediction comes after Grayscale, a leading digital asset management firm, won a major victory against the US Securities and Exchange Commission (SEC). The US Court of Appeals for the District Court of Columbia Circuit overturned the SEC’s decision to deny Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.
Grayscale had filed with the SEC in October 2021 to turn GBTC into a spot Bitcoin ETF, but the application was rejected on the grounds that the company did not provide sufficient measures to prevent fraud and Market manipulation. Grayscale responded with a lawsuit, claiming that the SEC was being discriminatory by approving Bitcoin futures ETFs while denying spot BTC ETFs. The court ruled that the SEC’s rejection was “arbitrary and capricious.”
Although the court ruling does not guarantee that Grayscale’s application will be approved, there is optimism among experts that a spot Bitcoin ETF approval may be imminent. Multiple filings are currently awaiting the SEC’s decision, including applications from Bitwise, BlackRock, WisdomTree, Invesco, and VanECK. Bloomberg Intelligence previously stated that a spot Bitcoin ETF could launch before September 4th.
Balchunas acknowledged that the SEC may choose to delay its decision following the recent court ruling, but he also noted that there is a possibility of approval at any time. He highlighted the PR loss suffered by the SEC, as the Grayscale victory received significant coverage in mainstream media outlets such as the Wall Street Journal, CNN, and the New York Times. Both Balchunas and Seyffart believe that the combination of the legal defeat and negative PR will make it politically difficult for the SEC to deny a spot BTC ETF.
In conclusion, Bloomberg ETF analysts predict a high likelihood of a spot Bitcoin ETF being launched in the US by the end of 2023. This prediction is based on Grayscale’s recent legal victory against the SEC and the potential pressure on the SEC to approve a spot BTC ETF following the court ruling. While the SEC has not yet approved any spot BTC ETF applications, there are expectations of an approval in the near future..
#Bloomberg #ETF #Experts #Predict #Chance #Spot #Bitcoin #ETF #Launch
This prediction comes after Grayscale, a leading digital asset management firm, won a major victory against the US Securities and Exchange Commission (SEC). The US Court of Appeals for the District Court of Columbia Circuit overturned the SEC’s decision to deny Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into an ETF.
Grayscale had filed with the SEC in October 2021 to turn GBTC into a spot Bitcoin ETF, but the application was rejected on the grounds that the company did not provide sufficient measures to prevent fraud and Market manipulation. Grayscale responded with a lawsuit, claiming that the SEC was being discriminatory by approving Bitcoin futures ETFs while denying spot BTC ETFs. The court ruled that the SEC’s rejection was “arbitrary and capricious.”
Although the court ruling does not guarantee that Grayscale’s application will be approved, there is optimism among experts that a spot Bitcoin ETF approval may be imminent. Multiple filings are currently awaiting the SEC’s decision, including applications from Bitwise, BlackRock, WisdomTree, Invesco, and VanECK. Bloomberg Intelligence previously stated that a spot Bitcoin ETF could launch before September 4th.
Balchunas acknowledged that the SEC may choose to delay its decision following the recent court ruling, but he also noted that there is a possibility of approval at any time. He highlighted the PR loss suffered by the SEC, as the Grayscale victory received significant coverage in mainstream media outlets such as the Wall Street Journal, CNN, and the New York Times. Both Balchunas and Seyffart believe that the combination of the legal defeat and negative PR will make it politically difficult for the SEC to deny a spot BTC ETF.
In conclusion, Bloomberg ETF analysts predict a high likelihood of a spot Bitcoin ETF being launched in the US by the end of 2023. This prediction is based on Grayscale’s recent legal victory against the SEC and the potential pressure on the SEC to approve a spot BTC ETF following the court ruling. While the SEC has not yet approved any spot BTC ETF applications, there are expectations of an approval in the near future..
#Bloomberg #ETF #Experts #Predict #Chance #Spot #Bitcoin #ETF #Launch
