Senior Bloomberg Analyst Says Spot Bitcoin ETF Approval is Close

Eric Balchunas, a senior ETF analyst at Bloomberg, says that we are as close as ever to official approval of Spot Bitcoin ETFs in the US. Balchunas says that the SEC is giving their final comments to issuers on their applications, and the multiple applicants will submit their final 19b-4s and S-1s after comments.

It is unclear which ETF applicants will be the first to have their ETFs approved, as many issuers are looking for approval. Investment/asset managers such as Fidelity, BlackRock, and Grayscale are among the applicants for Spot Bitcoin ETFs. Furthermore, multiple applicants have begun submitting their registrations of securities with the SEC, alerting investors that the first approvals may be close.

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Is Spot Bitcoin Approval from the SEC Immenent?

The senior ETF analyst further clarifies that this doesn’t signal any approval has come yet. However, this is another good sign in a series of indicators that the SEC will, in fact, approve the first Spot Bitcoin ETFs during Q1 2024. Just hours before Balchunas’s X post, investor and host of the Open Book podcast Anthony Scaramucci posted “It’s done” on his X account. This prompted Bitcoin investors to believe that he was referring directly to the SEC’s review of pending Spot Bitcoin ETF applications.

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The current Bitcoin market is bullish, up 3% in the last 24 hours to 44,393.62 at press time. It is very likely that upon the first approval of a Spot Bitcoin ETF application, the entire crypto market will surge, led by Bitcoin, of course.

Ultimately, the SEC board will have the final say on the future of Spot Bitcoin ETF usage in the US. Chairman Gary Gensler said that the SEC will take a new look at Bitcoin ETF applications weeks ago, however, there is still a divide on the purpose of Bitcoin ETFs and whether or not they will allow more digital theft and crypto crime.