SEC in talks with Grayscale on filing for spot Bitcoin ETFs as window opens to approve pending applications in next 8 days

The US Securities and Exchange Commission (SEC) is in talks with digital asset manager Grayscale Investments about converting its Grayscale bitcoin Trust (GBTC) into a bitcoin exchange-traded fund (ETF), CoinDesk reported .

Grayscale has been in talks with two divisions of the SEC (trading and markets, and corporate finance) since its historic legal victory against the regulator on August 29, the bitcoin-etf-push/”>history saying.

It looks like we have some confirmation of (1) without a concrete timeline (so we almost certainly decided on it along with the other open apps). The most likely outcome. https://t.co/yvRvU1xbYj pic.twitter.com/5tNXcDVU8Y

—Scott Johnsson (@SGJohnsson) November 8, 2023

research company bernstein says the approval of crypto spot ETFs will help crypto assets under management grow up to 13-fold over the next five years to reach $650 billion. tThe crypto fund management industry is on the cusp of a transformation from a “cottage industry” to a sector with $50 billion in revenue over the period, he said.

Speculation is rife that approval could happen soon, with bitcoin gaining more than 30% in the last three months. btc rose more than 4.4% to trade at $36,917 as of 09:30 EST. Short positions worth $154 million were liquidated in the last 24 hours, according to glass coin.

SEC Could Approve All Pending bitcoin ETF Applications in 8 Days

The US securities regulator could approve all pending bitcoin spot ETF applications within eight days, according to Bloomberg ETF analyst James Seyffart.

New research note from me today. We still believe there is a 90% chance by January 10th of getting a spot bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF approvals. But if it comes sooner, we will enter a window where a wave of approval orders *MIGHT* occur for all current applicants. pic.twitter.com/u6dBva1ytD

-James Seyffart (@JSeyff) November 8, 2023

The regulator has a “window” to approve pending ETF filings from November 9 to 17. After extending the deadline for several pending bitcoin spot ETF applications, the SEC chose November 8 as the last day for comments.

“If the agency wants to allow the 12 applicants to begin the process, as we believe, this is the first window available since Grayscale’s court victory was confirmed,” Seyffart said.

Even if the window to approve these 12 filings closes on November 17, Seyffart estimates there is still a 90% chance the SEC will approve them by January 10.

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