"Doesn't the SEC approve all spot BTC ETF applicants? Or suddenly everything can't be done?"
The price of cryptocurrency king Bitcoin (BTC) has finally managed to pass $36,000 as the Securities and Exchange Commission (SEC) reportedly has eight days left starting Thursday to approve 12 spot BTC ETFs.
According to analysts Eric Bachunas and James Seyffar, the comment periods* for the seven applicants will end on Wednesday next week, therefore they expect the SEC to allow all 12 applications to launch their products.
*A period of time during the informal rulemaking process during which the public can submit written feedback to federal agencies about the proposed rule.
The development will be the first approval shortly after Grayscale's October 23, 2023 court victory seeking to convert the approximately $17 billion Grayscale Bitcoin Trust (GBTC) into a spot ETF.
Following Hashdex, Franklin and Global X applicants may have comment periods, the SEC is expected to ignore their applications for now and issue approval for the first nine filings.
Among them are BlackRock, Grayscale, 21Shares & Ark, Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, Fidelity and Valkyrie.
There is no denying that the SEC has delayed its decision, but analysts strongly believe that the United States (US) regulator will at least approve a spot BTC ETF on January 10, 2024.
As of this writing, BTC price has surged by 1.53% to $35,935 in the past 24 hours with a market cap of $702 billion and a further 1.04% gain over the past week.
