Alliancebernstein’s research arm foresees the U.S. SEC granting approval for the first spot bitcoin exchange-traded fund (ETF) in early January 2024. With the regulator actively engaging with ETF applications, the likelihood of approval by the January 10 deadline appears strong.
In an encouraging development for cryptocurrency enthusiasts, Bernstein Research, a subsidiary of global asset management firm Alliancebernstein, anticipates the U.S. Securities and Exchange Commission (SEC) will greenlight its first spot bitcoin exchange-traded fund (ETF) in January 2024. The firm’s analysts express confidence, stating, “A bitcoin ETF in early Jan is now looking like a ‘done deal.'”
This expectation is buoyed by the SEC’s proactive stance on ETF applications and its recent decision not to appeal the Grayscale verdict. Grayscale Investments, the largest crypto asset manager, aims to convert its bitcoin trust (GBTC) into a spot bitcoin ETF, and the SEC’s reevaluation has gained momentum.
The SEC is currently evaluating numerous spot bitcoin ETF applications, including those from Cathie Wood’s ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. Analysts, including some from JPMorgan, speculate that the SEC might approve multiple spot bitcoin ETFs simultaneously. This outlook has driven optimism in the cryptocurrency market, with the recent bitcoin price surge linked to anticipation surrounding Blackrock’s potential spot bitcoin ETF launch.