Speculation that the SEC is scheduled to approve a Spot Bitcoin (BTC) exchange-traded fund (ETF) on Friday has reached a fever pitch on social media.
In addition to the reporter's widely shared tweet, Grayscale's head of legal affairs tweeted that they “just filled out a form,” fueling speculation that approval could come the next day.
However, some analysts still expect approval could come as early as next week.
In a Jan. 4 post on X (formerly Twitter), TechCrunch reporter Jacqueline Melinek cited a source “extremely close to the matter” suggesting multiple ETFs could be approved. “I'm hopeful that something will happen tomorrow,” he said.
A Bitcoin Spot ETF is expected to be approved by the SEC on *multiple* company applications, we hear from a person very close to the matter.
— Jacqueline Melinek (@jacqmelinek) January 4, 2024
Others were particularly concerned about a cryptic tweet in which Grayscale's chief legal officer said he was “just filling out a form,” which has been viewed 1.9 million times since being posted. It received 6,700 likes.
Meanwhile, the hashtag #BTCETF and the term “Bitcoin ETF” are currently trending on Twitter, and the price of Bitcoin has also increased since the sharp drawdown on January 3, according to data from TradingView. It rose 3.4% in the past 24 hours.
Tomorrow’s Bitcoin ETF??
— DustyBC Crypto (@TheDustyBC) January 5, 2024
Trader Scott Melkow: “Rumor-making is in full swing'' Said In response to a flurry of speculation on social media.
Analysts throw cold water on rumors
However, Bloomberg ETF analyst James Seifert described speculation surrounding the January 5 approval as “noise” and said he still expects approval to arrive between January 8 and January 10. He said there was.
Bloomberg ETF senior analyst Eric Balchunas said the SEC is currently filing final comments and the issuer will likely file final 19b-4 and S-1 forms soon.
The SEC is issuing final comments as we speak, and issuers will be filing final 19b-4s and S-1s shortly thereafter. So, it's definitely as close to “done” as it ever has been, but as far as I know it hasn't been officially confirmed.
— Eric Balchunas (@EricBalchunas) January 4, 2024
While both forms must be approved by the SEC for an ETF to begin trading, a Spot Bitcoin ETF requires an approved 19b-4 form to be effectively approved.
Related: Spot Bitcoin ETF could be rejected if SEC needs “more time” — Analyst
Scott Johnson, general partner of VB Capital, said: Said He was “still skeptical” that the ETF would be approved by next week.
“Unless you have 19b-4. [applications] That’s all clear already, and the SEC doesn’t care about concurrent approval (does that seem like an overstatement?),” Johnson wrote.
14 issuers are vying for a spot Bitcoin ETF, including BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity.
magazine: Which gaming guild is best positioned for a bull market?
