Galaxy Digital’s Founder Predicts SEC Approval of Bitcoin Spot ETF by January 10th
As the crypto world eagerly anticipates regulatory milestones, the founder of Galaxy Digital, Mike Novogratz, has predicted that the U.S. Securities and Exchange Commission (SEC) will approve a Bitcoin spot Exchange-Traded Fund (ETF) by January 10, 2024. This forecast aligns with the views of analysts from K33 Research and other key industry players.
Further reading：Bitcoin Spot ETF Update: Intensive Talks with BlackRock and Others Raise Hopes for SEC Approval by January 10
The SEC’s Upcoming Decision on Bitcoin Spot ETFs
The SEC is currently reviewing over ten applications for Bitcoin spot ETFs. The critical deadline for one such application, the ARK 21Shares Bitcoin ETF, is January 10, 2024. Mike Novogratz expects a favorable announcement before this deadline, likely influenced by the ongoing lawsuit with Grayscale over converting its GBTC to a spot ETF.
Potential Impact of Approval
The approval of a Bitcoin spot ETF is expected to take six to eight weeks before trading can officially begin. Such a move would mark a significant shift in the SEC’s stance on cryptocurrency-related financial products and could herald a new era of mainstream Bitcoin investment.
Cryptocurrency Analysis Firm K33 Research’s Expectations
K33 Research analysts Vetle Lunde and Anders Helseth have also anticipated approval of Bitcoin spot ETFs in early January. They believe that the latest updates from ETF applicants indicate a “set” approval date within the next three weeks.
Key Review Dates for Bitcoin Spot ETFs
Bloomberg analyst James Seyffart has outlined the status of 13 Bitcoin spot ETF applications, with key review dates:
- Grayscale (GBTC) — Reapplied for listing on NYSE, custodian Coinbase, next review date TBD.
- 21Shares & ARK — Applied for ARK 21Shares Bitcoin Spot ETF (ARK8) on CBOE, custodian Coinbase, final deadline January 10, 2024.
- BlackRock — Applied for iShares Bitcoin Trust (IBTC) on Nasdaq, custodian Coinbase, next review January 15, 2024, final deadline March 15, 2024.
- Bitwise — Reapplied for Bitcoin ETP Trust (BITE) on NYSE, custodian Coinbase, next review January 14, 2024, final deadline March 14, 2024.
- VanEck — Reapplied for Bitcoin Trust on CBOE, custodian Gemini, next review January 15, 2024, final deadline March 15, 2024.
- Wisdomtree — Reapplied for Bitcoin Trust (BTCW) on CBOE, custodian Coinbase, next review January 15, 2024, final deadline March 15, 2024.
- Invesco & Galaxy — Reapplied for Invesco Galaxy Bitcoin ETF (BTCO) on CBOE, custodian Coinbase, next review January 15, 2024, final deadline March 15, 2024.
- Fidelity — Reapplied for Wise Origin Bitcoin Trust on CBOE, custodian Fidelity, next review January 15, 2024, final deadline March 15, 2024.
- Valkyrie — Reapplied for Valkyrie Bitcoin Fund (BRRR) on Nasdaq, custodian Coinbase, next review January 17, 2024, final deadline March 19, 2024.
- Global X — Reapplied for Global X Bitcoin Trust on CBOE, custodian Coinbase, next review November 21, 2023, final deadline April 19, 2024.
- Hashdex — Applied for Hashdex Bitcoin ETF on NYSE, next deadline March 31, 2024, final deadline May 30, 2024.
- Franklin — Applied for Franklin Bitcoin ETF on CBOE, custodian Coinbase, next deadline March 31, 2024, final deadline May 30, 2024.
- Pando — Applied for Pando Asset Spot Bitcoin Trust on CBOE, custodian Coinbase, next deadline February 8, 2024, final deadline August 21, 2024.
Further reading：Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations
Conclusion
The potential SEC approval of a Bitcoin spot ETF by January 10th could mark a significant milestone for the cryptocurrency industry. It is a development that industry experts, investors, and analysts are closely monitoring, as it could pave the way for broader acceptance and integration of cryptocurrencies into traditional finance.
Click here to register with DigiFinex and enjoy cryptocurrency trading.
Keywords: Galaxy Digital, Mike Novogratz, SEC, Bitcoin Spot ETF, Approval Prediction, Cryptocurrency, Financial Markets, K33 Research, Grayscale, ARK 21Shares, ETF Applications, Investment, Traditional Finance Integration
