Bitcoin exchange-traded funds (ETFs) have seen a surge in interest in recent times. Leading asset management firms such as BlackRock and Fidelity have submitted filings for Bitcoin ETFs, and Grayscale, a significant figure in the cryptocurrency investment sphere, has been urging the Securities and Exchange Commission (SEC) to approve all proposed spot Bitcoin ETFs simultaneously.
Uncertainty in Approval Clears Up
Although the future of Bitcoin ETF approval was once unclear, it appears the chances have improved. Bloomberg’s ETF analysts have raised the likelihood of at least one spot Bitcoin ETF getting the green light and launching in the United States this year.
Odds of Bitcoin ETF Approval Now at 65%
Analysts James Seyffart and Eric Balchunas suggest the odds of a spot Bitcoin ETF launching this year have jumped to 65% due to recent developments, up from their previous estimate of 50%.
While the timeline for the Grayscale case remains speculative, Seyffart suggests the simplest strategy could be to approve all eight filers, including Grayscale, simultaneously, should the court decide to overturn the SEC’s denial.
According to the Bloomberg analyst, the crux of the current situation hinges on Grayscale’s potential victory over the SEC in Federal court. They believe such an outcome could spark a series of SEC approvals, potentially unfolding in the 4th quarter of this year.
