Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
The window for approval of all pending Spot Bitcoin ETFs opens tomorrow and will last for at least eight days.
That's according to commentary from Bloomberg’s ETF analyst James Seyffart and BI Senior ETF analyst Eric Balchunas.
Even if approvals do not arrive this month, there is still a 90% probability of approval by Jan. 10, 2024, they said.
Read More: Bitcoin Tops $35,000; Toncoin Emerges As Top Gainer
Price Action: BTC prices have seen a surge of around 30% in the past 30-day trading session, taking the last year's gains to 95%.
We are less than a week away from Benzinga's Future Of Digital Assets Event in New York, scheduled on Nov.14. If the ETFs are approved, you surely do not want to miss the event to find out more about the impact on the crypto market and if not approved you still do not want to miss seeing what is in store in January.
While the SEC does not have any reasons for the potential rejection of the applications, JPMorgan notes that the commission would almost certainly face lawsuits if it were unable to approve the applications, as reported by The Street. Some policy experts slam the SEC stating that it is a clear authority violation.
Also Read: Crypto ETF Expert Echoes Cathie Wood - Multiple Spot Bitcoin ETF Applications Will Be Approved At The Same Time
The 12 Spot Bitcoin ETF applications are from: Grayscale, ARK 21Shares, BlackRock (NYSE: BLK), Bitwise, VanEck, Wisdomtree, Invesco & Galaxy, Fidelity, Valkyrie, Global X, Hashdex, and Franklin Templeton.
BlackRock seems to have the highest traction from investors. With $8.5 trillion in assets under management, analysts assume that BlackRock approval could bring $200 billion to Bitcoin and push BTC price to $330,000.
CoinDesk cites a source close to the matter and reports that the U.S. SEC has opened talks with Grayscale Investments for converting its trust product GBTC to a spot Bitcoin ETF.
Grayscale's chief legal officer, Craig Salm said, "There are still things that have to be worked through," Salm said in an interview, also noting that others among the applicants for bitcoin ETFs – a group that includes financial giants BlackRock and Fidelity – seem to be making progress in SEC talks with their own registrations." He goes on to add that it is "a matter of when" and not a "matter of if anymore".
Industry titans BlackRock, DTCC, OCC, State Street, Société Générale, Hedera, Citi, BMO, Northern Trust, Citibank, Amazon, S&P Global, Google, Invesco, and Moody’s will join our Nov. 13 Fintech Deal Day and Nov. 14 Future of Digital Assets. Secure a spot here to join them.
Read Next: Bitcoin Could Surge With SEC's Spot ETF Approvals; Matrixport Urges 'Upside Exposure'
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.