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Brief Approval Window Opens for spot Bitcoin ETF Applicants, 90% Chance of Approval by January
2021
The US Securities and Exchange Commission (SEC) has recently opened a brief window of opportunity for those seeking to be approved by the regulator for their Bitcoin exchange-traded fund (ETF). This window opened on 16 October 2020, with a 90% chance of approval by January 2021, when the SEC deadline for such applicants is due to expire.
The Bitcoin ETF has been blocked from entering the market for several years, as regulators have yet to approve any such funds to operate within their scope. Despite numerous opportunities to gain approval, none have been successful, leading many to believe that the odds are stacked against ever having a Bitcoin ETF be accepted.
Despite these odds, the current wave of applications has recently experienced a slight surge, thanks to the entry of several larger, more well-known firms. This has caused a great deal of speculation among hopeful applicants, and many are predicting that the chances of gaining approval are much higher than ever before.
The brief window of opportunity presented by the SEC could swing the odds hugely in favor of the applications at this stage, as it is likely to grant a wave of approvals at once instead of the slow trickle of approvals that have held up most applications in recent years. The current window closes on 22 December 2020, so those hoping to gain approval are advised to act quickly.