Spot Bitcoin ETF Application Approvals Likely By January 10th, JPMorgan Argues – How High Can the BTC Price Pump in 2024?
The US Securities and Exchange Commission's (SEC) recent decision not to appeal a ruling that went against them in the Grayscale case brings the approval of spot Bitcoin ETFs in the US closer, JPMorgan argued in a research report released earlier this week.
The first approvals are likely to come in before the 10th of January, which is the final deadline for the Ark 21Shares application, JPM analysts continued.
Three judges at the DC Circuit Court of Appeals ruled back in August that the SEC decision to allow Bitcoin futures ETFs but deny Grayscale application to transform its Bitcoin Trust into a spot Bitcoin ETF was “arbitrary and capricious”.
The SEC deadline to appeal against this ruling was last Friday, but the agency opted to do nothing, spurring hopes that the agency is switching its focus to the approval of spot Bitcoin ETFs, rather than fighting against them.
JPM said in the report that it expects the SEC to approve multiple spot Bitcoin ETF applications all at once, rather than handing any one ETF applicant an unfair first-mover advantage.
Last trading in the mid-$29,000s, Bitcoin (BTC) is on course to post scorching gains of more than 8% this week, bolstered amid optimism about potential upcoming spot ETF approvals.
JPM isn’t the only institution/big industry name talking up the prospect of near-term approvals.
Galaxy Digital CEO Mike Novogratz told CNBC in an interview on Wednesday that he expects approvals to come in before the end of 2023.
Elsewhere, whilst he didn’t give a timeline for approval, Coinbase chief legal officer Paul Grewal said in a separate CNBC interview noted that “the firms that have stepped forward with robust proposals for these products and services are among some of the biggest blue chips in
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