The Approval Of Bitcoin ETF Is Getting Closer, Here's The Schedule!

JAKARTA - Bitcoin fans may not have to wait long to see crypto-based investment products offered on the United States stock exchange. According to ETF analyst Bloomberg, the chances of obtaining Bitcoin ETF approval from the United States SEC are getting bigger and could happen early next year.

The ETF or Exchange-Trad Fund is an investment product that tracks the performance of certain assets, such as stocks, bonds, commodities, or cryptocurrencies. Bitcoin ETF is a product that tracks the price of Bitcoin and allows investors to buy and sell Bitcoin without having to own the crypto directly.

Currently, about 12 Bitcoin ETF submission proposals are being reviewed by regulators, the US Securities and Exchange Commission (SEC). A number of these proposals come from giant companies such as Grayscale, Fidelity, VanEck, and ARK Invest. However, the SEC has always delayed its decision on the proposal on the grounds of the need for more time to learn the risks and challenges associated with these products.

According to James Seyffart and Eric Balchunas, renowned Bloomberg ETF analysts, there is a high probability that the SEC will approve part or entire Bitcoin ETF apps on January 10, 2024. They both wrote a report entitled "The Bitcoin ETF Approval Opportunities" which expects Bitcoin ETF approval opportunities to reach 90%.

The report also revealed that there is a short approval window opened by the SEC from November 9 to November 17, 2023, where the SEC could approve all 12 Bitcoin ETF applications at once. This is based on the calculation of the final limit date that the SEC must comply with to make decisions about these applications.

One of the factors affecting the approval window was Grayscale's court victory, one of the companies that filed for Bitcoin ETF. Grayscale managed to get approval from federal courts to convert existing Bitcoin investment products, namely GBTC, into Bitcoin ETFs. This makes GBTC one of the strongest candidates for approval of the SEC's Bitcoin ETF.

In addition, Balchunas also showed that there are other important processes that Bitcoin ETF applicants must go through before obtaining SEC approval, namely submissions 19b-4. This submission is a request to the SEC to change stock exchange regulations in order to offer Bitcoin ETF products. This submission is also being reviewed by the SEC and is likely to be approved in the near future.

If all these processes run smoothly, then the Bitcoin ETF could soon be launched on the United States stock exchange. This will provide easier and safer access for investors to invest in Bitcoin. This of course will have a positive impact on the development of the crypto industry and the price of Bitcoin itself.