Waiting For SEC's Decision On Bitcoin Spot ETF On January 10, 2024

The Bitcoin ETF will be announced by the SEC on January 10, 2024. (Photo; Doc. Bitcoin Sistemi)

JAKARTA - January 10, 2024 is a crucial moment for the crypto industry, because the US Securities and Exchange Commission (SEC) will make decisions regarding Bitcoin ETF Spot. Bitcoin ETF Spot is an investment product that follows the price of Bitcoin in the spot market, without involving futures contracts or other derivatives.

Mike Novogratz, founder and CEO of Galaxy Digital, one of the leading crypto investment companies, expressed optimism that the SEC will approve Bitcoin ETF Spot in the near future. He told CNBC on December 19 that he expected the approval announcement would come out before January 10.

"We'll get this ETF before January 10. It's Gensler's last deadline before he gets into trouble with Grayscale and the lawsuit, and I think you'll see this announcement. Maybe it won't start trading at that time, it might take six to eight weeks after that," he said.

Gensler is Gary Gensler, chairman of the US SEC, who is considered a key figure in determining the fate of Bitcoin ETF Spot. Grayscale is the company that manages Grayscale Bitcoin Trust (GBTC), the world's largest crypto investment product, which plans to turn it into Bitcoin ETF Spot. Grayscale submitted a Bitcoin ETF Spot application to the SEC in November, and demanded the SEC review its app within 75 days.

Grayscale's petition is not the only one waiting for the SEC's decision. There are several other companies that have also submitted Bitcoin ETF spots, including Ark Invest and 21Shares. The two companies submitted an earlier application from Grayscale, and the SEC had to provide a final answer on January 10, without being able to delay it any more.

Some crypto analysts and observers argue that the SEC could agree to some Bitcoin ETF Spot at once, given the similarities between the proposed applications. If this happens, then this will be good news for the crypto market, as Spot's Bitcoin ETF is expected to increase liquidity, transparency and adoption of Bitcoin among retail and institutional investors.

One of the crypto research firms, K33 Research, also expressed the hope of approval of Bitcoin ETF Spot in early January. In a December 18 report, Senior Analyst K33 Vette Lunde and Vice President Anders Helseth wrote that the latest update to applicant ETF submissions is a sign that approval is likely to occur in "three weeks later." They also described the date of this agreement as "definite."

This prediction is in line with estimates by ETF analysts from Bloomberg, Eric Balchunas, and James Seyffart. In October, they predicted a 90% Bitcoin ETF Spot approval on January 10.