There has been speculation that BlackRock is looking to launch an Ether ETF after the Bitcoin one is approved and this could bring even more benefits to the industry.
We are less than 2 weeks into 2024 but the crypto industry is already abuzz with activity and anticipation. The first on the agenda is the coveted Bitcoin spot ETF. 2023 ended with the Bitcoin price making significant gains, partially in anticipation of BlackRock, Valkyrie, or any other firm getting their application approved by the SEC. But now it seems that the ETF might be hitting the market even earlier than we anticipated. According to some experts, the ETF could be approved by the SEC by Wednesday the 10th of January, and begin trading by the next day.
The ETF Coming Sooner?
Axios reports that the ETF could receive approval from the SEC by January 10th, 2024. The industry has been expecting a final decision in the first month of the year but according to three people close to the matter, an approval is imminent.
There have also been indications of an incoming approval in the last few months. First, BlackRock agreed to amend some details of its filing, which experts say is a precursor to approval. Additionally, 10 ETF shops made amendments to their S-1 filings on January 8th which showed some of the more minute details of their fillings being finalised.
All signs point to an approval and once it is given, the road is clear for the ETFs to begin trading. For the crypto industry as a whole, this is over a decade in the making. All sorts of companies have filed applications for an ETF in the past and all have been denied thus far.
So this is beyond a victory for the firms that might get approved but one for the industry collectively. It also means that moving forward, other firms have a roadmap to follow to get their applications approved. By the end of this year, it is likely that we’ll see many more Bitcoin ETFs in the market.
And this isn’t limited to Bitcoin. There has been speculation that BlackRock is looking to launch an Ether ETF after the Bitcoin one is approved and this could bring even more benefits to the industry.
But even with all the excitement of the ETF, the industry doesn’t plan to wait around celebrating. The sources close to the situation say that once S-1s and 19b-4s filings are approved, the ETF could be ready for investors as early as Thursday.
Ultimately, we still have to wait for the final word from investors. As positive as current indicators are, it is not a done deal just yet. But should a Bitcoin ETF be available from Thursday, it will be interesting to see how the Bitcoin price responds. Analysts have predicted a bull run in response for a while now but this could soon be a reality.
next