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Bitcoin ETF - SEC verdict on Tuesday

Tue 17 Oct 2023 ▪ 3 min of reading ▪ by Nicolas T.
Getting informed Invest

The rumor has it that the SEC is about to approve BlackRock’s (iShares) Bitcoin ETF. The verdict is expected today.

Bitcoin ETF

Bitcoin ETF: Verdict Tomorrow

The Bitcoin ETF is back in the spotlight following the verdict of the US Court of Appeals for the District of Columbia in the Grayscale case. The court found it unjust for the SEC to reject Grayscale’s request to create a Bitcoin spot exchange-traded fund (ETF).

Anticipation of the ETF has increased further since the SEC announced last week that it would not appeal the decision. According to Bloomberg Intelligence, the probability of ETF approval before the end of January is now 90%.

Cointelegraph reported yesterday that BlackRock would be the first but retracted its tweet less than an hour after its publication. In any case, we will find out today. Other ETFs are also in the race.

Here are the SEC deadlines for responding to Bitcoin ETF requests, including Vaneck, Wisdomtree, Invesco, and Wise Origin, all due on October 17:

  • iShares Trust
  • Vaneck Trust
  • Wisdomtree Trust
  • Invesco Galaxy Trust
  • Wise Origin Trust

Valkyrie Fund is due on October 19, Ark21Shares ETF on November 11, and Global X Trust on November 21.

If you add the two giants Fidelity and BlackRock, these investment funds manage nearly $17 trillion of their own. Or $30 trillion if you add the funds managed by Aladdin (BlackRock).

Coinbase believes that the ETF is already partially priced into the market. However, based on the first gold-backed ETF (launched in 2004), NYDIG suggests that a flow of X billions of dollars into Bitcoin ETFs could correspond to a 10X increase in Bitcoin’s market capitalization.

In other words, $50 billion invested in Bitcoin ETFs could lead to a 100% increase in Bitcoin’s value (+$500 billion).

With the halving scheduled for April/May 2024 and the arrival of Bitcoin ETFs, it is clear that a bull run is brewing. Hold on…

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Nicolas T. avatar
Nicolas T.

Bitcoin, geopolitical, economic and energy journalist.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.