Analysts at the same time Bitcoin ETF approvals by the SEC

Approval of the long-awaited spot Bitcoin ETF (exchange-traded fund) is nearing as providers passed a major hurdle this week.

EFA applicants and related exchanges met the deadline, submitting final versions of their 19b-4 filings on Jan. 5. These documents outline proposed rules for listing exchanges and request amendments from the regulator.

Observers simultaneously predict Bitcoin ETF approvals.

Bloomberg analyst James Seyfarth predicts the SEC will approve all 11 pending Bitcoin ETF applications, including Grayscale, Arc21Shares, BitWise, VanEek, Visdomtree and Invesco. Other applicants include Franklin Templeton, Fidelity, Hashdex, Valkyrie and BlackRock.

Still, he stressed that the Pando and 7RCC applications arrived too late to be included in the first wave of approvals.

“There are three that I think we don't have in this first wave or that we think are completely out. It looks like Global X has basically quit. And then I think Pando and 7RCC might be too late. Hashdex is still very involved,” Seyfarth added.

Seyfarrt also said this is “not a guarantee,” especially if some organizations are not ready on Day 1.

Read more: How to prepare for a Bitcoin ETF: A step-by-step approach

On the other hand, Bloomberg senior analyst Eric Balchunas expects roughly 8.5 starts on Day 1. The analyst cited the SEC's tendency to approve multiple applications at once to ensure fair competition.

Meanwhile, some observers objected to the 11th hour letter of approval from the Better Market and suggested that the market might be “weakened”.

“If this ETF is a foregone conclusion, why go through the trouble of pulling it out at the last minute?” wondered Matt Ahlborg of Bitrefill.

Better Markets is a non-profit organization that promotes the public interest in financial reform, financial markets and the economy. The organization is headed by crypto skeptic Dennis M. Kelleher and has the support of anti-crypto crusader Senator Elizabeth Warren.

Continuous preparation by applicants

Amid rising market speculation, Bitcoin ETF indicators have remained active. Potential issuers Hashdex, Bitwise and others have launched an advertising campaign to promote their ETFs.

Similarly, asset manager VanEyck has focused efforts on engaging crypto enthusiasts for ETFs. The organization recently donated $10,000 to Bitcoin Core developers and pledged an additional 5% of its Bitcoin ETF profits to the group.

“We are not Bitcoin tourists at VanEck. We are in for a long time…[BTC Core developers] Decentralization and a tireless commitment to innovation are the cornerstones of the Bitcoin ecosystem, and we are here to support it,” said VanEyck.

The crypto community saw this pledge as a positive sign from VanEck, given his previous show of support using the HODL token for ETFs.