‘Bitcoin’s Time Has Come’: ETF Hopefuls Eagerly Await SEC Decision

Bitcoin ETF prospect Hashdex has issued a “Bitcoin time” announcement, anticipating that a decision from the US Securities and Exchange Commission (SEC) on approval of the spot bitcoin ETF could be forthcoming.

TechCrunch's Jacqueline Melink wrote Thursday that “Bitcoin spot ETF applications for multiple entities are about to be approved by the SEC,” citing sources close to the matter.

Others took a more cautious stance. “The SEC is issuing final comments as we speak, then issuers will be filing final 19b-4s and S-1s soon,” Eric Balchunas, senior ETF analyst at Bloomberg, said Thursday. There is no official confirmation yet.

Washington moves slowly, and later reports suggested the approval process could be extended into next week, giving the SEC time to review comments and amendments.

Fox Business' Eleanor Terrett wrote, “Awaiting updated 19b-4 filings today as well as some eleventh-hour phone calls for comments on S-1s and possible launch dates.” “The approval timeline still looks like next week, but it all depends on how fast [SEC] You can read through the comments and updates made today.

Bloomberg analyst James Seifert agreed, pointing to “probable approval orders next week.” In a tweet Friday morning. “Today we're seeking 19b-4 amendment filings that incorporate the changes the SEC and issuers have been discussing for weeks. ie creating/purchasing money. (Truly I have kept these until now),” he said.

Van Eyck promises ETF profits to Bitcoin core devs.

In anticipation of the Bitcoin ETF's approval, investment firm Vanc has announced on Twitter that it will pledge 5% of the ETF's profits to Bitcoin Core developers through Bitcoin Brink. The company added that it had made an initial donation of $10,000, saying, “At VanEck, we're not Bitcoin tourists. We're in it for the long haul.”

The approval of the U.S. spot Bitcoin ETF is a long-held ambition of crypto loyalists, who see it as a bellwether for institutional adoption. The product tracks the value of Bitcoin while allowing investors to gain exposure to the asset without the hassle of buying, storing and holding Bitcoin. Several major investment firms, including BlackRock, Fidelity and Invesco, have filed ETF applications with the SEC.

In August, the SEC said it needed more time to review several Bitcoin ETF applications it had received. Other firms that offer Bitcoin ETFs include Wisdomtree, Galaxy Digital, Valkyrie Funds, GlobalX, and Arc/21 Shares.

Financial advisors are not optimistic that a Bitcoin ETF will actually be approved by the SEC this year, with only 39% of advisors polled in a survey by Bitwise Investment Advisors saying they are confident it will happen.