Proceedings and SEC meeting updates
There is a lot of activity from industry analysts following the Bitcoin Exchange Traded Fund (ETF) competition. New Time Frames Predicted With Bitcoin Prices And Grayscale Reconnects With SEC
Crypto asset manager Greyscale met with the US Securities and Exchange Commission again this week.
Spot Bitcoin ETF plans are underway.
In the year On November 22, Grayscale filed a new preliminary forecast for its plan to convert the GBTC fund into a spot ETF after meeting with the regulator.
In the year On November 29, the company updated its GBTC agreement for the first time since 2018.
As reported by ETF Store President Nate Geraci on December 1st, the list is still being ironed out.
“I think we're getting close to the finish line,” he said before reflecting on how these meetings will play out.
“Sonnenschein walks in with a fruit basket and is like, ‘I'm sorry about the lawsuit and everything. Water under the bridge! Now about that change.'
Read more: How to prepare for a Bitcoin ETF: A step-by-step approach
On November 30, Bloomberg Senior ETF Analyst Eric Balchunas commented on ARK and 21Shares' spot Bitcoin ETF application.
“ARK/21Shares May Take $130m Out of GBTC and into ARKB, Has Handle of Chance in Bitcoin ETF Derby.”
Arch Invest holds a large stake in the Grayscale fund, which it may use to launch its own ETF.
Bloomberg EFF analyst James Seifert predicted approval would come in early January.
“Well it looks like the window for Bitcoin ETF approval is between January 5th and January 10th 2024.”
Since January 6th and 7th are weekends, it can come during the week of January 8th.
Hashdex is delayed.
It is also reported that the SEC met with Hashdex this week and delayed their application after the meeting. However, it is not considered a bad thing.
“This is another in a continuing stream of indications that the SEC is working hard with Bitcoin ETF issuers on reserve lists and pipelines.”
The Hashdex application is novel because it focuses on the exchange of physical transactions to access Bitcoin into an ETF structure via CME futures.
Financial attorney Scott Johnson agreed it was a good sign. “A faster-than-usual turnaround suggests again that this is about putting potential approvals in place,” he said.
“Faster than usual” is more evidence that things can be approved on January 10, Balchunas offered in response.
BlackRock had another meeting this week with the SEC's Trading and Markets Division to propose an improved model of redemption flow.
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