While optimism that the SEC will approve the spot Bitcoin ETF continues, new statements came from Bloomberg Intelligence ETF research analyst James Seyffart.
Speaking to the YouTube channel Paul Barron Network, James Seyffart predicted that the SEC could decide on spot Bitcoin ETFs waiting for approval between November 8, that is, between today and November 21.
Seyffart also said he has a 90 percent chance of approving a number of spot ETF applications pending decision before the deadlines.
At this point, the Bloomberg analyst believes that the SEC may approve multiple companies' ETF applications instead of approving a single application to “avoid giving first approval advantage” among the 12 companies waiting for the first spot ETF approval in the US.
Seyfartt also reiterated that there is a 75% chance that the SEC will approve a spot Bitcoin ETF by the end of 2023, underlining that more than one ETF approval may come at the same time.
“We think the SEC will try to approve most, if not all, on the same day. They're not going to play royalist than king.”
Noting that the final decision date for the ARK 21Shares Bitcoin ETF, which is under evaluation before the SEC, is January 10, 2024, Seyffart said, “It is very likely that the SEC will postpone the ARK application until January 10 and then approve all other ETF applications in March 2024.” “I think it is not. Therefore, I think the SEC may approve the pending ETFs in November or December 2023.” said.
Finally, touching on the storage methods that Bitcoin ETF provider companies can use, Seyffart said that companies can choose companies such as Coinbase and Gemini for crypto storage.
*This is not investment advice.