Analyst Predicts Approval of Bitcoin Spot ETF in 63 Days – Here’s Why

The approval of the first Bitcoin spot exchange-traded fund (ETF) in the United States appears inevitable within the next couple of months, likely by January 2023. Here’s a closer look at the key factors that point to an imminent green light for Bitcoin spot ETFs by Crypto Rover.

The crypto community is abuzz with speculation about a Bitcoin spot ETF receiving approval from the Securities and Exchange Commission (SEC) in the near future. This anticipation stems from the upcoming deadline for the SEC to make a decision on Ark Invest’s Bitcoin ETF filing under the Investment Company Act of 1940.

Ark Invest originally filed for approval of a Bitcoin ETF in July 2021. According to SEC rules, they have a maximum period of 240 days to review the application, after which the ETF is automatically approved if no action is taken. For Ark, this 240-day period ends on January 15, 2023.

Many experts believe it is unlikely the SEC will allow the Ark ETF to pass through default approval. Instead, the SEC will likely be compelled to approve the Ark application to avoid accusations of unfairness. Just a month after Ark’s filing, the SEC allowed the launch of ProShares Bitcoin futures ETFs in October 2021.

The SEC also must consider the landmark win for Grayscale in its lawsuit against the regulator in July 2022. A spot Bitcoin ETF would allow mainstream investors access to Bitcoin investments without needing to directly hold cryptocurrency. Grayscale successfully argued the SEC was overreaching by denying this access to investors. This ruling puts further pressure on the SEC to approve a spot ETF.

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With the stars aligning on many fronts, most experts believe the SEC will finally relent and allow the launch of not just Ark’s spot ETF but other similar filings too. This would open the floodgates to billions in institutional investment pouring into Bitcoin through regulated and mainstream vehicles. The crypto community eagerly anticipates this key development that could propel Bitcoin firmly into the mainstream.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency