U.S. SEC Officially Acknowledged BlackRock’s Bitcoin Spot ETF Application

It has been reported that BlackRock’s application for a Bitcoin (BTC) exchange-traded fund (ETF) spot has been acknowledged by the U.S. Securities and Exchange Commission (SEC).

Bloomberg research analyst James Seyffart states that the regulatory agency is also recognizing the spot BTC ETF applications from other prominent financial firms, beginning a review process.

“UPDATE: there they are – SEC just acknowledged the Bitcoin ETF applications for BlackRock, VanEck, Invesco US, Fidelity and WisdomTree. We’re off to the races. Keep in mind ARK Invest/21Shares already beyond this point. Bitwise (Asset Management) was yesterday.”

The notes continued and said the following:

“I heard that there’s a proposal for a Bitcoin ETF which would allow investors to easily invest in the cryptocurrency through a brokerage firm, similar to investing in commodities like gold. According to analyst Seyffart, the SEC is expected to make a decision on BlackRock’s request for the ETF by March of next year. It’s also likely that ARK Invest and 21Shares’ bids will be decided separately.”

“SEC will either approve or deny by mid-March 2024. Though it’s likely we’ll know the answer officially or unofficially via the decision for Ark/21Shares’ application which is due by early January.”

Bloomberg ETF analyst Eric Balchunas says that the SEC acknowledging the bids is likely just procedural and doubtful to change the chances of them being approved.

“The clock has been started officially. Although none of this changes our odds as it is just procedural. That said it could be looked at as good news for ARK though that these were [acknowledged] in order of filing date vs. [acknowledged] all with the same date.”

In other news, DonAlt notes that Bitcoin could face a decline of up to 30% if it fails to maintain the crucial $30,000 level.

He points out that Bitcoin experienced a surge in value due to the positive news surrounding Bitcoin spot exchange-traded fund (ETF) applications and the significant XRP ruling.