Will the SEC approve BlackRock’s Bitcoin ETF this week?

The US Securities and Exchange Commission (SEC) may decide to launch the spot ETF on Bitcoin this week, considering that BlackRock’s application seems to be the favorite. 

This is reported by Bloomberg Intelligence, which also states that these days are decisive. 

The SEC could give an answer on Bitcoin ETF applications from BlackRock and others these days

Bloomberg Intelligence said that the highly anticipated launch of a spot ETF on Bitcoin in the US could happen before Labor Day, which is before 4 September. 

This means that these are decisive days to see the US Securities and Exchange Commission (SEC) answer the relevant questions. 

Specifically, Bloomberg Intelligence predicts that the first to be considered on the day tomorrow will be Bitwise‘s Bitcoin spot ETF application. Then to follow on Saturday will be the decision on the other applications submitted by BlackRock, Invesco, WisdomTree and VanEck. 

As such, the situation for spot ETFs on Bitcoin in the US will already become clearer over the weekend, with the SEC likely to decide to approve, reject, or delay the applications.

While it is common to think that the SEC will have a hard time approving the launch of a spot ETF on Bitcoin in the US, the situation has changed since financial giant BlackRock entered the scene, getting full consideration (at least of the application) from the regulator. 

SEC and ETFs on Bitcoin: the prediction of BlackRock insiders 

Earlier this month, Galaxy Digital CEO Mike Novogratz had revealed that BlackRock insiders believe the news of the approval of ETFs on Bitcoin will come in four to six months. 

Novogratz thus wanted to share the optimism circulating in BlackRock’s house about the approval of the first Bitcoin Spot-based Exchange Traded Fund. 

Then again, the SEC would only formalize its acknowledgement of BlackRock’s application in July, kicking off its analysis and investigation to decide its verdict.

As such, both Novogratz and BlackRock insiders and Michael Sonnenshein, CEO of Grayscale, all claim that approval of the first ETF on Bitcoin in the US, is only a matter of time. 

Approval of Ethereum futures ETFs around 3 October

Nearly five years after the approval of Bitcoin futures ETFs in the US, only now does it seem that the approval of Ethereum futures ETFs is also coming. 

The path to approval of these financial instruments on Ethereum was altogether more troubled than that of BTC, and this was because the general fear was that the ETH market could be manipulated. 

However, today Ethereum seems to have won its recognition, so the SEC may soon approve ETFs on the price of ETH. 

Here again, it is Bloomberg that gives its own deadline on SEC approval, expected around next 3 October. 

Currently, twelve companies have applied to the SEC to be allowed to issue an ETF based on ETH price futures contracts in the US, including ProShares, Volatility Shares, Bitwise and Valkyrie.