“The updates from applicants are another signal in favor of the approval of a Bitcoin ETF in the next three weeks,” stated Vetle Lunde, senior analyst at K33, alongside Anders Helseth, vice president.
In further support of this prediction, Bloomberg Intelligence ETF analyst James Seyffart, in an interview on The Scoop podcast, outlined a specific window for potential approval by the SEC. Seyffart believes that the approval could happen between January 8 and January 10, with a staggering 90% probability.
Leading the race in this quest for SEC approval is investment management giant BlackRock. Just recently, BlackRock filed an amended application with the SEC, introducing an innovative “in-kind” repayment model that promises greater flexibility for asset managers. However, the SEC has expressed a preference for a model that would require BlackRock to sell bitcoins during the buyback and compensate investors in cash.
According to Bloomberg, negotiations between BlackRock, Grayscale, Franklin, and Fidelity, and the SEC have been ongoing since the start of December. These industry leaders have been actively working towards defining the necessary conditions for launching a Bitcoin ETF.