Bitcoin ETF Approval Process Heats Up: SEC 'Busier Than Santa's Elves'
Portfolio Pulse from Khyathi Dalal
Bloomberg analysts report that four applicants for spot Bitcoin ETFs, including BlackRock (BLK), Grayscale (GBTC), Franklin, and Fidelity, have recently met with the SEC. While no specific changes were noted, the presence of key SEC divisions suggests a focus on the approval process for Bitcoin ETFs. The SEC's financial report indicates increased scrutiny on crypto-assets and blockchain technology in 2024. The global crypto market cap has risen slightly ahead of the FOMC meeting.
December 13, 2023 | 4:04 pm
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POSITIVE IMPACT
BlackRock met with the SEC for the third time regarding its Bitcoin ETF application, indicating a serious pursuit of approval.
BlackRock's repeated meetings with the SEC suggest a strong possibility of approval for their Bitcoin ETF, which could positively impact their stock as investors anticipate new growth avenues.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Grayscale's meeting with the SEC could be pivotal for its Bitcoin ETF application, potentially impacting its OTC-traded stock.
Grayscale's engagement with the SEC could lead to positive developments for its ETF application, which may result in increased investor interest and a positive short-term impact on its stock.
CONFIDENCE 70
IMPORTANCE 65
RELEVANCE 70