As of the current publication, the SEC has not disclosed its stance on various spot BTC ETF applications. The commission faces a deadline to either approve or reject the listing of shares for a Bitcoin ETF from entities like ARK Invest and 21Shares.
Markus Thielen of 10x Research released a report on January 3, suggesting that despite a bullish Bitcoin market, ETF applicants may not meet SEC requirements. Thielen emphasised the risk in assuming SEC approval, stating, “all proposals fall short of a critical requirement for SEC approval, likely resulting in rejection in January.”
Hi Markus saw the “rejection” prediction just curious are you basing this off any sourcing (eg issuers or inside the SEC) or is it more just your opinion/take on things? Thanks
— Eric Balchunas (@EricBalchunas) January 3, 2024
Contrarily, some analysts anticipate SEC approval for offerings like ARK Invest within the next 10 days, citing meetings with exchanges and legal precedent. James Murphy of Ludlow Street Advisors expects “multiple approvals on Jan. 10,” pointing out the SEC’s previous setback with Grayscale Investments and suggesting potential sanctions against SEC lawyers.
The SEC has never greenlit a spot BTC exchange-traded product for U.S. exchange listing. BlackRock’s application in June 2023 reignited interest, leading to speculation about SEC action. Despite varied opinions, Matrixport founder Wu Jihan clarified that analyst Markus Thielen’s report predicting a rejection was intended for clients, not media dissemination.