According to CNBC’s Kate Rooney, sources with knowledge of the case assure that the SEC will wait until January 10 to give an official response, and that the products will begin trading on Thursday and Friday of this week.
- CNBC indicates that the Bitcoin ETF will arrive January 10
- That is the official deadline for the SEC to deliver its verdict.
- Approved Bitcoin ETFs to begin trading later this week
- A large number of analysts agree that they only see chances of success for this product
The focus of analysts and enthusiasts is on the possible arrival of a Bitcoin ETF in the U.S. market, which is in a kind of countdown for approval by the Securities and Exchange Commission (SEC). Under this scenario, the CNBC news network assures that the verdict will come without fail next Wednesday, January 10, and that operations of such product could begin on Thursday or Friday of this same week.
JUST IN: Spot #Bitcoin ETFs expected to be approved Wednesday and could begin trading this week, CNBC reports. pic.twitter.com/e0TfBrRIXK
— Watcher.Guru (@WatcherGuru) January 8, 2024
Bitcoin ETF for January 10
Financial technology reporter for CNBC, Kate Rooney, said that two close sources confirmed the information about the date. They assured, as well, that instead of citing a specific company, the SEC will end up approving several applicants in the same batch.
CNBC Expects Spot Bitcoin ETF Approvals Wednesday
According to him, the SEC will basically wait until the very last moment to give its verdict, considering that the deadline is ultimately this Wednesday, January 10. Rooney anticipates that the long-awaited Bitcoin ETF will finally see the green light, and that an “imminent price war” will ensue from issuers regarding the fees for this product. With this reading, CNBC joins the media and analysts who consider assured the arrival of the Bitcoin ETF. Bloomberg analyst James Seyffart, who has been following this issue very closely, currently estimates the probability of success for this product at 95%.
Well said although I probably go with 5% at this point. But you gotta leave a little window open for these things.
— Eric Balchunas (@EricBalchunas) January 6, 2024
ETF approval signs
The comments by CNBC come on the heels of a moment of doubt following the publication of a very pessimistic report by Matrixport last week, in which they anticipated the rejection of the applications due to Bitcoin’s lack of legitimacy and the resistance of SEC Chairman Gary Gensler. However, Bloomberg analyst Eric Balchunas commented on the controversy, assuring that he has only seen positive signs ahead of the verdict that should arrive no later than January 10.
Balchunas added that he and Seyffart have been following the issue closely for a long time, so they have experience and verified data on the subject. He noted at the time that it was not impossible for the SEC to reject Bitcoin ETFs but that the odds of approval are over 90% on the basis of “a LOT of good information.” Meanwhile, applicants such as BlackRock, Fidelity, Invesco, Grayscale, Valkyrie, Ark Invest, WisdomTree, VanEck and many others are waiting for the official response from the SEC after having completed all the respective bureaucratic procedures for this product.