Bloomberg Insider Says Bitcoin ETF “Is Done,” SEC Looks at Jan 11 Launch

• Bloomberg analyst Eric Balchunas stated Bitcoin spot ETFs are a confirmed reality.
• Balchunas noted the SEC is working to align everything for a January 11 launch.
• However, contrasting views suggest the SEC will not approve Bitcoin spot ETF this month.

Eric Balchunas, a senior ETF analyst at Bloomberg, has boldly asserted that exchange-traded funds (ETFs) investing directly in Bitcoin are a confirmed reality. In a recent comment on X, Balchunas mentioned that applications for Bitcoin spot ETFs with the U.S. SEC have progressed to the final stages. 

Supported by insights from various inside sources, the ETF analyst affirmed that the crypto spot ETF is essentially completed.

Furthermore, Balchunas noted that the final form S-1 registration statements are expected by 8 am on Monday, U.S. time, as the SEC is working to align everything for a January 11 launch. Despite this, he emphasized the importance of obtaining confirmation from the SEC to validate the development officially.

The bold sentiment expressed by Balchunas is grounded in a recent report disclosing that the Securities and Exchange Commission staff welcomed the final version of the ETF documents on Friday. Four anonymous sources familiar with the matter affirmed the development. 

Following the latest amendments and resubmission, the SEC staff provided no further feedback on the paperwork for several firms. These documents, known as 19b-4 filings, propose rule changes on stock exchanges to facilitate the trading of the ETFs.

Notably, the absence of additional feedback suggests the paperwork from the intending Bitcoin spot ETF issuers has likely met the SEC’s expectations.  The Bloomberg ETF analyst confirmed the sentiment, stating, “Yeah, it’s basically done.” 

Despite widespread optimism about the approval of a Bitcoin spot ETF, there are contrasting views within the crypto community. Some prominent leaders suggest that the SEC is unlikely to approve it this month, adding a note of skepticism to the prevailing optimism.