Good News from Bloomberg Analyst on Bitcoin Spot ETFs: “There Are Constructive Talks, Around January…”

Bloomberg analysts suggested that the latest update to ARK and 21Shares’ Bitcoin (BTC) Exchange Traded Fund (ETF) filing points to a “constructive discussion” with the Securities and Exchange Commission (SEC).

Such conversations often precede an ETF approval, analysts say. Analysts estimate a 90% chance of SEC approval occurring around January 10.

The SEC recently decided not to appeal a decision allowing Grayscale Investments LLC to convert its Bitcoin trust into an ETF. The agency is not planning another appeal in the case, as the appeal deadline passed on Friday, according to an anonymous Bloomberg source familiar with the matter.

James Seyffart, a Bloomberg Intelligence analyst, predicts that this will lead to increased dialogue between Grayscale and the SEC. “We’ll get more information next week and find out what happens next,” Seyffart said.

Seyffart also said that although the regulator had the option of appealing to the Supreme Court, he thought that was unlikely.

The SEC also recently approved Ethereum Futures ETFs and these products have begun trading. The agency has been defeated in numerous cryptocurrency cases this year.

*This is not investment advice.