According to analysts James Seyffart and Eric Balchunas, the likelihood of the SEC approving a Bitcoin ETF for immediate trading this year has increased to 65%, up from the previous 50%. This boost in probability is driven by the fact that several major organizations, including BlackRock, Fidelity, WisdomTree, and Valkyrie, have submitted applications for Bitcoin ETFs, aiming to make Bitcoin investment more accessible.
While the SEC has previously rejected similar applications, many experts believe that at least some of the new applications have a good chance of approval, especially those from BlackRock, a company that rarely faces rejections for ETF applications in the past. The change in SEC Chairman Gary Gensler’s approach to addressing cryptocurrency-related issues has also provided optimism for the approval of a Bitcoin ETF.
Another positive development is the SEC’s approval of Coinbase’s Bitcoin trading platform, with CEO Brian Armstrong required to delist all cryptocurrencies except Bitcoin. This move further reinforces the view that if the SEC approves cryptocurrency ETFs, a Bitcoin ETF may be prioritized.
Finally, the SEC’s lawsuit against cryptocurrency asset management company Grayscale could have significant implications if the SEC loses the case. These developments signal positive signs, raising the possibility of an approved Bitcoin ETF in the future.