ARK Bitcoin ETF Decision on January 10th; Will SEC Grant Approval?

The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on the approval of Spot Bitcoin ETF applications for industry titans like BlackRock, Fidelity Investments, ARK Investment Management, VanEck, and more.

All eyes are now fixed on the upcoming January 10th deadline, which holds a pivotal position for ARK Investment Management.

A Rollercoaster Ride

On October 17th, a misleading report briefly stirred excitement, falsely suggesting the SEC’s approval of BlackRock for a spot Bitcoin ETF. This erroneous news ignited a rapid surge in Bitcoin prices, propelling them to reach a notable 10% spike, briefly peaking at $30,106.

However, BlackRock swiftly set the record straight. A spokesperson for the investment giant informed MarketWatch that their iShares Bitcoin ETF application remains “under review by the SEC,” dispelling any official endorsement.

Also Read: Bitcoin ETF Approval Prospects Brighten: Insights from Bitwise’s CIO

There’s Still Hope!

The SEC did, on the positive side, grant approval for Bitcoin futures ETFs earlier. While the spot Bitcoin ETFs are still pending approval, the upcoming January 10th decision date looms large.

This particular deadline holds immense significance as it pertains to the SEC’s response to the spot Bitcoin ETF application submitted by ARK Invest and 21Shares. Market analysts are optimistic, estimating a 90% likelihood of approval by ARK on or before January 10th. The implications of an approved ARK Bitcoin ETF could be substantial.

In addition to ARK, the SEC is also examining applications from industry leaders such as BlackRock, Fidelity Investments, Wisdomtree, VanEck, and others. These applications face an extended deadline, stretching out to March 15 of the following year.

Read More: Bitcoin Price Could Surge to $73,000 on Spot ETF Approval: CryptoQuant