Bitcoin Frenzy: SEC Filings Surge 35% as Crypto Adoption Accelerates

In a surprising twist, the term Bitcoin has taken the spotlight, popping up in a whopping 1,074 regulatory filings sent to the U.S. Securities and Exchange Commission (SEC) in November 2023. This eye-catching number shows a big jump from past records, pointing to a growing interest in cryptocurrency among both companies and regulators.

Breaking Records!

The 1,074 filings talking about Bitcoin in November 2023 shot up by 35.1% from the same month in 2022 and a solid 32.6% from the previous high of 810 filings in May 2023.

Comparing to October 2023’s 527 filings, November saw a whopping 100% increase. Keep in mind, November is a big month for companies reporting their earnings, so that could be why we’re seeing this spike.

Also Read: Spot Bitcoin ETF Approval Looms, But is the SEC’s Approach Correct?

But… What’s Driving the Surge?

• Increased Adoption and Recognition: The surge in bitcoin-related SEC filings indicates a growing recognition and adoption of cryptocurrency in the mainstream financial landscape.
• ETF Hype: Analysts believe that this trend is partly driven by the interest in Exchange-Traded Funds (ETFs) related to bitcoin. Moreover, the financial industry is abuzz with speculation about the SEC’s potential approval of the first spot bitcoin ETF. Notably, almost 40 filings in November came from the Grayscale Bitcoin Trust, primarily consisting of free writing prospectuses (FWPs).

Also Read – Bitcoin Price Hit $44K, Here Are Top Factors Supporting The Bull Run

The Hype is Real!

The SEC is currently reviewing 13 applications for spot bitcoin ETFs from notable firms such as Franklin Templeton, Fidelity, BlackRock, and Grayscale. Grayscale Ethereum Trust, the world’s largest ETH investment vehicle, is at the forefront of this push for regulatory approval. However, the SEC has postponed its decision on the Grayscale Ethereum Trust’s spot ETF application.

This delay extends the decision timeline by 45 days to January 25, 2024. The delay also impacts other firms like BlackRock, which are awaiting approval for their spot ether ETFs.  The coming months promise to be pivotal in shaping the future of cryptocurrency in mainstream finance.