But that could be just the beginning: If a spot Bitcoin ETF receives a greenlight by the U.S. Securities and Exchange Commission (SEC), it would mark a major milestone in the history of digital assets.
The SEC has so far rejected all spot Bitcoin ETF applications, but two main factors make the current batch of applications different.
One is the involvement of BlackRock, the world’s largest asset manager, which filed for a spot Bitcoin ETF earlier this year.
The second is the court ruling that required the SEC to revisit a previous rejection of Grayscale’s application for a spot Bitcoin ETF application, defining the regulator’s process as “arbitrary and capricious.”
“The Grayscale decision ultimately says that you can’t allow Bitcoin futures ETFs to trade, and then argue that the same situation is not for spot Bitcoin ETF,” said James Seyffart, an analyst at Bloomberg Intelligence.
That is why, according to Seyffart, the odds of a spot Bitcoin ETF approval by early January are 90%.