SEC Gives Final Comments On Filings, Spot Bitcoin ETF 'Close To Done': ETF Analysts

The U.S. Securities and Exchange Commission (SEC) is currently providing final comments on spot Bitcoin exchange-traded fund (ETF) filings, as per an ETF analyst. The analyst noted that the eagerly anticipated crypto investment vehicle is "close to done."

Online rumors suggesting that the SEC will approve spot Bitcoin ETF proposals this week have been widespread. However, recently published research from crypto financial services platform Matrixport titled "Why the SEC will REJECT Bitcoin Spot ETFs again" states that the regulator will reject all applications this month.

On Thursday, Bloomberg Intelligence Senior ETF analyst Eric Balchunas shared an intriguing update on the social media platform X (formerly Twitter) regarding the crypto investment vehicle, further heightening community anticipation. According to his update, the SEC is presently offering its final feedback on the spot Bitcoin ETF filings. Following this, the sponsors are expected to submit their final 19-b4 filings, indicating that the cryptocurrency investment product is nearing completion.

Balchunas said, "SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after. So I mean this is definitely as close to 'done' as we've been, but no official approval as far as I know."

Fellow Bloomberg Intelligence ETF analyst James Seyffart commented "Getting closer" on Balchunas' update.

In addition to the ETF analysts' input, Jacquelyn Melinek, a senior crypto reporter at TechCrunch, shared insider information online claiming that the SEC will approve "multiple firms," citing "sources extremely close to the matter."

This information aligns with earlier speculations anticipating simultaneous approval of issuers by the SEC. Recent developments on spot Bitcoin ETF applications occurred after several issuers filed Form 8-a with the SEC, including Grayscale, ARK 21, and Valkyrie, which many interpreted as an indication that the regulator had already approved some applications.

It's important to note that despite the buzz surrounding the spot Bitcoin ETF applications, the SEC remains silent on the topic and has previously stated that it cannot comment on applications.

As of 5:07 p.m. ET on Thursday, Bitcoin was trading in the green zone at $44,298.07, with a 24-hour trading volume down by 36.39% at $29,505,314,588. This latest price action represents a 3.30% spike in its value on the day and a 3.98% gain in the last seven days.

Data from CoinMarketCap indicates that Bitcoin's current circulating supply stands at 19,589,843 BTC, and its market cap is at $867,938,143,683.