BlackRock iShares Bitcoin Trust’s Deadline: Bloomberg and K33 Research Disagree

The timeline for the BlackRock iShares Bitcoin Trust's deadline has raised intriguing discrepancies between Bloomberg and K33 Research predictions.

Andy Q Compared Bloomberg Report To K33 Research

In an exciting development, Andy Q shared r the final Bitcoin ETF deadline on August 14 via Twitter.According to Andy Q, Bloomberg points to a last date of March 15, 2024, whereas K33 Research, in estimates released about two months ago, pointed to February 23, 2024.

Interesting thing is that the Blackrock iShares Bitcoin Trust seems to have a later final deadline as suggested by Bloomberg (Mar 15 2024) compared to the estimates from K33 Research (Feb 23 2024) that were published about 2 months ago. pic.twitter.com/7bA65ee3sj

- Andy Q. Zhou (@andyquanzhou) August 13, 2023

A clear timeline was established by looking at the deadlines for Ark Invest's spot BTC ETF. Their deadline is January 10, 2024, indicating a possible approval sooner rather than later.Cathie Wood, Ark Invest's CEO, provided insights predicting the potential simultaneous approval of multiple spot Bitcoin ETFs. Her anticipation was shared.

Andy Q mentioned a base-case scenario: spot BTC ETF approval by early January 2024, preceding Ark Invest's deadline. In this scenario, it's speculated that BlackRock might be granted a one-day advantage in listing their ETF, or multiple ETFs might be approved simultaneously.

Additionally, Andy Q highlighted alternative scenarios stating that if Grayscale wins their lawsuit and gets it first. There's a chance this may happen before Jan 2024."

However, legal processes can be lengthy, making this outcome uncertain.The SEC could continue its stringent approach and reject all spot BTC ETF applications, including BlackRock's, Andy Q added.

Bloomberg Shows New Timeline for Bitcoin Spot ETF in the U.S.

In an August 13 tweet, the well-known news source Bloomberg disclosed a fresh timeline featuring revised deadlines for the U.S. Bitcoin spot ETF. The third ARK 21 Shares deadline is now on November 11, 2023. They have set the final deadline for January 10, 2024.

NEW: Bloomberg updated timeline for deadlines regarding the bitcoin spot etf in the US pic.twitter.com/08hryhgWg6

- Bitcoin News (@BitcoinNewsCom) August 13, 2023

Surprisingly, the U.S. SEC recently caused an unexpected delay for Ark 21Shares, a firm that filed for ETF listing in May, on August 11. Recall that the SEC had previously turned down Ark 21Shares' cryptocurrency ETF proposals, indicating that the company's offerings wouldn't effectively counter fraudulent activities.

In an August 7 interview, the CEO and founder of ARK Investment Management, Cathie Wood, anticipated a delay in the SEC's decision. She expected the chance of eventual simultaneous approval for multiple Bitcoin spot ETFs by the regulatory body. She foresaw this possibility.

Wood's statements echoed a proposal made by Grayscale, which is presently engaged in legal action against the SEC for denying its application to transform its Bitcoin Trust into a Bitcoin ETF directly associated with the spot market.

The SEC should approve spot #bitcoin ETFs to trade in the US.
What's more, their previous approval of bitcoin futures ETFs shows that they are already in a position to do so.
Read more about the latest from our legal team: https://t.co/UC8ksqNcwy $GBTC $BTC

- Grayscale (@Grayscale) July 27, 2023

Significantly, Ark 21Shares wasn't the solitary notable company on Bloomberg's roster. Prominent entities such as BlackRock, Bitwise, VanEck, Wisdomtree, and others are also became listed.

In a recent announcement, Bloomberg's ETF experts, James Seyffart and Eric Balchunas, projected that the likelihood of BTC ETF approval has grown over the past month.

Here's the race as I'm watching it. We are completely guessing on the timing of the Grayscale case dates. But we think the path of least resistance is simultaneous approval for all 8 filers + Grayscale in the aftermath of the courts vacating the SEC's denial. pic.twitter.com/Zy97iEj4Hg

- James Seyffart (@JSeyff) August 2, 2023

Seyffart suggested Grayscale's legal victory against the SEC might trigger collective approvals for Bitcoin ETFs this year. Such approvals could align by the fourth quarter.

Seyffart highlighted the effect of the BlackRock-Coinbase surveillance sharing agreement on the spot Bitcoin ETF assessment. This impact shapes the evaluation of spot Bitcoin ETFs, according to Seyffart's emphasis.

The post BlackRock iShares Bitcoin Trust's Deadline: Bloomberg and K33 Research Disagree appeared first on The Tech Report.