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

Recently, Bloomberg unveiled an updated timeline shedding light on the progress of the Bitcoin Spot ETF in the United States.This announcement is a crucial step forward in the ongoing efforts to bring a Bitcoin exchange-traded fund to the U.S. market.

The revised timeline provides insights into the key deadlines and milestones that will play a pivotal role in determining the fate of this much-anticipated financial product.

Bloomberg's Revised Timeline: Key Deadlines for U.S. Bitcoin Spot ETF

According to a Tweet on August 13 by the prominent news outlet, Bloomberg has revealed a new timeline containing updated deadlines for the United States Bitcoin spot ETF. Based on the updated timeline, ARK 21 Shares' third deadline is November 23, while its final deadline is 24.

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

- Bitcoin News (@BitcoinNewsCom) August 13, 2023

Ark 21Shares, which filed to list the ETF in May, was surprisingly delayed by the U.S. Sec on August 11. Recall that the SEC has previously rejected Ark 21Shares's crypto ETF proposals, stating that the firm would not be designed to prevent fraudulent and manipulative acts and practices."

During an interview on August 7, Cathie Wood, the CEO and founder of ARK Investment Management, expressed her anticipation of the SEC postponing its verdict. Nevertheless, she also projected that the regulatory body might eventually approve several BTC spot ETFs concurrently at a later date.

Wood's comments resembled a suggestion by Grayscale, the company currently suing the SEC due to its rejection of an application aiming to convert its Bitcoin Trust into a Bitcoin ETF directly linked to the spot market. Ark 21Share was not the only prominent firm on the Bloomberg list. Companies such as; BlackRock, Bitwise, VanEck, Wisdomtree, etc.

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

Legal Battles May Impact First Bitcoin Spot ETF Approval: Insights from ETF Analyst

Top ETF analysts predicted Ripple vs. SEC, Grayscale lawsuit impact on Bitcoin ETF approval. Chance for US spot Bitcoin ETF approval jumped from 1% to 65%.

In a recent statement, Bloomberg ETF analysts James Seyffart and Eric Balchunas predicted the chances of BTC ETF approval have increased in the last month. Seyffart mentioned if Grayscale wins over SEC, it could trigger speedy approvals for all Bitcoin ETFs by Q4 this year.

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 asserts that SSA has significantly influenced the spot BTC ETF assessmentbetween BlackRock and Coinbase.Furthermore, he highlights the impact of the Ripple case, which holds lesser significance but remains pertinent.

The cryptocurrency custody sector is experiencing swift growth. As outlined by Markets and Markets, the value of the crypto custody market was around $223 billion in January 2022, a significant increase from $32 billion in January 2019.This expansion is poised to continue, with projections indicating a consistent annual growth rate of 26.7% until 2028.

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