According to one senior executive at one of the applying firms, the SEC is expected to approve Spot Bitcoin ETF applications after trading closes today. Fox Business reports that we can see the first applications approved shortly after 4:00 pm ET today, coinciding with initial reports that we would see approvals come Wednesday.
The CBOE also reports that we may see the first Spot Bitcoin ETFs start trading as soon as tomorrow. Today is also the deadline for a host of prospective issuers. However, early reports assured that the US Securities and Exchange Commission (SEC) will likely approve multiple applicants. Currently, more than a dozen applications for the investment product are pending.
Competition will be abundant because the SEC is expected to approve a host of Spot Bitcoin ETFs. This has already been present in the advertisement battle that started before approvals. Moreover, it has continued in pricing, with asset management firms BlackRock, Fidelity, and Grayscale attempting to compete with each other’s pricing plans for the investment firms.
Furthermore, Global financial giant Standard Chartered has predicted that Bitcoin (BTC) could reach a price of $200,000 by the end of 2025 following Bitcoin ETF approval. They add that US-listed spot BTC ETFs will hold between 437,000 and 1.32 million Bitcoin by the end of this year.