The last quarter of 2023 brought heightened enthusiasm that January 2024 will finally bring about a Securities and Exchange Commission (SEC) approval for a spot Bitcoin (BTC) exchange-traded fund (ETF).
The days immediately surrounding the New Year proved abuzz with various hints, filings, and rumors, with some claiming that the approval might come as soon as the first week of 2024.
The general tone of optimism was briefly broken, sending the crypto market into an immediate 5-15% decline after Matrixport published a document titled “Why the SEC will REJECT Bitcoin Spot ETFs again,” but multiple experts and analysts – including Bloomberg’s Eric Balchunas – subsequently made claims to the contrary.
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By January 4, 2024, multiple reports that spot BTC ETF applicants have made final edits to their filings in consultation with the SEC emerged, and on Thursday morning, Craig Salm, Grayscale’s chief legal officer, made an X post simply stating that he is ‘filling out some forms.’
Given Grayscale’s prominent position among spot BTC ETF applicants and long-running efforts to turn its Bitcoin Trust (GBTC) into an exchange-traded fund, the tweet reignited the optimism that the SEC is close to giving the company the green light.
