Speculation Surrounds Potential Approval of Spot Bitcoin ETF on Friday

Numerous tweets circulating on Crypto X have sparked optimism that approval for a spot Bitcoin ETF might occur this Friday, although some analysts express skepticism about such rapid developments. Speculation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the SEC has intensified across social media platforms.

A tweet from Grayscale's legal chief mentioning he was "just filling out some forms," along with a widely shared tweet from a reporter, has fueled speculation about the possibility of approval within the next day.

Despite the buzz, several analysts anticipate potential approvals next week. TechCrunch reporter Jacquelyn Melinek, on Jan. 4, cited sources "extremely close to the matter" on X (formerly Twitter) suggesting multiple ETFs could be approved and expressed anticipation for an announcement the following day. Notably, a cryptic tweet from Grayscale's chief legal officer stating he was "just filling out some forms" has gained significant attention.

Attorney and commercial litigator Joe Carlasare noted that the public comment period for several ETF applications doesn't close until midnight on Jan. 5, making it "very unlikely" for approval to be granted before the start of the next week, in his view.

Senior Bloomberg ETF analyst Eric Balchunas explained that the SEC is currently providing final comments, and issuers will soon file their final 19b-4 and S-1 forms. Approval by the SEC is required for both forms before an ETF can commence trading. Scott Johnsson, the general partner at VB Capital, expressed skepticism about the likelihood of ETF approval before next week unless all 19b-4 applications are already clear, and the SEC doesn't mind simultaneous approval.

Currently, 14 issuers, including BlackRock, Valkyrie, ARK Invest/21 Shares, Bitwise, and Fidelity, are vying for approval of a spot Bitcoin ETF.