According to Bloomberg’s senior ETF strategist Eric Balchunas, there is a 50% chance that BlackRock’s spot Bitcoin exchange-traded fund (ETF) will be approved by the Securities and Exchange Commission (SEC). This is because Grayscale, another company, is more likely to win its lawsuit against the SEC. Balchunas believes that the SEC might approve BlackRock’s ETF filing as a way to “save face” and authorize an ETF from a trusted company instead of Grayscale. This could potentially be the first spot Bitcoin ETF to be approved. SEC Chairman Gary Gensler, who has been critical of the crypto industry, may be bracing for a loss and looking to preemptively soften it by approving a Bitcoin ETF application. Many investment managers are hopeful that BlackRock’s filing will pave the way for a more friendly SEC.
AI Sentiment: Negative
