The price of Bitcoin has surged following news of potential approval for a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC). The approval would allow investors to directly invest in Bitcoin through a publicly listed product. Despite SEC Chair Gary Gensler’s previous skepticism about digital assets, the chances of approval have increased due to applications from asset management giants like BlackRock and Fidelity. There are currently 8-10 Bitcoin ETF filings before the SEC, with uncertain timing for approvals. The ARK Invest filing is at the forefront, with a decision expected by January 10, 2024. The SEC’s decision not to appeal a court ruling against rejecting Grayscale Investments’ application for a spot Bitcoin ETF has created anticipation for a breakthrough in the digital asset industry.
AI Sentiment: Positive