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Bullish news from the Ark? Bloomberg ETF Analyst: 90% Chance of Bitcoin Spot ETF Approval by 1/10

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Bullish news from the Ark? Bloomberg ETF Analyst: 90% Chance of Bitcoin Spot ETF Approval by 1/10

After the approval and successful listing of the Ethereum futures ETF by the SEC in early October, the community's focus has shifted back to the Bitcoin spot ETF. Bloomberg ETF analysts recently analyzed the bullish factors for a Bitcoin spot ETF and stated that the probability of approval in January next year is as high as 90%.

Bloomberg ETF Analyst: 90% Chance of Bitcoin Spot ETF Approval by 1/10 Next Year

Bloomberg ETF analyst James Seyffart shared his views on Bitcoin spot ETF over the weekend on Twitter, stating that there is a 90% chance of approval for a Bitcoin spot ETF by 1/10 next year.

The high level of confidence stems from recent updates in the prospectuses of Bitcoin spot ETF applicants Ark and 21Shares, with at least 5 pages of updates including minor edits, new language, and additional risk disclosures.

James believes that these updates may have been requested by the SEC, and the back-and-forth coordination between the SEC and ETF applicants is a standard process before launching a new product, which is unprecedented in the previous Bitcoin spot ETF application processes.

Therefore, James is confident in the approval of the Bitcoin spot ETF. If James's prediction holds true, we may see the Bitcoin spot ETF jointly applied by Ark and 21Shares approved by 1/10 next year.

SEC Requirement? Ark States Mining Has Negative Environmental Impact

As mentioned earlier, to meet SEC requirements, Ark has increased risk disclosures in its prospectus, such as the regulatory assets being held in segregated accounts and the index determining the trust's Bitcoin value not complying with US GAAP.

However, one point indicates, "Bitcoin mining consumes a large amount of electricity, which may have a negative impact on the environment." This description was specifically highlighted by the Bitcoin news channel Bitcoin Archive, suggesting that Ark's statement is inaccurate and has sparked opposition from Bitcoin supporters.

In response, James explained that the SEC is the regulatory body responsible for information disclosure, and the application documents must disclose any potential risks to investors, that's all.