TechFlow news — JPMorgan stated that the U.S. Securities and Exchange Commission (SEC) is very likely to soon approve multiple spot Bitcoin ETF applications, as it did not appeal the court ruling in favor of Grayscale Investments.
JPMorgan analysts noted that while the exact timing for approval remains unclear, the most probable date would be before January 10, 2024—the earliest deadline among the pending spot Bitcoin ETF applications.
Last week, the SEC’s decision not to appeal in the Grayscale case sparked optimism regarding the approval of multiple spot Bitcoin ETFs. The discount on Grayscale’s spot Bitcoin ETF (GBTC) could disappear, potentially delivering around $2 billion in benefits to investors.
JPMorgan also reiterated that the SEC is unlikely to approve multiple spot Bitcoin ETFs simultaneously, which would intensify competition on fee structures. While the crypto market eagerly anticipates the approval of spot Bitcoin ETFs, JPMorgan analysts said this is unlikely to have a significant impact on the crypto market, as spot Bitcoin ETFs already exist in Canada and Europe but have failed to attract substantial investor interest.
