Will spot Bitcoin ETF approvals happen in January 2024

• Reportedly, the SEC was yet to examine the changes made to the S-1 forms.
• Bitcoin broke above $45,000, starting 2024 on a strong note.

Contrary to rumors, the chances of the United States Securities and Exchange Commission (SEC) approving exchange-traded funds (ETFs) tied with spot price of Bitcoin [BTC] early this week were unlikely, according to Fox Business journalist, Eleanor Terrett.

“While the SEC is surely unpredictable, it would surprise me if approvals were to happen tomorrow,” Terett said in an X post on the New Year’s Day.

Decision later in the week?

Apparently, the SEC was yet to examine the changes made to the S-1 forms. Recall that all big names including Grayscale and BlackRock submitted their amended S-1 forms to the regulator in order to be considered for the “first wave” of potential approvals in January 2024.

For the curious, Form S-1 is the registration statement that the SEC requires domestic issuers to file in order to publicly offer new securities.

As per Terrett, the SEC would notify issuers of a date for filing the final S-1s following this round of review. Subsequently, the agency would make the ETFs effective in the next 24-48 hours. This if the regulator followed an approval deadline like in the case of Ethereum [ETH] futures ETFs.

The clarification comes three days after Reuters reported, citing sources, that a decision on spot ETFs could be made early this week.

Note that the final deadline falls in January for most of the applicants. The joint proposal from ARK and 21 Shares, is due for a decision on the 10th of January. Grayscale’s proposed conversion of its trust (GBTC) into an ETF would be decided upon by the 25th of January.

How much are 1,10,100 BTCs worth today?

Bitcoin roars to $45,000 on New Year’s Day

But now or few days later, market participants were still upbeat about the eventual outcome.

Bitcoin broke above $45,000, starting 2024 on a strong note, according to CoinMarketCap. This was the first time that the king coin breached this key level since April 2022.