Analysts are currently observing a prospective timeframe for the endorsement of Spot Bitcoin exchange-traded funds (ETFs), pinpointing the window between January 5 and 10, 2024. The prior deadline set by analysts for November 17 lapsed without any evident response from the Securities and Exchange Commission (SEC).
Deadline for Hashdex and Franklin Templeton ETF Around Jan 5 – 8
James Seyffart, an ETF expert at Bloomberg Intelligence, has clarified the adjusted timeline, specifying the deadline for Hashdex and Franklin Templeton as falling between January 5-8. This timeframe coincides with the broader window of January 5-10, during which approval for all twelve spot BTC ETF filings may come to fruition.
The updated timeline dismisses any lingering expectations for a December approval, as recent SEC developments indicate a likelihood of the process extending into the year 2024.
Seyffart and his colleague Eric Balchunas continue to assert a 90% probability of approval by January 10.
Financial Advisors Waiting to Provide BTC Access to Clients
Financial advisors, eagerly anticipating the approval of Spot Bitcoin ETFs, are ready to facilitate BTC access for their clients. Ric Edelman, the founder of Edelman Financial Services, a $250 billion asset management firm, highlights the crucial role of ETF approvals for financial advisors.
Edelman anticipates a significant uptick in interest, pointing out that currently, 12% of advisors recommend Bitcoin, and 47% have invested in the asset.
Underscoring the importance of advisors owning Bitcoin for credibility, Edelman acknowledges the common struggle they face in balancing personal ownership of Bitcoin with the decision of whether to recommend it to clients, posing a potential challenge in the financial advisory landscape.