Bitcoin ETFs are not approved yet, but they are likely to become reality soon

Frances Yue covers the cryptocurrency market for MarketWatch.

A false report that the U.S. approved a crypto-based exchange-traded fund led to a bitcoin price rally Monday. However, such products are likely to be greenlighted in January next year, analysts said.

The rally was spurred by a now-deleted post on the social platform X by the crypto news service Cointelegraph, which said that the U.S. Securities and Exchange Commission had approved BlackRock BLK, +1.54%’s application for an ETF that invests directly in bitcoin. “We apologize for a tweet that led to the dissemination of inaccurate information regarding the Blackrock Bitcoin ETF,” Cointelegraph said in a follow-up statement on social media.

The agency faces a final deadline to respond to ARK Invest and 21Shares’s spot bitcoin ETF application by January 10, 2024, and BlackRock’s application by March 15 next year. The SEC chose not to appeal an August federal court ruling, which ordered the agency to vacate its rejection of Grayscale Investments’ application to convert its Bitcoin Trust product into an ETF. The agency faced a deadline last Friday to appeal the ruling.“The market was waiting to see if the SEC would appeal against the Grayscale verdict,” Gautam Chhugani, managing director at AllianceBernstein, wrote in a Monday note.

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