Coinbase and JPMorgan Chase recently said they expect spot bitcoin exchange-traded funds (ETFs) to be approved, and optimism around spot bitcoin exchange-traded funds (ETFs) is growing.。

Spot Bitcoin ETF is about to be approved

Wall Street giant JPMorgan recently said it expects the U.S. Securities and Exchange Commission (SEC) to approve a Bitcoin ETF in the coming months.。JPMorgan analyst Nikolaos Panigirtzoglou said that while the timing of the approval is unclear, it could come before Jan. 10, 2024, the final deadline for Ark 21Shares applications.。

Paul Grewal, Coinbase's chief legal officer, told CNBC: "I very much hope that these ETF applications will be approved, only if they are legally legal.。"

Spot Bitcoin ETFs will be listed on mainstream stock exchanges, allowing retail investors to buy and sell, similar to listed stocks and using the same brokerage account.。This would significantly lower the threshold for entry, as retail investors can access Bitcoin without directly holding it.。

Growing optimism

A US court recently ruled that securities regulators do not have the right to deny digital asset manager Grayscale's application to convert its GBTC bitcoin fund into an ETF, bringing the latest optimism.。As of press time, the GBTC Bitcoin Fund has approximately $17.9 billion in assets under management。

The SEC also decided not to appeal the court decision, which brings more hope for approval of the Bitcoin ETF。

Companies have been pushing for approval of spot Bitcoin ETFs for years。However, as BlackRock, the largest asset manager, filed for a Bitcoin ETF earlier this year, optimism has gradually warmed.。Companies such as Invesco and WisdomTree have also resubmitted applications following BlackRock's lead.。

Grewal added: "The companies that make strong recommendations for these products and services are the largest blue chips in financial services.。So I think it shows that we're going to see progress in the short term。"