#SECETFApproval Bloomberg ETF analysts have raised the probability that the U.S. Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF to 90%. This comes after Ark Invest and 21Shares updated the prospectus of their spot Bitcoin ETF, requested by the SEC. Meanwhile, the SEC has decided not to proceed with an appeal against the court ruling that allows Grayscale to convert its GBTC product into a spot Bitcoin exchange-traded fund (ETF).

To approve the Bitcoin ETF, the SEC needed to approve the S-1 (or S-3) and 19b-4 forms from the issuers, which include ARK 21Shares, Invesco Galaxy, VanEck, WisdomTree, Fidelity, Valkyrie, BlackRock, Grayscale, Bitwise, Hashdex, and Franklin Templeton.

With the regulatory change, Bitcoin ETF issuers will be able to list their products on three U.S. exchanges: NYSE Arca, Nasdaq, and CBOE BZX. These exchanges will be able to include a Bitcoin ETF starting today.