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JPMorgan believes that the US Securities and Exchange Commission (SEC) will soon approve multiple spot bitcoin exchange-traded fund (ETF) applications after it did not appeal a recent court ruling in a case brought against it by Grayscale Investments. “The timing of spot bitcoin ETF approvals remains unclear but should happen within months and most likely before January 10, 2024,” JPMorgan analysts said. The Grayscale Bitcoin Trust is the largest bitcoin fund in the world with $17.7 billion of assets under management, and upon conversion to an ETF, the discount would likely disappear, implying a $2 billion benefit to investors, the JPMorgan report noted.
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