Bitcoin ETF Result May Come After US Stock Market Close
The SEC’s decision on the bitcoin exchange-traded fund (ETF) is likely to arrive once US stock markets shut own for the day, financial experts told CoinDesk.
The US Securities and Exchange Commission has confirmed that it will release its decision on the ETF sought by investors Cameron and Tyler Winklevoss today, but bitcoin investors and market watchers are abuzz with speculation as to the timing of the release. Amidst the wait, bitcoin prices have bounced to new all-time highs.
While the SEC declined to comment on when it would publish its decision, those who have seen similar announcements from the agency say it could come as early as 4pm ET or as late as 6pm ET – essentially, once US stock markets close their doors.
Jeff Bishop, ETF expert and co-founder of investor message board platform RagingBull.com, told CoinDesk:
"They like to push things to the last minute. When announcing news like this, I have found they want to do it outside of stock market hours."
Others echoed of this view, including Eric Balchunas, a senior ETF analyst for Bloomberg Intelligence, who affirmed that he has heard chatter that the SEC will announce its decision between 5pm ET and 6pm ET.
Phil Bak, a former New York Stock Exchange managing director and current CEO of ETF issuer ACSI Funds, said he thinks the SEC will wait until US markets close to reveal its decision.
"Usually they come in during the morning, but in this case we can probably expect it after the close … I would expect it between 4:00 and 6:00 or so," he said in an email.
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