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:
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.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.