The U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten applications for potential Bitcoin exchange-traded products (ETFs), according to comments made today by Chairman Gary Gensler.

Gensler’s statement came in tandem with a surge in BTC price that many attributed to speculation that the SEC was on the verge of approving a spot Bitcoin exchange-traded fund (ETF).

However, although Gensler said that eight to ten applications were reviewed, it is known that the total number of Bitcoin Spot ETF applications is actually eleven. When Grayscale’s GBTC product is added to this, the number increases to twelve.

Gensler noted that those applications could potentially come before the five-member commission, but he declined to make any predictions or comment on timing. “They all have different application deadlines,” he added.

Among the applications under review, Cathie Wood’s ARK Invest application is at the forefront. The 240-day SEC comment period for this filing ends January 10, 2024; Regulators must reject or approve the application by this date.

Some other companies, including BlackRock, Bitwise, WisdomTree, Fidelity and Invesco, also have pending applications for Bitcoin funds in the USA.

Anticipation for spot ETFs rose after the SEC decided not to appeal a court ruling that said it was wrong to reject Grayscale’s application to convert its existing Bitcoin trust into a spot Bitcoin ETF. The court ordered the SEC to reconsider this decision.

*This is not investment advice.

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