Two Bloomberg exchange-traded fund (ETF) analysts, Eric Balchunas and James Seyffart, predicted that there is a 75% chance the United States will have a spot Bitcoin ETF by the end of 2023, following Grayscale’s win against the US Securities and Exchange Commission (SEC).

While the SEC has approved future-based Bitcoin ETFs, the Commission is yet to green-light any spot Bitcoin ETF application.

Spot Bitcoin ETF Coming to the US in 2023?

Eric Balchunas and fellow Bloomberg ETF analyst James Seyffart have upped their prediction concerning a potential spot Bitcoin ETF launch in the US, stating that there is a 75% possibility that American crypto investors will see the country’s first spot BTC ETF in 2023. Both ETF experts also believe it is “almost a done deal” that such a product will launch by the end of 2024.

“While we factored Grayscale win into our previous 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC with “very little wiggle room.””

The positive sentiment expressed by Balchunas and Seffyart comes after Grayscale scored a major victory against the SEC, with the US Court of Appeals for the District Court of Columbia Circuit vacating the Commission’s decision to deny the asset manager’s application to convert its GBTC to an ETF.

In October 2021, Grayscale filed with the SEC to turn GBTC into a spot Bitcoin ETF, which the agency rejected because the company did not provide adequate means on how it would prevent fraud and market manipulation.

Grayscale responded to the rejection with a lawsuit, arguing that the regulator was being discriminatory by approving Bitcoin futures ETFs