According to Bloomberg Intelligence, the highly-anticipated launch of a spot Bitcoin exchange-traded fund (ETF) in the United States could occur right before Labor Day (September 4).

The entity said that the US Securities and Exchange Commission (SEC) is expected to respond to several applications from BlackRock, Bitwise, WisdomTree, VanEck, and Invesco in the following days. The agency has the option to approve, reject, or delay the filings.

More Clarity Before the Week’s End

Bloomberg Intelligence informed that Bitwise’s application will be the first that the SEC will take into consideration, with an announcement expected on Friday (September 1). A decision on the other four filings, presented by BlackRock, Invesco, WisdomTree, and VanEck, is due on Saturday (September 2).

The SEC’s stance has so far been quite discouraging for companies willing to introduce such a financial product in America. It rejected Grayscale’s ambitions to convert its Bitcoin trust to an ETF last year and delayed its decision on the joint effort of ARK Investment Management and 21Shares, which filed to launch a spot BTC ETF. 

One person who is pessimistic that the watchdog will approve the long-anticipated product this week is Roxanna Islam – associate director of research and head of sector and industry research at VettaFi:

“We can expect to see more delays from the SEC, especially after they already delayed their decision earlier this month on ARK’s spot-Bitcoin ETF filing. We need to see a decision from the SEC on Grayscale’s lawsuit first — otherwise, we might see them approve Ether-futures ETF filings before they approve any spot-Bitcoin ETF fil