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The SEC is possibly nearing the approval of spot Bitcoin ETF applications based on the latest development this week. QUOTEINSPECTOR.COM/FLICKR

The U.S. Securities and Exchange Commission (SEC) is reportedly set to initiate the process of notifying spot Bitcoin exchange-traded fund (ETF) issuers of its approval starting this Friday, and trading could potentially commence as early as next week.

The SEC is possibly nearing the approval of spot Bitcoin ETF applications based on the latest development this week.

Aside from the SEC staff attorneys meeting with officials from major U.S. stock exchanges like the New York Stock Exchange, Nasdaq and Chicago Board Options Exchange on Wednesday, Fox Business' Eleanor Terrett said in a report that "the SEC could begin notifying issuers of approval on Friday with trading beginning as early as next week," citing "sources close to the proceedings."

"Broadly speaking, if the Commission declares a registration statement effective, that is reflected on EDGAR," a spokesperson of the agency commented on the issue. "Any Commission 19b-4 orders will be posted on our website and then published in the Federal Register."

BlackRock insiders leaked this week that the SEC will maintain a period of "radio silence" regarding spot Bitcoin exchange-traded funds (ETF) until the regulator has gone through the paperwork.

The SEC is scheduled to make a decision on the spot Bitcoin ETF proposal of ARK Invest and 21Shares on Jan. 10, but rumors are rife that it may announce the list of approved proposals this week.

Bloomberg Intelligence ETF analyst James Seyffart supported Terrett's report but maintained his previous forecast that official approvals would drop sometime between Jan. 8 and 10. He also underlined that the gap between approval and actual trading will be in days and not weeks.

"My view is in line with @EleanorTerrett's reporting. I think the SEC could begin signaling to issuers to expect approvals tho I'm still expecting official approvals Jan 8 - 10. I also think the gap between approval orders and actual trading will be measured in days -- not weeks," Seyffart said in a post on X.

Bitcoin was trading in the green zone at $44,412.11 with a 24-hour trading volume down by 39.78% at $28,249,301,633 as of 4:31 p.m. ET on Thursday.

Bitcoin's latest price action represents a 3.80% increase in its value on the day and a 4.55% gain over the past seven days.

Data from CoinMarketCap shows that Bitcoin's current circulating supply stands at 19,589,843 BTC and its market capitalization is at $870,853,480,952.