Bitcoin has gained recognition in the financial sector within two decades after its launch. This is evident in the increasing number of times the leading digital asset has been mentioned in official filings over the past years.
According to recent research, the world’s largest cryptocurrency was mentioned in more than a thousand filings with the United States Securities and Exchange Commission (SEC) in November, recording a new high and indicating rising adoption of the asset.
Bitcoin Mentioned in 1,074 Filings in November
The research found that 1,074 filings mentioned “bitcoin” in November. The figure was a 100% increase from the 527 filings mentioning the crypto asset in October. The new high also represented a 32.6% rise from the previous peak of 810 set in May and a 35.1% from November 2022.
One of the analysts noted that filings in November soared because crypto-related companies were required to report quarterly earnings in their 10-Qs and 8-Ks; hence, comparing last month with October was not fair.
However, the higher frequency of bitcoin-related filings shows more adoption and recognition of crypto and indicates that many firms are interested in the exchange-traded fund (ETF) hype. Roughly 40 filings came from the Grayscale Bitcoin Trust and were mostly free-writing prospectuses written by the asset manager’s executives ahead of the expected GBTC conversion.
The Anticipated Spot Bitcoin ETF Approval
Bitcoin showing up in more regulatory filings reflects excitement in the broader crypto market over the SEC’s anticipated approval of the first spot Bitcoin ETF. Over the past few months, around 13 traditional finance giants, including BlackRock, Fidelity, Ark Invest, Franklin Templeton, WisdomTree, and Valkyrie, have applied for spot Bitcoin ETFs with the SEC.
While the agency is expected to make its first spot Bitcoin ETF approval by the first week of January 2024, BTC has been on an ETF-driven rally over the past few days.
The leading crypto asset soared past the $44,000 mark on December 5, less than 48 hours after hitting $41,000. However, the cryptocurrency had fallen a few steps back and was trading around $43,900 at the time of writing, per data from CoinMarketCap.
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