Winklevoss Bitcoin ETF Decision Seen by March 11, But Approval Likelihood 'Very Low' - Needham & Company

Needham & Company analyst Spencer Bogart said after years of work and investor anticipation the rule change necessary to pave the way for the Winklevoss Bitcoin ETF will see a final decision from the SEC by March 11

Bogart thinks that the listing of a bitcoin ETF "would have a profoundly positive effect on the price of bitcoin not only because of the resulting asset inflow but also because of concurrent shifts in perception and regulatory risk." That said, they think the probability of approval is "very low."

"Taken together, we think the positive effect that a bitcoin ETF would have on the price of bitcoin is vastly underappreciated and that the probability of approval is drastically overestimated within the industry," he said.

The firm maintained a Hold rating on Bitcoin Investment Trust (OTC: GBTC),

For an analyst ratings summary and ratings history on Bitcoin Investment Trust click here. For more ratings news on Bitcoin Investment Trust click here.

Shares of Bitcoin Investment Trust closed at $114.55 yesterday.

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