Bloomberg ETF analyst James Seyffart is also highly uncertain about the possibility of approval. He speculates that it could happen within 60 to 270 days. On January 9th, he had speculated that Grayscale would use the ticker symbol “BTC” for the issuance of a smaller Bitcoin ETF.
"GBTC Records Second Highest Net Outflow in 15 Years; Grayscale Applies for Mini ETF with Code 'BTC'"