Progress Shown for Spot Bitcoin ETF Applications: Fidelity and Grayscale File 8-A Forms

The Journey Towards a Spot Bitcoin ETF

Grayscale Investments is looking to convert its Grayscale Bitcoin Trust (GBTC) into a spot bitcoin ETF, following a court ruling that requires the SEC to re-review its bid. Other firms like BlackRock and Fidelity have also shown interest in launching spot bitcoin ETFs.

Grayscale’s Plans for GBTC

Grayscale spokesperson stated that the company is working with the SEC to list GBTC on NYSE Arca as a spot bitcoin ETF. They are prepared to operate GBTC as an ETF once they receive regulatory approvals.

Anticipation for a Spot Bitcoin ETF

The prospect of a spot bitcoin ETF has generated significant anticipation in the U.S. market. Both BlackRock and Fidelity have filed amended registration forms, signaling their push for a spot bitcoin ETF. BlackRock has named Jane Street Capital and JP Morgan Securities LLC as authorized participants.

Details Being Worked Out

ETF issuers have been finalizing the specifics of potential spot bitcoin ETFs, including discussions on creation and redemption models, authorized participants, and hard forks.

About the Author

Sarah is a reporter at The Block who covers policy, regulation, and legal developments. She has previously reported on securities regulation and has written for finance-related publications such as The Bond Buyer and American Banker. Sarah is based in Washington D.C. and can be followed on Twitter @ForTheWynn.

Hot Take: The Race for a Spot Bitcoin ETF Intensifies

The competition among financial firms to launch a spot bitcoin ETF in the U.S. is heating up. Grayscale Investments, BlackRock, and Fidelity are all vying for regulatory approval to offer this investment vehicle. The recent court ruling requiring the SEC to re-review Grayscale’s bid has added further momentum to the push for a spot bitcoin ETF. If approved, it would be a significant milestone for the U.S. crypto market. Investors eagerly anticipate the potential benefits and opportunities that a spot bitcoin ETF could bring, including increased liquidity and accessibility. As the race continues, all eyes are on the SEC and its decision on these proposals.