BlackRock, the world’s largest asset management company, is expecting approval from the SEC for its spot Bitcoin ETF request within the next week. Alongside BlackRock, other major asset managers such as Fidelity, Grayscale Investments, Valkyrie, ARK, and Invesco have submitted updated 19b-4 forms for proposed Bitcoin ETFs. These developments come as exchanges expedite the filing of revised 19b-4 forms in their efforts to obtain SEC approval.
The cryptocurrency community eagerly awaits the approval of Bitcoin spot ETFs, hoping to attract significant investments to the sector. However, critics highlight concerns about Bitcoin’s volatility and lack of regulation. The non-profit organization Better Markets has called the approval of these ETFs a “regulatory mistake of historical proportions.”
Grayscale has taken steps towards its own Bitcoin ETF by filing an amendment to the 19b-4 form at NYSE Arca. The company remains committed to collaborating with the SEC and aims to convert its GBTC fund into an ETF once regulatory approvals are secured.
The cryptocurrency industry is currently in a state of uncertainty as it awaits the SEC’s decision on Bitcoin spot ETFs. While progress has been made with the submission of updated documents, final approval is still pending. James Seyffart, an ETF research analyst at Bloomberg Intelligence, believes that significant progress has been made but acknowledges that the finish line has not yet been crossed.
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