Spot Bitcoin ETF Filings Surge as Approval Odds Remain High
Several spot Bitcoin ETF issuers have submitted updated filings to the SEC in the past 24 hours, indicating a strong likelihood of approval. The filings include amended S-1 and S-3 forms from BlackRock, VanEck, Valkyrie, ARK 21Shares, Grayscale, and Invesco Galaxy. These changes are part of ongoing feedback between the issuers and the SEC as they prepare for potential approval.
The updated filings made on January 9 contained minor revisions related to authorized participant risk, counterparty insolvency, conflicts of interest, and liquidity shortages. Additionally, Bitwise, Inscesco Galaxy, Wisdomtree, and Valkyrie reduced their fees in response to the SEC’s comments.
ETF Issuers Rushing to Meet Deadlines
The quick turnaround between SEC comments and revised filings indicates a sense of urgency among the ETF issuers. This was highlighted by ETF expert Eric Balchunas who emphasized that all parties involved are eager to move forward.
Additional Forms Filed for Proposed Rule Change
In addition to the S-1 and S-3 submissions, Franklin Templeton, Hashdex, Wisdomtree, and Bitwise filed updated 19b-4 forms with the SEC. These forms will allow major U.S. exchanges like Nasdaq to list spot Bitcoin ETFs if approved.
Optimism Boosted by SEC Chair’s Public Posts
SEC Chair Gary Gensler’s recent public posts on crypto-related investor advice have further fueled optimism for approval. His statements provide encouragement amidst the ongoing discussions surrounding crypto assets and their associated risks.
Hot Take: Positive Outlook for Spot Bitcoin ETF Approval
With the surge in spot Bitcoin ETF filings and ongoing communication between issuers and the SEC, the likelihood of approval remains high. The quick response from ETF issuers to SEC comments demonstrates their eagerness to move forward with these investment opportunities. Additionally, the filing of updated forms for a proposed rule change further indicates progress in the approval process. Moreover, public posts from SEC Chair Gary Gensler provide an optimistic outlook for potential approval. As the deadline approaches, the anticipation for the launch of America’s first spot Bitcoin ETF market continues to grow.
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