Eleven Spot Bitcoin ETFs Closer to Approval by SEC
Proposed rule changes have been submitted to the US Securities and Exchange Commission (SEC) to list and trade 11 spot bitcoin exchange-traded funds (ETFs) on stock exchanges. This move has led to increased speculation that the SEC might soon approve spot bitcoin ETFs.
According to Bloomberg, the SEC staff did not provide any additional feedback on the paperwork for most of the firms after the latest amendments were made. These amendments were made using Form 19b-4, which allows for rule changes that would permit the trading of spot bitcoin ETFs.
Bloomberg analyst James Seyffart revealed that all 11 spot bitcoin ETF applicants have submitted amended 19b-4 forms to the SEC. However, Seyffart also cautioned that final approvals and the effectiveness of the S-1 documents are needed before the process is considered complete.
Analyst Predicts Impending Approval
Senior Bloomberg ETF analyst Eric Balchunas believes that the approval of spot bitcoin ETFs is almost certain. Balchunas stated that the final S-1 documents are due on Monday and the SEC is working towards a January 11th launch date for the ETFs. However, Balchunas added that he would still like to hear official confirmation from the SEC.
Voting and Trading Expected Soon
The SEC commissioners are scheduled to vote on the exchange-rule filings next week. Once the SEC approves the rule changes and issuers finalize their S-1 filings, spot bitcoin ETFs could begin trading as early as the following business day.
Hot Take: Spot Bitcoin ETFs Nearing Approval
Eleven spot bitcoin exchange-traded funds (ETFs) are one step closer to approval by the SEC, as proposed rule changes have been filed with the securities regulator. The SEC staff provided no additional feedback on the paperwork after the latest amendments, indicating progress towards approval. Analysts believe that the final S-1 documents are due on Monday and the SEC is preparing for a January 11th launch. However, official confirmation from the SEC is still awaited. Once the rule changes are approved and the S-1 filings are finalized, spot bitcoin ETFs could begin trading shortly after. The crypto community eagerly awaits the SEC’s decision on this significant development.
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