Progress Toward Spot Bitcoin ETF Approval
Fidelity, Grayscale, and VanEck have submitted Form 8-A filings to the SEC, indicating progress in the approval process for spot Bitcoin ETFs. Although the SEC has not yet given its approval, these filings are an important step towards eventually listing Bitcoin ETFs on an exchange.
Grayscale and VanEck File Form 8-As
On January 4, Grayscale Investments and VanEck filed Form 8-As with the SEC to register their securities. This filing is necessary for issuers to potentially list Bitcoin ETFs on an exchange if approved by the SEC.
Grayscale’s BTC Trust Conversion
Grayscale hopes to convert its Grayscale BTC Trust (GBTC) into an exchange-traded fund that tracks the spot Bitcoin price. With over $26 billion worth of BTC holdings, GBTC would trade as a spot BTC ETF on NYSE Arca if approved.
Fidelity Submits Form 8-A
Fidelity submitted its Form 8-A one day earlier than Grayscale and VanEck, showing their readiness for spot Bitcoin ETFs. The SEC has until January 10 to decide on the ARK 21Shares Bitcoin ETF, and experts predict a high chance of multiple filings being approved.
Traders Place Bets on Approval
Traders on decentralized prediction platforms have bet over $1 million that the SEC will approve at least one spot Bitcoin ETF by January 15. Despite concerns of rejection by some analysts, the amount locked in the “Bitcoin ETF approved by Jan. 15” contract has increased by over $600,000 in two days.
Hot Take: Progress Made, Approval Expected Soon
With Fidelity, Grayscale, and VanEck submitting their Form 8-A filings, progress has been made towards the approval of spot Bitcoin ETFs. Although the SEC has not given its nod yet, the readiness shown by these issuers and the growing bets on approval indicate that the chances of acceptance are high. Traders are optimistic that at least one spot Bitcoin ETF will be approved by January 15. Keep an eye on the SEC’s decision as it approaches, as it could have significant implications for the cryptocurrency market.
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