Five Companies File to Register Spot Bitcoin ETFs as Securities
Five asset managers, including Vaneck, Valkyrie, Fidelity, Bitwise, and Grayscale Investments, have filed applications to register their spot bitcoin exchange-traded funds (ETFs) as securities with the U.S. Securities and Exchange Commission (SEC). The first deadline for a decision on these ETFs is Jan. 10, although an announcement may come before that date.
Vaneck, Valkyrie, and Grayscale Investments submitted their filings on Thursday, while Fidelity filed on Wednesday and Bitwise filed last week. If approved, Grayscale’s and Bitwise’s ETFs will be listed on the NYSE Arca exchange, while Vaneck’s and Fidelity’s will be listed on the Cboe BZX Exchange. Valkyrie is seeking to list theirs on Nasdaq.
The Approval Process for Spot Bitcoin ETFs
Although some believed that the filings indicated SEC approval for the spot bitcoin ETFs, experts clarify that several steps remain before these funds can launch. Bloomberg analyst James Seyffart explained on Twitter that in addition to registration filings, an ETF needs to complete Form S-1 and receive approval for Form 19b-4, required for a proposed rule change by a self-regulatory organization (SRO). Until these processes are complete, the ETFs cannot be listed or considered approved.
Gabor Gurbacs, the director of digital assets strategy at Vaneck, further explained the process of launching an ETF, emphasizing the necessity of approved forms before the launch can occur. He advised people to remain calm and await further developments.
Hot Take: Additional Steps Necessary for Spot Bitcoin ETF Launch
While several asset management companies have filed to register their spot bitcoin ETFs as securities with the SEC, this does not guarantee approval or immediate launch. The filings are just the first step in a lengthy process that involves completing additional forms and receiving necessary approvals. It is important to note that approval from the SEC has not been granted at this stage. Investors and cryptocurrency enthusiasts should keep a close eye on upcoming announcements from the SEC regarding these spot bitcoin ETFs, as further steps and approvals are required before they can be launched and made available to the public.
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