Grayscale, ARK Invest, and Valkyrie Submit Forms for Spot Bitcoin ETF Security Registration
Three major issuers of spot Bitcoin exchange-traded funds (ETFs) - Grayscale, ARK Invest, and Valkyrie - have filed Form 8-A with the U.S. Securities and Exchange Commission (SEC) for their ETFs. This form is necessary for the registration of certain classes of securities required by the SEC before launching the security on an exchange. However, it does not guarantee approval of their Bitcoin ETF applications.
Grayscale’s Chief Legal Officer, Craig Salm, hinted at progress by tweeting “Just filling out some Forms,” which generated significant excitement among the crypto community anticipating approval.
Spot Bitcoin ETF Approval Rumors
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TechCrunch’s senior crypto reporter, Jacquelyn Melinek, claimed on social media that she had inside information suggesting that the bitcoin spot ETF would be approved by the SEC for multiple firms’ applications. Anthony Scaramucci and Bloomberg Intelligence ETF analyst Eric Balchunas also expressed optimism about the imminent approval.
Bitcoin Price Fluctuations
Following the news, the price of Bitcoin surged above $44,000 but later dropped to around $43,000. As of now, it is trading at $43,626.
Hot Take: What Does This Mean for Bitcoin?
The submission of registration forms by Grayscale, ARK Invest, and Valkyrie for spot Bitcoin ETFs marks a significant step towards obtaining SEC approval. If approved, these ETFs could potentially bring more mainstream investors into the crypto market and contribute to further price growth for Bitcoin. However, it is important to note that approval is not guaranteed at this stage. Crypto enthusiasts will eagerly await updates from the SEC regarding the fate of these applications and their potential impact on the crypto industry.
