Spot Bitcoin ETFs Set to Commence Trading on Thursday, Jan 11
The CEO of VanEck, Jan van Eck, has revealed on CNBC’s “ETF Edge” that spot Bitcoin Exchange-Traded Funds (ETFs) will start trading on Thursday, January 11. This announcement comes after the US Securities and Exchange Commission (SEC) requested additional comments on the S-1 filings from all applicants.
Initial concerns about potential delays have been alleviated by reassurances from Bloomberg analyst James Seyffart and Davis Polk’s Scott Johnsson. Seyffart predicted that the amendments would be made quickly and stated that it does not indicate a delay but rather showcases the SEC’s efficiency in processing these applications.
Bitcoin ETF Applicants Respond Promptly to SEC Feedback
In an impressive display of efficiency, VanEck and BlackRock were the first to refile their S-1s in response to the SEC’s last-minute feedback. Other applicants, including Ark Invest, Grayscale, Invesco, and Galaxy Digital, have also refiled their S-1s.
Eric Balchunas from Bloomberg commented on the quick turnaround time between filing, comments, and re-filing, indicating that all parties involved are eager to move forward with the process.
Final Approvals and Industry Reactions
Jan van Eck confirmed during his CNBC interview that the spot Bitcoin ETFs would start trading on Thursday. Cathie Wood from Ark Invest expressed cautious optimism and mentioned that discussions with the SEC were different from previous filings, indicating progress.
The final deadline for Ark Invest’s filing is January 10, suggesting that the SEC’s approval could come as early as Wednesday. Doug Yones from NYSE shared insights about ongoing discussions between issuers and the SEC, signaling the industry’s preparation for the ETF launch.
Confirmation from Valkyrie Investments
Steven McClurg of Valkyrie Investments expects the first 10 ETFs to launch simultaneously, with SEC approval anticipated by the end of Wednesday. While he believes that some ETFs may not start trading on day one due to additional work required, he predicts an inflow of $4 billion to $5 billion in the initial weeks.
The introduction of spot Bitcoin ETFs is a significant milestone for cryptocurrency integration into mainstream financial markets. At the time of writing, the BTC price has not yet reacted to this news and is trading at $46,732.
Hot Take: Spot Bitcoin ETFs Ready for Launch
The long-awaited spot Bitcoin Exchange-Traded Funds (ETFs) are finally set to commence trading on Thursday, January 11. After receiving last-minute feedback from the SEC, applicants such as VanEck and BlackRock promptly refiled their S-1s, demonstrating efficiency and determination. Other major players in the industry have also followed suit in refiling their applications.
Industry experts and insiders express optimism about the final approvals from the SEC. While cautious, they believe that discussions with the regulatory body indicate progress towards approval. The launch of spot Bitcoin ETFs marks a significant step towards mainstream adoption and integration of cryptocurrencies into traditional financial markets.
As we await further updates and potential approvals, all eyes will be on Thursday’s trading session as investors eagerly anticipate the debut of these groundbreaking investment products.
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