- Asset managers Valkyrie, Fidelity, Grayscale, and ARK 21Shares have filed 8-A forms with the US SEC suggesting exchanges where their Bitcoin spot ETFs will be listed once approved
- The SEC also met with representatives of NYSE, Nasdaq, and CBOE this week to prepare them for the immediate approval of the Bitcoin-focused funds
- The crypto market expects the securities watchdog to green-light the first batch of Bitcoin spot ETFs between January 8 and 10
Bitcoin ETF hopefuls Valkyrie, Grayscale, Fidelity, ARK Invest, and VanEck have informed the US Securities and Exchange Commission (SEC) about the exchanges that are willing to list their respective Bitcoin ETFs.
Leading Bitcoin ETF Applicants Give The SEC List Of Exchanges Where They Plan To List The Funds
Fidelity was the first of the lot to file the 8-A form with the SEC on January 3 for its Fidelity Wise Origin Bitcoin Trust. The filing is a crucial part of the listing as it signifies the registration necessary for ETF issuers to trade on an exchange upon receiving approval from the regulator.
Grayscale submitted its proposal for the Grayscale Bitcoin Trust (GBTC) on January 4. The leading crypto asset manager seeks to convert its $26 billion commodity investment product, currently trading on the OTCQX, into a spot Bitcoin ETF. The trust will be listed on the NYSE Arca as an exchange-traded fund if approved by the SEC.
GBTC is the largest crypto-based investment vehicle in the world.
$76 billion asset manager VanEck said that its VanEck Bitcoin Trust would be listed for trade on the Chicago Board Options Exchange (Cboe). Meanwhile, ARK Invest and Swiss fund manager 21Shares said their joint fund – the ARK 21Shares Bitcoin ETF – would trade on the Cboe once green-lit by the Commission.
Just to be clear, the 8-A form is only paperwork stating that exchanges have agreed to trade the ETF issuers’ funds on their respective markets. To date, no Bitcoin spot ETF hopefuls have received the all-important approval from the Securities and Exchange Commission to list their products.
The SEC Is Expected To Approve The First Batch Of Spot Bitcoin ETFs By January 10
The cryptocurrency industry is hoping for the securities watchdog to roll out the first-ever Bitcoin spot ETF in the US between January 8 and 10. Once it’s listed, the funds would give mainstream investors the ability to gain exposure to Bitcoin without having to buy or custody the crypto asset directly.
While nothing is set in stone for the time being, this week has been bullish for the prospect of an imminent Bitcoin spot ETF approval. The previous day, the SEC held meetings with exchanges such as Nasdaq, New York Stock Exchange (NYSE), and CBOE, hinting that the regulator could be preparing them for Bitcoin ETF listings as early as Monday.
Moreover, major financial institutions have also shown interest in being part of cryptocurrency-based financial products. Goldman Sachs, JPMorgan Chase, Jane Street, and Cantor Fitzgerald have already been announced as Authorized Participants (APs) for some of the highly-anticipated Bitcoin ETFs.
The APs will be in charge of creating and redeeming shares of the fund and also purchasing and custody of the Bitcoin (BTC) on behalf of the ETF issuer.
Bitcoin Recovers From Early Scare Of Possibility That ETF Approvals Could Be Delayed
Bitcoin started the year by surging past the $45,000 mark, a level the world’s most valuable cryptocurrency had not reached since April 2022.
However, on Wednesday, BTC dropped down to below $42,000 after digital asset manager Matrixport published a report speculating that the SEC would not be approving any Bitcoin ETF applications until later this year. They also predicted that BTC would trade between $36,000 and $38,000 this month.
The news led to Bitcoin declining by 4% and the crypto market losing over $500 million in market cap.
Since then, the apex cryptocurrency has made somewhat of a recovery that was helped by the possibility that approvals for the Bitcoin spot ETFs could be near.
At the time of writing, Bitcoin (BTC) is changing hands at $43,660 – up 1% in the last 24 hours.