Grayscale, VanEck File with SEC for Spot Bitcoin ETF Approval
Summary:
Asset management firms Grayscale Investments and VanEck have filed notices with the U.S. Securities and Exchange Commission (SEC), declaring intent to list shares of a spot Bitcoin (BTC) exchange-traded fund (ETF). The applications from VanEck Bitcoin Trust and Grayscale Bitcoin Trust follow similar filings from Fidelity Wise Origin Bitcoin Fund. Several spot BTC applications are pending SEC’s decision. Meanwhile, ETF analysts suggest that Form 8-A filings do not guarantee SEC approvals. Multiple asset managers have submitted applications for spot Bitcoin and Ether (ETH) ETFs with the SEC.
As they anticipate the United States Securities and Exchange Commission's (SEC) judgment, asset management firms Grayscale Investments and VanEck have communicated to the financial overseer their plans to register shares of an immediate Bitcoin (BTC) exchange-traded fund (ETF) on stock exchanges. On January 4th, VanEck Bitcoin Trust and Grayscale Bitcoin Trust independently lodged submissions with the SEC using Form 8-A, indicating their intention to list their shares as securities on the Cboe BZX Exchange and New York Stock Exchange Arca respectively. Their filings, which are steps towards registering an ETF with the SEC, come right after similar registration by the Fidelity Wise Origin Bitcoin Fund on January 3rd.
There are quite a number of immediate BTC investment vehicles queued for SEC's decision; with many speculating that outcomes may be revealed within the week. Ahead of the January 10th deadline for a direct BTC ETF offering from ARK Invest and 21Shares, there are anticipations that the SEC could sanction several listings.
However, while the Form 8-A submissions mark progress in the ETF registration process, it doesn’t necessarily infer SEC's approval of the listings. Bloomberg ETF expert James Seyffart mentioned on X (previously Twitter) that people should watch out for approved filings with a 19B-4 Form and finalized S-1 document.
On the same social platform X, Grayscale's Chief Legal Officer Craig Salm and CEO Michael Sonnenshein posted cryptic messages amidst speculations of an imminent SEC decision. Craig Salm posted "Just filling out some Forms" on January 4, 2024, while CEO Michael Sonnenshein wrote "big work week" on January 2, 2024.
On another note, the SEC has never endorsed a direct BTC exchange-traded product for listing and trading on U.S. exchanges. Various asset management entities such as BlackRock, Bitwise, Fidelity, Valkyrie, WisdomTree, and Invesco Galaxy – with BlackRock being the largest, managing approximately $9 trillion AUM – have applications for direct Bitcoin and Ether (ETH) ETFs pending with the SEC.
Since 2021, crypto traders in the U.S have been able to access investment instruments linked to BTC futures following the SEC's approval of an offering from ProShares. Interestingly, Purpose Investments was granted approval for a direct Bitcoin ETF by Canadian regulators the same year.
Published At
1/4/2024 7:50:21 PM
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