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More stock exchanges have filed crucial documents on behalf of prospective spot bitcoin ETF issuers, as the industry eagerly awaits decisions by the U.S. Securities and Exchange Commission (SEC).
Grayscale and NYSE’s Strategic Bitcoin ETF Moves
The New York Stock Exchange (NYSE) has taken a pivotal step by filing a new 19b-4 document for Grayscale, indicating that the crypto asset manager is nearing the final stages of its bid to launch a bitcoin ETF. This move is crucial as the SEC has historically blocked similar proposals. Alongside Grayscale, NYSE has also filed amendments for planned funds by Hashdex and Bitwise.
Starting to rain final 19b-4s and (soon) S-1s.. James is on it https://t.co/pP4bk0JlSk — Eric Balchunas (@EricBalchunas) January 5, 2024
Cboe BZX’s Involvement
In a parallel development, Cboe BZX has filed amended 19b-4s for proposed spot bitcoin ETFs by a range of firms including Ark and 21Shares; Invesco and Galaxy; Fidelity; WisdomTree; and Franklin Templeton. VanEck’s 19b-4 was the last to be filed on Friday.
Nasdaq’s Contributions
These filings come in addition to earlier submissions by Nasdaq for proposals by BlackRock and Valkyrie, further intensifying the race towards a potential spot bitcoin ETF.
Towards Bitcoin ETF Approval
The deadline for the SEC to decide on a planned spot bitcoin fund by Ark Invest and 21Shares is set for January 10. Market experts anticipate that the SEC will also rule on several other proposals by this date.
Would be an absolutely criminal move for this to happen considering the time effort and energy from all these issuers AND from the SEC staff over the last few months https://t.co/QZR4pqcyga — James Seyffart (@JSeyff) January 5, 2024
Approval of the 19b-4s would mark a significant step towards the launch of spot bitcoin ETFs. However, the SEC would also need to approve the fund issuers’ registration statements, known as S-1s (or S-3, in Grayscale’s case), which contain critical information such as authorized participants for the funds and planned fees.
A representative for the SEC stated that any commission 19b-4 orders will be posted on their website and then published in the Federal Register, although the agency does not comment on individual filings.
BlackRock and Fidelity, in their Dec. 29 filings, have indicated their intention to use Jane Street and JPMorgan Securities as authorized participants (APs). Grayscale’s APs, however, remain undisclosed in current filings, although CEO Michael Sonnenshein hinted last week that the company has had APs lined up “since 2017.”
This flurry of activity and anticipation highlights the growing interest and potential impact of spot bitcoin ETFs in the financial markets. As the deadline approaches, all eyes are on the SEC for their pivotal decisions that could shape the future of cryptocurrency investments.
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