The U.S. Securities and Exchange Commission (SEC) has requested exchanges and issuers wanting to list spot Bitcoin ETFs to submit a final version of a key document as soon as Friday, according to Bloomberg. These documents, known as 19b-4 filings, are proposals for rule changes on stock exchanges that would allow ETFs to trade.
The SEC staff has reportedly provided no additional feedback to issuers after the latest amendments. SEC commissioners are expected to vote on the exchange-rule filings next week. In addition to the 19b-4 filings, issuers will also need the SEC to approve the final versions of their S-1 filings and ETF prospectus documents.
The approval of these filings is not expected to happen simultaneously and there may be a gap of several days between them. Once the S-1 is approved, possibly after the 19b-4, trading can commence on the next business day.
Several major companies, including BlackRock, Fidelity, Grayscale, VanEck, Valkyrie, and 21Ark, have recently filed various forms and documents with the SEC in preparation for spot Bitcoin ETFs.
The potential approval of spot Bitcoin ETFs has sparked excitement among cryptocurrency enthusiasts. Twitter user borovik.eth pointed out that once spot Bitcoin ETFs are approved, trillions of dollars could flow into Bitcoin. Bloomberg analyst Eric Balchunas also stated that the 19b-4 filings will likely not be passed until January 10, and the approval of S-1s could stretch to January 16 or later. Only after these approvals would the ETFs be allowed to trade.
The anticipation of spot Bitcoin ETFs has also led to speculation about the potential impact on the market. Balchunas suggested that if BlackRock were to inject $2 billion into new ETFs on the first day of trading, it would set new records for volume and assets under management.
Overall, the potential approval of spot Bitcoin ETFs by the SEC has generated significant interest and excitement within the cryptocurrency community. If approved, these ETFs could pave the way for increased institutional investment in Bitcoin and potentially have a significant impact on the market. Investors and enthusiasts will be eagerly watching for updates from the SEC in the coming days.
