Key Points:
- On January 8th, the SEC updated 19b-4 filings related to six proposed Bitcoin ETFs
- These 19b-4 amendments tackle earlier issues raised by the SEC, including the size and liquidity of relevant markets, surveillance-sharing agreements, and potential market manipulation.
- Notices indicate amendments were submitted on January 5th, aligning with reports suggesting potential approvals around January 10th.
The U.S. Securities and Exchange Commission (SEC) took a significant step towards approving the first spot Bitcoin ETFs today. In particular, the SEC updated 19b-4 filings from eight applicants. The moves suggest a potential green light for these products as early as Wednesday, Jan. 10.
Read more: Grayscale Spot ETF: Basic Knowledge and Positive Future Outlook
Bitcoin Safeguards Highlighted by SEC Updated 19b-4 Filings
SEC updated 19b-4 filings on Friday, address previous concerns raised by the regulator, including the size and surveillance of underlying Bitcoin markets, and safeguards against market manipulation. Six amendments pertain to Cboe BZX listing and trading ETFs from WisdomTree, VanEck, Ark Invest, Franklin Templeton, Fidelity, and Invesco Galaxy.
In addition to rule changes, several applicants, including BlackRock, submitted amended registration statements (S-1 and 8-A12B forms) today. Notably, BlackRock’s update clarifies that in-kind creations and redemptions – transactions involving Bitcoin rather than cash – won’t be immediately available.
SEC Nears Decision on Spot ETFs, Opening Door to Wall Street
While today’s updates don’t fundamentally alter the initial applications, they provide crucial details on fees, seed funding, and other operational aspects. With most firms finalizing their submissions by the Dec. 29 deadline, the focus now shifts to the SEC’s imminent decision.
The potential launch of spot Bitcoin ETFs marks a landmark moment for the cryptocurrency industry. These products would offer investors exposure to Bitcoin through traditional brokerage accounts, potentially attracting significant inflows and boosting Bitcoin’s overall market capitalization.
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