The upcoming week holds the potential for a historic moment in the world of Bitcoin, as it could mark the long-anticipated approval of spot Bitcoin exchange-traded funds (ETFs). Issuers are expected to finalize their Form S-1 amendments on Monday, which is seen as a crucial step toward bringing these ETFs to market.
Multiple sources suggest that asset managers will amend their spot Bitcoin ETF filings by 8:00 am Eastern Time on January 8th (1:00 pm UTC). This follows the filing of 19b-4 amendments to their applications by 11 asset managers on January 5th.
The expected S-1 amendments are likely to provide information about fees or the identities of market makers associated with the potential ETFs, according to a Reuters report from January 5th. This information aligns with insights shared by Bloomberg ETF analyst Eric Balchunas, who predicted the filing of “final S-1s” on January 8th.
Balchunas also noted that the United States Securities and Exchange Commission (SEC) has been working toward aligning various parties for a potential ETF launch on January 11th, though the SEC itself has not officially confirmed this timeline.
It’s important to note that the approval of S-1 filings alone does not immediately result in the launch of a specific spot Bitcoin ETF. The SEC must approve both the S-1 and 19b-4 filings for an ETF to proceed.
On January 5th, 11 asset managers that have sought permission to launch spot Bitcoin ETFs filed 19b-4 amendments. These filers include well-known names like BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK Invest, 21Shares, Invesco, Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree.
The SEC Form 19b-4 is used to inform the agency of a proposed rule change by a self-regulatory organization under Rule 19b-4 under the Securities Exchange Act of 1934. While the S-1 provides essential business and financial information about the issuer concerning a specific securities offering, the 19b-4 is designed to gather information necessary for the public to comment on the proposed rule change.
According to U.S. securities laws, the SEC’s review and approval (or denial) can take up to 90 days from the official filing of the 19b-4 form.
The cryptocurrency community is eagerly anticipating the possibility that the SEC will approve a spot Bitcoin ETF by January 10th. ARK Invest, led by Cathie Wood, and its European partner 21Shares are among the first in line for the SEC’s decision on January 10th. Some analysts anticipate that multiple ETF approvals could occur on the same day.
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