Today, all 11 spot ETF application merchants, including BlackRock and Fidelity, submitted their final revised 19b-4 documents before Friday. Bloomberg analyst Eric Balchunas revealed earlier that the SEC is seeking to prepare all applicants for the listing of the Bitcoin spot ETF on January 11th, and the approval process for the current Bitcoin spot ETF is “basically completed.”
(Previous summary:
Bitcoin spot ETF is ready! Grayscale, Fidelity, Ark, Valkyrie… submit “securities registration form” to SEC)
(Background supplement:
Data shows that Bitcoin is “about to experience major volatility”! Bitwise survey: Only 39% of experts believe spot ETF will be approved this year)
Table of Contents:
BlackRock and other merchants submitted revised 19b-4 versions
SEC commissioners to vote on spot ETF filing next week
Bloomberg analyst: SEC aims to list spot ETF on 1/11
BlackRock spot ETF may see over 2 billion pounds of capital inflow in the first week
With the key window period for the approval of the first Bitcoin spot ETF by the U.S. Securities and Exchange Commission (SEC) approaching from January 8th to January 10th, multiple sources indicate that the SEC seems ready to approve the first BTC spot ETF next week.
Bloomberg reported today that four informed sources revealed that SEC staff have notified several exchanges and issuers applying for the listing of spot ETFs to submit the final revised version of the 19b-4 before Friday local time. The 19b-4 form is the application for changes in exchange rules and is one of the two key documents for the official listing of ETFs.
Bloomberg ETF analyst James Seyffart stated this morning on the X platform that all 11 spot ETF issuers, including BlackRock, Fidelity, Ark, Valkyrie, Grayscale, Bitwise, Hashdex, Invesco, WisdomTree, Franklin Templeton, and VanEck, have submitted revised 19b-4 documents before Friday.
In response, Seyffart said, “Although we haven’t crossed the finish line, we are very close.”
Two sources mentioned that SEC staff did not provide additional feedback on these latest revised 19b-4 documents. Another source revealed that it is expected that SEC commissioners will vote on the filing of all 19b-4 trading rules next week. In general, the approval of ETFs does not require commissioner voting and can be directly entrusted to SEC staff.
It should be noted that in order for the Bitcoin spot ETF to be officially listed, in addition to SEC approval of the 19b-4 document, another key document, the final version of the S-1 prospectus, also needs to be approved.
One of the sources stated that the SEC has requested issuers to submit the revised version of the S-1 on Monday morning at 8 am US time. Usually, the S-1 form is approved after the 19b-4 form, but it is not ruled out that the SEC may approve both the 19b-4 and S-1 forms at the same time. If both documents are approved, the spot ETF can start trading as early as the next business day.
Bloomberg analyst Eric Balchunas also tweeted earlier that the SEC is seeking to prepare all applicants for the listing of the Bitcoin spot ETF on January 11th.
According to current information, there is a high probability that the SEC will approve the first Bitcoin spot ETF before January 10th, but it is unclear whether the SEC will approve all or choose to approve some to give certain issuers an advantage.
The Block’s editor-in-chief Tim Copeland tweeted earlier that Matthew Sigel, Head of Digital Asset Research at VanEck, revealed in today’s Twitter Space that he was informed by a source that BlackRock has raised $2 billion from existing Bitcoin holders, and these funds will flow into the BlackRock spot ETF in its first week of listing. Sigel stated:
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Related reports:
Bitcoin will collapse if spot ETF is approved! Bitcoin antagonist Peter Schiff: Institutions won’t buy it.
Is the Bitcoin spot ETF here? The Block: SEC has resolved key issues such as creation and redemption mechanisms and authorized participants.
Analysis: Will Bitcoin soar or collapse? Reviewing the historical trends after the approval of Bitcoin ETF.
BlackRock, Fidelity… 9 issuers announce “underwriter AP,” SEC approves the final step for Bitcoin spot ETF.