BlackRock is optimistic about gaining approval from the SEC for its spot Bitcoin ETF request in the upcoming week, as per reports from Fox Business.
Simultaneously, various stock exchanges have submitted updated versions of the 19b-4 forms associated with Bitcoin ETF proposals by major asset managers such as Fidelity, Grayscale Investments, Valkyrie, ARK 21Shares, and Invesco.
BlackRock’s positive outlook on SEC approval for Bitcoin spot ETF
The prolonged wait for the approval of an Exchange-Traded Fund (ETF) facilitating direct bitcoin trading, known as a bitcoin spot ETF, might conclude as early as this week, as expected. Fox Business reports that BlackRock, the world’s largest asset management company and a contender to introduce a bitcoin spot ETF, foresees approval by next Wednesday.
In addition to BlackRock, several companies, including Grayscale Investments, Valkyrie, Invesco, ARK, and 21Shares, filed updated 19b-4 documents last Friday for proposed bitcoin spot ETFs.
Last week, the Cboe BZX exchange also submitted forms for VanEck, WisdomTree, Pando Asset AG, and Franklin Templeton.
Anticipation for the approval of Bitcoin spot ETFs is widespread within the cryptocurrency community, aiming to attract substantial new investments to the sector.
The recent surge in Bitcoin prices underscores the market’s enthusiasm for exchange-traded products holding Bitcoin, as opposed to speculating solely through futures contracts.
Nevertheless, cryptocurrency skeptics highlight Bitcoin’s excessive volatility and regulatory gaps, expressing concerns about potential impacts on market stability.
Better Markets, a non-profit organization dedicated to enhanced financial regulation, labeled the approval of bitcoin spot ETFs in a letter to the SEC as “a regulatory mistake of historical proportions.”
New 19b-4 Forms filed by BlackRock, Fidelity, and others
Exchanges expedited the submission of revised 19b-4 forms for proposed exchange-traded funds on bitcoin, coming from major asset managers like BlackRock and Fidelity. This represents the final push as issuers seek approval from the Securities and Exchange Commission (SEC).
By the end of Friday, new documents linked to funds proposed by Grayscale Investments, Valkyrie, Invesco, ARK, and 21Shares have also been filed.
These developments are crucial, as market observers expected updated documents to be submitted ahead of potential SEC approval, reportedly anticipated between the middle and end of the next week.
However, the issuers must wait for their registration statements, such as S-1 or, in Grayscale Investments’ case, its abbreviated S-3, to become effective before launching their products on the market.
Grayscale’s progress towards a Bitcoin ETF
Grayscale has declared that the recently filed amendment number 2 to the 19b-4 form at NYSE Arca represents a significant stride towards including GBTC as a spot Bitcoin ETF.
The company reiterates its commitment to collaborating with the SEC, prepared to manage GBTC as an ETF upon obtaining necessary regulatory approvals.
Grayscale stands out in the ongoing approval process, seeking to transform the renowned GBTC fund into an ETF. Despite submitting the latest updated S-3 form in October, the significant filing by NYSE has placed the fund on equal footing with other requests.
The cryptocurrency industry remains in suspense, awaiting the SEC’s decision on approving a bitcoin spot ETF in the coming days. Over the past year, asset managers, including Fidelity, BlackRock, and others, have been in a competitive race to secure approval for a bitcoin spot ETF.
In reaction to the documents unveiled on Friday concerning X, James Seyffart, an analyst specializing in ETF research at Bloomberg Intelligence, expressed the following viewpoint:
“We haven’t crossed the finish line yet, but we have definitely gotten closer.”
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