Five spot bitcoin exchange-traded fund (ETF) applicants have filed to register their funds as securities with the U.S. Securities and Exchange Commission (SEC) as the approval deadline draws near. While some interpret this development as approval confirmation of spot bitcoin ETFs by the SEC, experts clarify that several steps remain before these ETFs are greenlighted to launch.
Vaneck, Valkyrie, Fidelity, Bitwise, and Grayscale File to Register Spot Bitcoin ETFs as Securities With SEC
Several asset managers have filed to register their spot bitcoin exchange-traded funds (ETFs) as securities with the U.S. Securities and Exchange Commission (SEC). The first deadline for a spot bitcoin ETF decision is Jan. 10. However, many expect the SEC to make a decision before that date.
Vaneck, Valkyrie, and Grayscale Investments filed on Thursday. Fidelity filed on Wednesday, and Bitwise filed last week. Grayscale’s and Bitwise’s spot bitcoin ETFs plan to list on the NYSE Arca exchange. Vaneck’s and Fidelity’s spot bitcoin ETFs will be listed on the Cboe BZX Exchange, and Valkyrie is seeking to list on Nasdaq.
Fidelity’s filing details: “The securities to be registered hereunder are shares … of the Fidelity Wise Origin Bitcoin Fund … An application for listing of the shares of the trust has been filed with and approved by Cboe BZX Exchange, Inc.”
More Steps Remain Before Spot Bitcoin ETFs Can Launch
Some people on social media took securities registration filings as confirmation that the SEC has approved these spot bitcoin ETFs.
Bloomberg analyst James Seyffart explained that to his understanding for an ETF to launch, Form S-1 (registration statement) has to be completed and Form 19b-4, used for a proposed rule change by a self-regulatory organization (SRO), has to also be approved. “In order to list, the ETF still needs a 19b-4 approval and they need an effective/approved/completed S-1 document. No 19b-4 yet. And S-1 is still preliminary,” Seyffart wrote.
While noting that securities registration needs to be done before a spot bitcoin ETF can launch, the analyst emphasized: “But they don’t mean they’re approved or anything — yet.”
Vaneck’s director of digital assets strategy, Gabor Gurbacs, explained the process of launching a spot bitcoin ETF or any exchange-traded products (ETPs) on X Wednesdat:
An issuer can register a security, but approved 19b-4 and effective S-1 still needed to be in place to launch an ETF/ETP … it’s clear that people know very little about the ETF process and hype up everything. Stay calm and enjoy the show.
What do you think about spot bitcoin ETF applicants filing for securities registrations for their spot bitcoin ETFs with the SEC ahead of potential approval? Let us know in the comments section below.