Grayscale and Ark invest in the latest fund managers to file Form 8-A, moving Bitcoin ETF one step closer to possible approval.

adminJanuary 5, 2024

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Grayscale and Ark Invest join Fidelity in filing Form 8-A with the Securities and Exchange Commission (SEC). This indicates that a spot Bitcoin exchange-traded fund (ETF) is getting closer to possible imminent approval.

Others who have submitted include Valkyrie and VanEck, whose submissions serve as registrations allowing issuers to trade on the exchange.

Breaking News: Next @BitwiseInvest and @fidelity , @Grayscale I submitted 8-A. $GBTC It is now ready to be traded as a registered security on public exchanges. 🙌 pic.twitter.com/31RiLHNHih
— MartyParty (@martypartymusic) January 4, 2024

The news comes as institutions seek to comply with SEC requirements. It also comes as the approval period proposed by Bloomberg analysts James Seyffart and Eric Balchunas opens from January 5 to January 10. On balance, development serves as incremental evidence of continued participation while further increasing the odds in favor of acceptance.

To approve an 8-A registered security for listing on a registered exchange, the SEC Committee of five officials requires a majority vote of at least three of the five members. This means that at least three members must vote in favor of the security to be approved for listing.

Grayscale strengthens approval hopes with GBTC listing

Grayscale’s move comes after it listed Bitcoin Trust (GBTC) on its retail website. Elsewhere, the company’s CLO Craig Salm recently teased that it was “just filling out some forms.”

All you have to do is fill out a few forms.
— Craig Salm (@CraigSalm) January 4, 2024

Meanwhile, James Butterfill, head of research at CoinShares, believes that the current Bitcoin price could represent a market price that would set aside $1 billion in seed Bitcoin ETFs. The researchers made assumptions based on the company’s fund flow model.

According to our funds flow model, the current Bitcoin price suggests that the market is pricing a US$1 billion seed-based ETF for the US spot-based ETF. pic.twitter.com/3NP5vnDPJu
— James Butterfill (@jbutterfill) January 4, 2024

TechCrunch senior reporter Jacquelyn Melinek tweeted that “sources very close to the matter” said approvals for several companies would be announced today, January 5th.

I’ve heard from a source very close to the matter that a Bitcoin spot ETF will receive SEC approval on applications from *several* companies.
— Jacqueline Melinek (@jacqmelinek) January 4, 2024

Bitcoin price is trading at $43,553 and trading volume has increased by 15%. Markets are cautious despite expectations after short sellers and short sellers took a hit following the Matrixport report that the application would be rejected.

According to Seyffart, if there is no news today, the market may have to wait until Monday, January 8, when the hard deadline begins.

There is a lot of noise about tomorrow. I stick to this. Officially, I’m not looking forward to it. #Bitcoin ETF approval order tomorrow. Still expected from January 8th to 10th. https://t.co/UV43sydHNz
— James Seyff (@JSeyff) January 4, 2024

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