Exchanges are rushing to update filings for spot Bitcoin funds from asset managers including BlackRock and Grayscale, adding momentum to potential approval.
The stock exchange has rushed to file a new, revised Form 19b-4 for bids from asset managers including BlackRock and Fidelity for a spot Bitcoin exchange-traded fund, as issuers move toward the finish line to win approval from the Securities and Exchange Commission. Indicates the most recent movement while sprinting. .
As Friday came to a close, new filings were also filed for proposed funds from Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. Cboe BZX exchange also submitted forms to VanEck, WisdomTree, Pando Asset AG and Franklin Templeton.
The move made sense as market observers had expected the updated filing to come out before SEC approval. A source told The Block earlier this week that 19b-4 approval is possible. likely to Come mid to late next week.
The issuer of the proposed fund will need a registration statement, called an S-1, or in the case of Grayscale Investments, abbreviated S-3, to launch the product.
Grayscale, ‘Preparing to operate GBTC as an ETF’
“Today’s Amendment No. 2 to NYSE Arca’s Form 19b-4 is another important step toward elevating GBTC to a spot Bitcoin ETF,” Grayscale wrote. post to. “At Grayscale, we continue to work with the SEC and are prepared to operate GBTC as an ETF once we receive regulatory approval.”
Grayscale was an outlier in the ongoing approval process that has seen applications from a dozen other asset managers for spot Bitcoin funds as it seeks to convert its existing flagship GBTC fund into an ETF. Although it last filed an updated Form S-3 in October, the NYSE’s new filing is noteworthy because it now puts the fund on equal footing with other applications.
Bitcoin hasn’t changed much in the news. The price of the world’s largest cryptocurrency by market capitalization fell 1.1% over the past day to $43,852 at 5:55 PM ET.
final approval
The cryptocurrency industry has been collectively waiting to hear whether the SEC will approve a spot Bitcoin ETF in the coming days. Over the past year, asset managers including Fidelity, BlackRock, and others have been competing for spot Bitcoin ETFs.
“We’re not over the finish line yet,” he said, “but we’re close.” James Seyffart, Bloomberg Intelligence ETF research analyst filings On Friday
(Details have been updated throughout.)
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