Final Filings Suggest Imminent Approval of U.S. Bitcoin ETFs

Major U.S. exchanges have recently submitted their final Bitcoin ETF application filings. This move suggests a growing confidence among these exchanges that the U.S. Securities and Exchange Commission (SEC) will soon approve the first U.S. spot bitcoin exchange-traded funds (ETFs).

These filings, known as 19b-4, were submitted by prominent financial players such as BlackRock, Grayscale, and Fidelity. They follow closely behind last month’s S-1 filings, which were revised based on feedback from the SEC. With more than a dozen applicants in the race, it’s likely that multiple issuers will receive approval at the same time.

The SEC has set a deadline for its decision on at least one application, specifically for Ark 21 Shares, on January 10. This deadline indicates that the SEC might approve all satisfactory applications by this date. Grayscale, aiming to transform its bitcoin trust into an ETF, expressed optimism about the process. “At Grayscale, we continue to work collaboratively with the SEC, and we remain ready to operate GBTC as an ETF upon receipt of regulatory approvals,” said Jenn Rosenthal, Grayscale spokeswoman.

Furthermore, a recent Bloomberg report indicated that the SEC’s commissioners are slated to vote on these exchange-rule filings in the upcoming week. For the ETFs to launch, the SEC must approve both the 19b-4 and the S-1 filings. This pending approval marks a potentially historic moment in the cryptocurrency sector, paving the way for more mainstream investment in Bitcoin through these ETFs.