Bitcoin ETF News: Grayscale, Fidelity Among 11 Firms in Final Stretch

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More stock exchanges have filed crucial documents on behalf of prospective spot bitcoin ETF issuers, as the industry eagerly awaits decisions by the U.S. Securities and Exchange Commission (SEC).

Grayscale and NYSE’s Strategic Bitcoin ETF Moves

The New York Stock Exchange (NYSE) has taken a pivotal step by filing a new 19b-4 document for Grayscale, indicating that the crypto asset manager is nearing the final stages of its bid to launch a bitcoin ETF. This move is crucial as the SEC has historically blocked similar proposals. Alongside Grayscale, NYSE has also filed amendments for planned funds by Hashdex and Bitwise.

Starting to rain final 19b-4s and (soon) S-1s.. James is on it https://t.co/pP4bk0JlSk

— Eric Balchunas (@EricBalchunas) January 5, 2024

Cboe BZX’s Involvement

In a parallel development, Cboe BZX has filed amended 19b-4s for proposed spot bitcoin ETFs by a range of firms including Ark and 21Shares; Invesco and Galaxy; Fidelity; WisdomTree; and Franklin Templeton. VanEck’s 19b-4 was the last to be filed on Friday.

Nasdaq’s Contributions

These filings come in addition to earlier submissions by Nasdaq for proposals by BlackRock and Valkyrie, further intensifying the race towards a potential spot bitcoin ETF.

Towards Bitcoin ETF Approval

The deadline for the SEC to decide on a planned spot bitcoin fund by Ark Invest and 21Shares is set for January 10. Market experts anticipate that the SEC will also rule on several other proposals by this date.

Would be an absolutely criminal move for this to happen considering the time effort and energy from all these issuers AND from the SEC staff over the last few months https://t.co/QZR4pqcyga

— James Seyffart (@JSeyff) January 5, 2024

Approval of the 19b-4s would mark a significant step towards the launch of spot bitcoin ETFs. However, the SEC would also need to approve the fund issuers’ registration statements, known as S-1s (or S-3, in Grayscale’s case), which contain critical information such as authorized participants for the funds and planned fees.

A representative for the SEC stated that any commission 19b-4 orders will be posted on their website and then published in the Federal Register, although the agency does not comment on individual filings.

BlackRock and Fidelity, in their Dec. 29 filings, have indicated their intention to use Jane Street and JPMorgan Securities as authorized participants (APs). Grayscale’s APs, however, remain undisclosed in current filings, although CEO Michael Sonnenshein hinted last week that the company has had APs lined up “since 2017.”

This flurry of activity and anticipation highlights the growing interest and potential impact of spot bitcoin ETFs in the financial markets. As the deadline approaches, all eyes are on the SEC for their pivotal decisions that could shape the future of cryptocurrency investments.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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