Everyone related to the crypto community has set their sights on only one upcoming news in the coming days: the SEC finally announcing that it is accepting the spot Bitcoin ETF applications for all 11 firms that have filed them. If and when such an announcement is made, the next exciting thing would be to see how the market will react to this news.
Whether we will see a massive sell-the-news event or the pump everyone expects will be accurate, we will see new all-time highs being formed on the crypto charts.
Now, coming back from all the speculations and ifs and buts, another exciting development that has taken place in the market recently is the SEC receiving 11 updated submissions from these 11 applicants.
The form in question that these firms have submitted is the 19b-4 amendment form, just before the final cut-off date of January 10, the last date SEC will receive any submissions related to the updated applications.
The SEC has also started to accept filings by exchanges on which these ETFs will be listed, which is a positive sign as it means that the regulatory body is heading towards listing a spot Bitcoin ETF soon.
On January 5, 19b-4 amendments were submitted by various asset managers, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree, concerning their spot Bitcoin ETF applications.
These filings represent a crucial step in the SEC approval process, with the completion of S-1 documents being necessary for U.S. exchanges to list shares of investment securities offering direct exposure to cryptocurrency.
There is speculation among experts that the final approval for these spot Bitcoin ETFs might be granted before January 10, which marks the deadline for an offering from ARK Invest and 21Shares. If approved, this could lead to increased adoption of cryptocurrencies in the United States and globally.
SEC Form 19b-4 is utilized by self-regulatory organizations (SROs), such as stock exchanges, clearing agencies, and regulatory boards, to inform the Securities and Exchange Commission (SEC) about proposed rule changes. These changes often pertain to trading rules within the financial industry.
The filing requires the SRO to justify the new rules to SEC staff, emphasizing their support for fair trading markets and the provision of investor protections, along with necessary oversight procedures. The information is made available on the SEC’s EDGAR system.
The SEC conducts a thorough review, and the approval or denial process typically takes about 90 days. If any required information is excluded from the filing, it may be rejected by the SEC staff.
The social media is abuzz with the anticipation of the upcoming announcement. Eric Balchunas, the ETF analyst following these developments from day one and is considered an authority on the subject, has shown optimism towards a January 11 date, on which the SEC will announce the final launch news.
On his X (formerly Twitter) profile, he stated, “Yeah, it’s done. The latest I’m hearing (from multiple sources) is that final S-1s are due 8 am on Monday as SEC is trying to line everyone up for the Jan 11th launch.”
However, an interesting observation that the Cointelegraph has recently reported needs to make for a better reading. U.S. financial advisers, as a collective, exhibit less optimism regarding the likelihood of the SEC approving a Bitcoin ETF.
As of January 4, according to a Cointelegraph report, a mere 39% of financial advisers based in the United States anticipate the approval of a Bitcoin ETF within the current year.
The insights stem from a survey conducted by ETF issuer Bitwise, encompassing diverse participants, including registered investment advisers, financial planners, institutional investors, and representatives from other wirehouses.
When participants were prompted to indicate the anticipated timeframe for approving a spot Bitcoin ETF, only 39% opted for 2024.
