With only a few days left for a potential Spot Bitcoin ETF approval by the SEC, 11 ETF applicants submitted the 19b-4 amendment form with the SEC yesterday. Acceptance of these filings by the United States Security and Exchange Commission (SEC) is a green light sign toward spot Bitcoin ETF approval.
On January 5th, BlackRock, Grayscale, Fidelity, and a couple of issuers submitted the 19b-4 amendment file late Friday. These asset leaders are among the applicants who filed for a spot-Bitcoin ETF, hoping the SEC will approve the ETF. The crypto community anticipates that the SEC will approve the 19b-4 amendment file on January 10, marking a significant step in signalling approval. Following several meetings between the ETF applicants and the SEC, the filing is the last stage in the SEC’s approval of the ETF. The filing proposes a rule change on stock exchanges to pave the way for ETFs.
However, the Security and Exchange Commission (SEC) had earlier informed the ETF applicants to submit their amended filing by earlier Friday. Sources who did not want to be revealed cited the fact that the SEC will vote on the rule change document next week. Moreover, if the SEC approves the 19b-4 form, it will only approve the S-1 filing amendment for ETFs to start trading.
Optimism Among the Crypto Community
The crypto community and analysts are optimistic that the SEC will approve spot Bitcoin Exchange-Traded Funds (ETF) for the first time. Drawing an illustration from Eric Balchun X’s post, he wrote, “Yeah, it’s done. The latest I’m hearing (from multiple sources) is that final S-1s are due at 8 am on Monday as the SEC is trying to line everyone up for the January 11th launch.” However, several financial advisers are not sure that the SEC will approve the ETF.
Moreover, Grayscale is ready for SEC approval. Jenn Rosethel, Grayscale spokeswoman, stated that “this filing is another significant step toward uplisting GBTC as a spot Bitcoin ETF.” She added, “We are working collaboratively with the SEC, and we remain ready to operate GBTC as an ETF upon receipt of the regulatory approval.”
The SEC has until January 10 to approve or deny a specific Spot Bitcoin ETF applicant: 21Shares and Ark Investment, as they were the first to resubmit ETF applications. James Seyffart, a Bloomberg analyst, reassured his faith in the SEC and posted on his X account.
“My view is in line with @EleanorTerrett’s reporting. I think the SEC could begin signalling to issuers to expect approvals, though I’m still expecting official approvals on January – 10. I also think the gap between approval orders and actual trading will be measured in days.
Also read: Is the Bitcoin Spot ETF Already Priced In?