SEC could inform spot Bitcoin ETF applicants of approval by Jan. 3 SEC could inform spot Bitcoin ETF applicants of approval by Jan. 3
Firms may be notified on Tuesday or Wednesday to prepare for a Jan. 10 launch.
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Updated: Jan. 1, 2024 at 10:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The United States’ main securities regulator could inform spot Bitcoin ETF applicants of approval in the coming days, Reuters said on Dec. 29.
According to that report, the U.S. Securities and Exchange Commission (SEC) may tell applicants on Tuesday, Jan. 2 or Wednesday, Jan. 3 that they have clearance to launch their exchange-traded funds.
This would reportedly give those applicants time to prepare for launch on Jan. 10. The SEC must approve or reject an application from Ark/21Shares at that time but could also decide on other pending applications simultaneously.
At least a dozen asset managers intend to offer a spot Bitcoin ETF on various exchanges including Nasdaq, Cboe BZX, and NYSE Arca.
Reuters did not state which applicants are likely to receive approval but noted that several firms submitted amendments on Dec. 29 in line with a deadline for changes. Firms that submitted amendments then include BlackRock, VanEck, Valkyrie, Bitwise, Invesco, Fidelity, and WisdomTree; other firms including Ark Invest and Grayscale recently submitted amendments as well.
Asset managers engaged with SEC earlier
The Dec. 29 batch of amendments is just one example of recent engagement between the SEC and asset managers. Several applicants took part in a rare joint conference call with the SEC on Dec. 21 and attended earlier individual discussions; each firm has also submitted numerous previous amendments.
Recent discussions concern cash creations and redemptions. Many applicants initially aimed to allow in-kind creations and redemptions, which would allow some ETF participants to transact in Bitcoin. However, this feature appears unlikely to gain approval initially, as recent amendments instead emphasize cash models. Regardless, any spot Bitcoin ETF will require the fund or its partners to hold Bitcoin (BTC), thereby driving demand for the cryptocurrency.
Earlier matters concerned surveillance-sharing agreements and the prevention of market manipulation — issues that have largely been resolved.
Mentioned in this article
Bitcoin 
BlackRock 
VanEck 
Valkyrie 
Bitwise 
Fidelity Investments 
WisdomTree 
Ark Invest 
Grayscale Investments Author 
Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Valkyrie
Valkyrie Investments is a specialized alternative asset management firm at the intersection of traditional finance and the emerging digital asset sector which is headquartered in Nashville.
Bitwise
Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the cryptoasset space..
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, and solutions.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.