SEC lists eight updated 19b-4 filings as spot Bitcoin ETF process nears deadline SEC lists eight updated 19b-4 filings as spot Bitcoin ETF process nears deadline
SEC updates filing notices for eight aspiring spot Bitcoin ETFs, addressing market size and manipulation concerns.
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Updated: Jan. 8, 2024 at 11:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The U.S. Securities and Exchange Commission (SEC) began to publish notices of filing updates related to spot Bitcoin ETFs on Jan. 8.
As of 10:45 p.m. UTC, the SEC’s national securities exchange page listed amendments to eight 19b-4 filings detailing proposed rule changes.
Six of those updated filings concern proposed rule changes through which the Cboe BZX exchange intends to list and trade ETFs from WisdomTree, VanEck, Ark Invest, Franklin Templeton, Fidelity, and Invesco Galaxy. Another amendment concerns a proposed rule change through which NASDAQ intends to list and trade Valkyrie’s Bitcoin ETF. One other concerns a proposed rule change through which NYSE Arca intends to list and trade Hashdex’s ETF.
Currently, there are approximately one dozen applicants seeking a spot Bitcoin ETF, meaning that other amendments may arrive later.
The latest amendments largely address previous issues including concerns about whether relevant markets are of a significant size, the inclusion of surveillance-sharing agreements, and prevention of market manipulation.
Each notice indicates that exchanges submitted the relevant amendment to the SEC on Friday, Jan. 5. Earlier reports from Bloomberg suggested a similar timeline in advance of expected approvals around Wednesday, Jan. 10.
S-1 amendments also arrived Monday
Several spot Bitcoin ETF applicants additionally submitted amended registration statements including S-1/A and 8-A12B forms on Jan. 8.
BlackRock’s latest S-1 update notably emphasizes a lack of immediate in-kind creations and redemptions, which would have allowed certain ETF transactions to be carried out with Bitcoin instead of cash. It wrote:
“The timing of the In-Kind Regulatory Approval is unknown, and there is no guarantee that NASDAQ will receive … Approval at any point in the future. If NASDAQ receives the In-Kind Regulatory Approval and if the Sponsor chooses to allow in-kind creations and redemptions, the Trust will notify the owners of the beneficial interests of Shares …”
S-1 registration statements from BlackRock and other firms also contain new information including fee and seed funding details.
Most firms submitted nearly finalized S-1 amendments on or before a Dec. 29, 2023 deadline. As such, the latest amendments do not significantly change the structure of each application and instead mainly add details.
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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.
WisdomTree
WisdomTree is a global financial innovator, offering a well-diversified suite of exchange-traded products (ETPs), models, and solutions.
VanEck
VanEck is a global investment manager with offices around the world, including New York, Australia, China, Germany, Netherlands and Switzerland.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
Franklin Templeton
Franklin Resources, Inc., commonly known as Franklin Templeton, stands as an American multinational holding company rooted in the world of finance.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
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.
