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Stock exchanges are rushing to file newly amended 19b-4 forms for Spot Bitcoin exchange-traded fund bids by asset managers such as BlackRock and Fidelity, as issuers are filing with the Securities and Exchange Commission. It marks the latest move in the country’s struggle to get approval. .
As Friday drew to a close, new applications were also filed for funds proposed by Grayscale Investments, Valkyrie, ARK 21Shares and Invesco. The Cboe BZX exchange also filed forms with VanEck, WisdomTree, Pando Asset AG and Franklin Templeton.
The move was significant as market watchers expected the latest filing to be made before any approval from the SEC. A source told The Block earlier this week that 19b-4 approval is a possibility. probably Please come mid to late next week.
Before a proposed fund issuer can launch a product, a registration statement, known as an S-1, or in the case of Grayscale Investments, an S-3 for short, must become effective.
Grayscale is “ready to operate GBTC as an ETF”
“Today’s Amendment No. 2 to NYSE Arca’s Form 19b-4 is another important step toward listing GBTC as a Spot Bitcoin ETF,” Grayscale wrote. Post to X. “At Grayscale, we continue to work with the SEC and stand ready to operate GBTC as an ETF upon regulatory approval.”
Grayscale was an outlier in an ongoing approval process that had applications from more than a dozen other asset managers for a spot Bitcoin fund, as it seeks to convert its existing flagship GBTC fund into an ETF. The fund last filed its latest S-3 form in October, but the new filing from the NYSE is notable. This is because the fund is now placed on an equal footing with other applications.
Bitcoin changed little on this news. The price of the world’s largest cryptocurrency by market capitalization was down 1.1% over the past day to $43,852 as of 5:55 p.m. ET.
Final approval
The cryptocurrency industry is on the edge of a collective seat as it waits to see if the SEC approves a spot Bitcoin ETF in the coming days. Over the past year, asset managers such as Fidelity and BlackRock have been vying for a spot Bitcoin ETF.
“We haven’t crossed the finish line yet, but we’re pretty close.” James Seifert, Bloomberg Intelligence ETF Research Analyst: Documents to be submitted Friday X.
(Update overall details.)
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© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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