Analysts are weighing in on what happens next as the financial world awaits the first Bitcoin ETFs to be approved by the U.S. Securities and Exchange Commission—especially as filings started to move forward late Friday.

“Okay,” Bloomberg Analyst James Seyffart said on Twitter, “[BlackRock’s] 19b-4 amendment is in too. Expect to see 11 of these this evening.”

Sure enough, by 6 p.m. ET on Friday, all of the Bitcoin ETFs filed their 19B-4 forms with the SEC.

Organizations like stock exchanges or investment firms file 19b-4 with the SEC to propose rule changes. The form details the changes and reasons, undergoes public review, and awaits SEC approval.

“We’ve been hearing that the SEC has been working with the issuers on their 19B-4s,” Bloomberg Senior ETF Analyst Eric Balchunas said in an earlier interview with Rug Radio. “They’re going back and forth on drafts. So that’s why we’ve seen S-1 get updated. But the 19B-4s edits have gone right to the SEC. They haven’t been refiled.

“So when we see those refiled, we’ll know that the SEC has signed off on them as being final,” he continued.

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Author: Jason Nelson

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