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One Week Before Potential Spot Bitcoin ETF Approval: Everything You Need to Know

Press Releases Crypto News BeInCrypto One Week Before Potential Spot Bitcoin ETF Approval: Everything You Need to Know

Sources inside the US Securities and Exchange Commission (SEC) claim the agency could start notifying spot Bitcoin exchange-traded fund (ETF) applicants of approvals by Friday. Grayscale Investments and Fidelity Investments created excitement by filing an 8A securities registration form today.

Bloomberg analyst James Seyffart predicts that most successful applicants will be operationally ready to launch their ETFs within days rather than weeks, as previously thought. The approval dates are set from Jan. 8 – Jan. 10, 2023, almost ten years after the first attempt.

Grayscale SEC Filing Stokes Bitcoin Spot ETF Hype

The excitement around the approvals comes amid a flurry of filings discussing authorized partners and securities registration. Seyffart’s colleague, Eric Balchunas, predicted that companies would rush to name authorized partners in the lead-up to the approval deadline.

Seyffart says the 8A form filed by Grayscale and Fidelity is part of the process of listing an ETF and is not itself a sign of approval. It is a filing that depends on the effectiveness of the applicant’s S-1 filing. The S-1 filing is, in turn, dependent on the SEC approving a 19b-4 form.

However, efforts by Grayscale have received attention because of the company’s first-mover advantage in bringing Bitcoin to institutional investors through its Bitcoin Trust. Grayscale fought hard to overturn the SEC’s refusal to allow the conversion of the Trust into a spot Bitcoin ETF.

Its CEO, Michael Sonnenshein, supports the approval of multiple ETFs at once despite Grayscale being a pioneer in the space. He

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Author: David Thomas

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