Final Amendments for Bitcoin ETF Approval Due on Jan. 8
The final steps for a spot Bitcoin exchange-traded fund (ETF) debut on Wall Street are in progress, with final revisions from asset managers expected by the morning of Jan. 8, according to Bloomberg analyst Eric Balchunas. These revisions should be submitted through S-1 filings no later than 8:00 a.m. Eastern Time, or 13:00 UTC. This deadline requires applicants to disclose their remaining fees and tickers. One notable asset manager, BlackRock, has not yet disclosed the fees associated with its ETF. This deadline is crucial as it signifies the completion of the application process and moves the Bitcoin ETF one step closer to regulatory approval.
Analysts Predict Trading to Begin on Jan. 11 for Bitcoin ETF
Once all final amendments have been submitted by asset managers seeking regulatory approval for a spot Bitcoin ETF by Jan. 8, analysts predict that trading will begin on Jan. 11. This date is significant as it marks the anticipated debut of the ETF on Wall Street. The ETF will be traded on exchanges that submitted their 19-b forms after markets closed on Jan. 5. These forms, along with the S-1 filings, are the last steps before a verdict from the United States Securities and Exchange Commission (SEC), the regulatory body responsible for approving or denying the ETF. If the Jan. 11 trading date holds, it will mark a significant milestone for the crypto market and potentially open the doors for more widespread adoption of Bitcoin.
Next Steps for Bitcoin ETF as Asset Managers Submit Revisions
The next stage in the decision-making process for a Bitcoin ETF could be the vote by the SEC commissioners. On the commission’s public agenda, however, nothing is scheduled before Jan. 11, the expected trading date. According to analyst Eric Balchunas, the SEC may choose to make the decision using its delegated authority policy, rather than holding a vote. This policy would require the SEC to approve the ETF, as they previously denied similar applications without a vote. Balchunas predicts that most applicants, who meet the regulator’s requirements before Dec. 29, will be approved next week. However, the SEC may delay the decision for applicants, such as Grayscale, until after the first approval is granted.
SEC Decision on Bitcoin ETF Could Use Delegated Authority
As the SEC considers the approval of a spot Bitcoin ETF, they have the option to use delegated authority for the decision-making process. This process allows the SEC to make the decision without holding a formal vote. While it is uncertain if the SEC will choose this option, it is worth noting that they have denied previous ETF applications without a vote. The use of delegated authority could expedite the approval process and facilitate the debut of Bitcoin ETF trading on Jan. 11, as anticipated by market analysts. This decision will have significant implications for the crypto market and may provide greater accessibility to Bitcoin investments for institutional and retail investors.
Approval of Bitcoin ETF Expected Next Week, Grayscale Decision May Tarry
Analyst Eric Balchunas predicts that most asset managers seeking regulatory approval for a Bitcoin ETF will be approved next week. However, there may be a delay in the decision for Grayscale, who is seeking to convert its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF. Balchunas suggests that due to the unique nature of Grayscale’s application, their decision might come after the approval of the first applicant. This delay is not expected to affect the overall timeline for trading to begin on Jan. 11. This development is highly anticipated by market participants as it will mark the first officially regulated Bitcoin ETF in the United States.
Analyst comment
Positive news: The final amendments for Bitcoin ETF approval are due on Jan. 8, putting the ETF one step closer to regulatory approval.
Market prediction: If all final amendments are submitted on time, trading is expected to begin on Jan. 11, which could open the doors for more widespread adoption of Bitcoin. This is a significant milestone for the crypto market.
