Grayscale and VanEck latest to register with exchanges for spot Bitcoin ETF shares
While awaiting a decision from the United States Securities and Exchange Commission (SEC), asset managers Grayscale Investments and VanEck have filed notices with the financial regulator they intended to register shares of a spot Bitcoin ( BTC ) exchange-traded fund on stock exchanges.
In separate Jan. 4 filings with the SEC, the VanEck Bitcoin Trust and Grayscale Bitcoin Trust used Form 8-A to register their shares as securities listed on the Cboe BZX Exchange and New York Stock Exchange Arca, respectively. The filings, part of registering an ETF with the SEC, followed a similar registration from the Fidelity Wise Origin Bitcoin Fund on Jan. 3.
Multiple spot BTC investment vehicle applications are in the SEC’s pipeline, as many in the space expect the commission to decide on a potential approval in the next week. Some speculated that the SEC could approve multiple listings ahead of a Jan. 10 deadline for a spot BTC ETF offering from ARK Invest and 21Shares.
The Form 8-A filings, while a forward move for registering ETFs, did not necessarily suggest the SEC will approve the listings. Bloomberg ETF analyst James Seyffart said on X (formerly Twitter) that people should be on the lookout for approvals with a 19B-4 Form and completed S-1 document.
Grayscale chief legal officer Craig Salm and CEO Michael Sonnenshein both posted ambiguous messages on X amid speculation the SEC would reach a decision soon:
Just filling out some Forms
— Craig Salm (@CraigSalm) January 4, 2024
big work week.
— Sonnenshein (@Sonnenshein) January 2, 2024
Related: Bitcoin ETFs are coming, but what about BTC stocks and trusts?
The SEC has never approved a spot BTC exchange-traded product for listing and trading on U.S.-based exchanges. Multiple asset managers, including BlackRock — the largest firm with roughly $9 trillion AUM — Bitwise, Fidelity, Valkyrie, WisdomTree, and Invesco Galaxy have applications for spot Bitcoin and Ether ( ETH ) ETFs with the SEC.
Crypto traders in the United States have been able to get exposure to investment vehicles tied to BTC futures since 2021 when the SEC approved an offering from ProShares. In contrast, Canadian regulators approved a spot Bitcoin ETF from Purpose Investments in 2021.
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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