November 5, 2024

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Final filings for a Bitcoin ETF are published by major US exchanges

Final filings for a Bitcoin ETF are published by major US exchanges

US exchange-traded funds (ETFs) appear to be on the verge of launch after the exchanges that will list them filed revised documents, indicating they expect approval from the US Securities and Exchange Commission in the coming days.

Amended 19b-4 filings, filed on behalf of Black stone, Grayscale, devotion And last Exporters, joined last month's amended S-1 filings, which address comments from the U.S. Securities and Exchange Commission (SEC). More than a dozen applicants hope to launch the first bitcoin ETFs in the US; It is possible that multiple issuers may be approved at once.

Individuals from two different sources told CoinDesk on Thursday that their companies expect approvals sometime next week.

One individual told CoinDesk that submitting the amendments does not mean approvals are guaranteed, but said they are optimistic.

The final deadline for SEC action on at least one application, by Ark 21 Shares, is January 10, indicating that the regulator may approve all final applications it feels comfortable with by that date.

This filing “is another important step toward listing GBTC as a bitcoin ETF,” Grayscale spokeswoman Jane Rosenthal said in a statement, referring to the company's own bitcoin fund that it wants to turn into an exchange-traded fund. “At Grayscale, we continue to work collaboratively with the SEC, and remain prepared to operate GBTC as an ETF upon receipt of regulatory approvals.”

Earlier Friday, Bloomberg reported that SEC commissioners are expected to vote on exchange rule filings next week.

The regulatory agency needs to approve both 19b-4 filings and S-1 filings before launching ETFs.

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Jesse Hamilton contributed reporting.