Bitcoin ETF Heads for Final Approval: SEC Receives Crucial Forms

The long wait for approval of a Bitcoin ETF is about to come to an end, marking a significant moment in the cryptocurrency market. After months of anticipation and regulatory delays, the United States Securities and Exchange Commission (SEC) signals positive movement by accepting exchange registrations for the long-awaited Bitcoin ETF.

Experts in the sector are celebrating the advance, considering it a triumphant milestone. In a recent development, on January 5, financial market giants such as BlackRock, Grayscale and 21Shares submitted 19b-4 amendments to the SEC. This action is seen as a crucial step towards the approval of the Bitcoin ETF, indicating the absence of additional feedback from the regulator and an unofficial approval of the proposals.

Form 19b-4 submission represents one of the last steps in the SEC approval process. After this, asset managers are expected to complete their S-1 filings, allowing US exchanges such as NASDAQ to list shares of the investment securities. Bloomberg senior analyst Eric Balchunas reports that final S-1 documents are due by 8 a.m. Monday, and the SEC is in the process of ensuring all details are correct before announcing its final decision next week .

Yeah it’s basically done. Latest I’m hearing (from multiple sources) that final S-1s are due 8am on Monday as SEC is trying to line everyone up for Jan 11th launch. That said, I still want to hear it from the SEC to call it official.

— Eric Balchunas (@EricBalchunas) January 5, 2024

If the S-1 documents are completed on time, the Bitcoin ETF will be ready to trade the following Thursday. Experts anticipate the approval of at least 11 proposals. However, despite the positive progress, the cryptocurrency market’s reaction has been moderate.

Bitcoin struggles to recover from a recent drop, struggling to surpass the $45,850 mark. Bitcoin is currently trading at around $44,300, up 1.4% in the last 24 hours.

While the imminent approval of the Bitcoin Spot ETF is an important milestone for the sector, some analysts maintain a cautious view, suggesting that the announcement could result in a “news sell-off” event, altering market dynamics.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.