SEC Records Surge in Spot Bitcoin ETF Securities Registrations Ahead of Approval Deadline

Asset Managers File for Spot Bitcoin ETFs as SEC Decision Nears

Registration Filings by Prominent Asset Managers

Vaneck, Valkyrie, and Grayscale Investments filed their submissions on Thursday, with Fidelity filing on Wednesday and Bitwise having filed the previous week. Plans for these ETFs vary, with Grayscale's and Bitwise's intending to list on NYSE Arca, Vaneck's and Fidelity's on the Cboe BZX Exchange, and Valkyrie seeking a listing on Nasdaq.

Details within Fidelity's Filing

Fidelity's filing highlights the registration of shares of the Fidelity Wise Origin Bitcoin Fund, with an application for listing approved by the Cboe BZX Exchange, Inc.

Navigating the Path to ETF Launch

Misinterpretations on social media about securities registration filings misleadingly implied SEC approval. Bloomberg analyst James Seyffart clarified that while registration filings are a prerequisite, final approvals involving Form 19b-4 and an effective S-1 document are still pending. Seyffart emphasized that these filings do not signify approval for ETF launch.

Gabor Gurbacs Clarifies Launch Procedures

Gabor Gurbacs, Vaneck's director of digital assets strategy, elucidated the process, stating that while security registration is a step, approvals for Form 19b-4 and an effective S-1 document are essential before an ETF or exchange-traded product (ETP) can launch. Gurbacs highlighted misconceptions surrounding the ETF process and urged caution amidst the heightened attention.

A Reminder to Stay Informed

In light of the hype surrounding these filings, experts counsel maintaining composure and understanding the multifaceted processes involved in ETF launches.