The critical window period "January 8th to January 10th" when the U.S. Securities and Exchange Commission (SEC) may approve the first Bitcoin spot ETF application has arrived. According to Bloomberg ETF analyst Eric Balchunas, the spot ETF application is currently in the final stages, and the applying asset management company is expected to submit final revised documents on the 8th. This means that within the next few days, the SEC may make a decision regarding a Bitcoin spot ETF. This decision has important implications for the entire cryptocurrency market and investors.
It is reported that issuers must submit an S-1 amendment before 8 a.m. Eastern Time on the 8th and disclose the ETF’s fees and stock code. However, BlackRock has not disclosed fees related to its Bitcoin spot ETF in previous filings.
Eric Balchunas explained that submitting the stock exchange rule change proposal (19b-4) and the ETF disclosure document (S-1) is the last step before the SEC makes a ruling. Typically, the SEC will approve the 19b-4 filing first and then the S-1 filing. However, the SEC is expected to approve both filings simultaneously.
Previously, 11 Bitcoin spot ETF issuers including BlackRock, Fidelity, Ark, Valkyrie, Grayscale, Bitwise, Hashdex, Invesco, WisdomTree, Franklin Templeton, and VanEck have submitted their submissions on the 5th 19b-4 revised document.
The next step in the decision-making process is a vote by SEC commissioners. Although there is nothing on the SEC's public agenda scheduled before January 11, Eric Balchunas noted that the SEC can make decisions based on its authorized policies and does not necessarily require a vote.
Under normal circumstances, ETF approval without a committee vote can be delegated directly to SEC staff.
According to Eric Balchunas’ prediction, most applicants are expected to submit applications that meet SEC requirements within this week and are expected to receive approval by December 29. Once the SEC approves the first batch of ETF applications, they may decide whether to release Grayscale’s GBTC to Bitcoin spot ETF application.
According to Fox Business reports, BlackRock expects the SEC to approve its Bitcoin spot ETF application on the 10th. At the same time, VanEck digital research director Matthew revealed that BlackRock is rumored to have arranged more than $2 billion in funds for the new ETF in the first week, which will create historic first-day and first-week trading volume/asset management scale records .
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