Grayscale Investments and VanEck have submitted registrations to list spot Bitcoin exchange-traded fund (ETF) shares on NYSE Arca and Cboe BZX Exchange, respectively.
Grayscale and VanEck Seek Spot Bitcoin ETF Approval
Amidst anticipation of a decision from the United States Securities and Exchange Commission (SEC), Grayscale Investments and VanEck have formally expressed their intention to register spot Bitcoin ETF shares while awaiting regulatory approval.
VanEck and Grayscale File for Spot Bitcoin ETF Listing
On January 4, VanEck Bitcoin Trust and Grayscale Bitcoin Trust filed separate notices with the SEC, using Form 8-A to register their shares on Cboe BZX Exchange and NYSE Arca. The move follows a similar registration by Fidelity Wise Origin Bitcoin Fund on January 3.
SEC Decision Anticipation Grows
Numerous spot BTC investment vehicle applications are currently under consideration by the SEC, with expectations for a decision in the coming week. Speculation arises that multiple listings might receive approval before the January 10 deadline, including proposals from ARK Invest and 21Shares.
Grayscale and VanEck: Optimistic Ambiguity
Grayscale's Chief Legal Officer, Craig Salm, and CEO Michael Sonnenshein have posted ambiguous messages on social media, fueling speculation about the imminent SEC decision.
Spot Bitcoin ETF Approval Challenges
The SEC has never approved a spot BTC ETF for listing and trading on U.S.-based exchanges. Notable asset managers, including BlackRock, Bitwise, Fidelity, Valkyrie, WisdomTree, and Invesco Galaxy, have pending applications for spot Bitcoin and Ether ETFs.
U.S. Crypto Traders' Limited Options
Unlike their Canadian counterparts, U.S. crypto traders currently rely on investment vehicles tied to BTC futures, approved by the SEC since 2021 through offerings like ProShares. In contrast, Canadian regulators approved a spot Bitcoin ETF from Purpose Investments in the same year.
The future of spot Bitcoin ETFs in the U.S. remains uncertain, given the SEC's reluctance to approve such listings historically. Investors must navigate the ambiguity surrounding the pending applications from major asset managers, adding a layer of uncertainty to the crypto investment landscape.
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