Grayscale and VanEck File Form 8-A for Potential Spot Bitcoin ETF Approval

Grayscale and VanEck File Form 8-A for Potential Spot Bitcoin ETF Approval

UTC by Marco T. Lanz · 3 min read
Grayscale and VanEck File Form 8-A for Potential Spot Bitcoin ETF Approval
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Grayscale and VanEck, alongside other firms, have submitted Form 8-A to the SEC, marking a significant move towards potential approval of the first spot Bitcoin ETF in the US.

Cryptocurrency fund managers Grayscale and VanEck are joining other firms in the race for a BTC ETF, submitting Form 8-A to the US Securities and Exchange Commission (SEC) to highlight progress toward the potential approval of the first spot Bitcoin ETF in the United States.

The form allows registration so that issuers can trade on a stock exchange once the product is approved. Grayscale, the largest Bitcoin fund manager globally, and VanEck’s submissions come a day after Fidelity filed its form, just days before the SEC makes a decision on the industry’s most sought-after product.

Grayscale Has Been Seeking a Bitcoin ETF for Years

The excitement for a Bitcoin ETF is not new for Grayscale, as it has been seeking SEC approval for several years to convert its popular Bitcoin Trust (GBTC) into a spot ETF, although, until now, it has not been successful.

However, this time the outlook is very different, with many analysts predicting that January will be the month when the SEC finally approves an ETF. This is due to the growing interest from major institutional companies like BlackRock, one of the world’s largest investment managers.

Recently, Grayscale modified its ETF application. It did not disclose the firm it would partner with as an authorized participant, nor did it specify the fees it would charge for its Bitcoin ETF, unlike other applicants who announced competitive fees ranging from 0.39% to 0.47%.

It is worth mentioning that Grayscale’s application is distinct from the competition’s, as it only seeks to transform an existing product into an ETF. This would allow more retail investors to access Bitcoin without the need to learn how to use cryptocurrency exchanges or wallets, thus avoiding falling victim to hacks or scams.

The SEC Has Until Next Week to Decide the Fate of Bitcoin ETFs

The SEC has until mid-January to decide on a long list of Bitcoin ETF applications, including those from prestigious firms like BlackRock and Fidelity. Although the SEC has the power to further delay the ETFs, Craig Salm, Grayscale’s chief legal officer, remains confident that it’s not a question of if they will be approved but when.

“We believe that regulatory approval of a spot Bitcoin ETF in the US is a matter of ‘when’, not a matter of ‘if’,” wrote Salm in an official company publication.

Grayscale’s interest is shared by many industry players, such as VanEck, who joined the advertising race around ETFs in late December with an enigmatic video featuring the viral “Buy Bitcoin” sign that appeared during Yellen’s FED Chair testimony to Congress.

Therefore, enthusiasm about ETFs is palpable in the crypto community as the SEC prepares to make the most controversial decision of 2024.

Funds & ETFs, Market News, News
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