Insiders familiar with the proceedings indicate that the SEC may begin notifying issuers of approval starting Friday, paving the way for potential trading to commence as early as the following week.
According to sources familiar with the ongoing ETF proceedings, an approval could be announced on Friday, with trading beginning as early as next Monday.
Goldman Sachs’ Head of Digital Assets Mathew McDermott has emphasized the potential impact of approving spot Bitcoin and Ether ETFs on the cryptocurrency market.
Fidelity Investments filed form S-1 with the US SEC on December 29, 2023, to offer the Fidelity Wise Origin Bitcoin Fund shares via Cboe BZX Exchange.
Matrix on Target raises concerns about the potential market impact if the SEC rejects all Bitcoin ETF proposals by the January deadline.
The anticipation of this approval has contributed to the recent rally in Bitcoin prices, currently hovering around $45,000.
The latest report also suggests that Jane Street Capital will be the “authorized participant” for the Bitcoin ETFs of Fidelity.
The latest amendment makes it the third time Grayscale has updated its Bitcoin spot ETF application following the SEC’s directive to submit revised documents by December 29, 2023.
In a close resemblance to the early internet era, the Bitcoin ETF advertisement from Hashdex captures a similar temperament.
The amended ETF application came after a series of meetings between Grayscale and the SEC in December.
Regarding custody arrangements, the SFC emphasizes that the fund’s trustee or custodian can delegate its crypto custody function solely to an SFC-licensed VATP or entities meeting the crypto custody standards set forth by the HKMA.
In its initial filing, BlackRock mentioned that the Prime Execution Agent would obtain BTC to support the ETF’s shares on a 1-to-1 ratio. Although the company didn’t disclose the name of the chosen agent, it did identify Coinbase as the proposed custodian.
While Hashdex and Bitwise are competing for public attention with their marketing campaigns, VanEck’s move to actually own Bitcoin may prove to be the wiser approach.
A spot Bitcoin ETF approval would open doors for institutional and retail investors to access the world’s largest cryptocurrency with greater ease and at a lower cost compared to Bitcoin ETFs tied to the futures market.
Nasdaq was also in attendance to discuss rule changes that BlackRock must consider before listing a Bitcoin ETF.