What are the Next Steps for the Bitcoin ETF Market?

Spot Bitcoin ETF Revisions

The final stages for a Spot Bitcoin Exchange-Traded Fund (ETF) to be listed on Wall Street are underway, with asset managers expected to submit their revisions by Jan. 8, according to Bloomberg analyst Eric Balchunas. The revisions, which must be filed as S-1 forms, must be submitted no later than 8:00 a.m. Eastern Time, 13:00 UTC, and will include the fees and tickers associated with the ETFs. For example, BlackRock has not yet revealed the fees of its ETF.

After markets closed on Jan. 5, the exchanges that will trade the crypto funds submitted their 19-b forms. Together, these 19-b and S-1 forms are the final steps before the United States Securities and Exchange Commission (SEC) gives its verdict. Balchunas informed Cointelegraph that the SEC could make its decision using its delegated authority policy, even though nothing is scheduled on the commission’s public agenda before Jan. 11, when markets predict the ETFs’ debut.

SEC Appears to be “Backed into a Corner” Regarding BTC ETF Approval

Analysts predict that most applicants who meet the regulator’s requirements before Dec. 29 will be approved next week. Grayscale — which is seeking conversion of its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF — is expected to receive its decision after the first applicant’s approval is granted. According to Bloomberg’s James Seyffart, the SEC appears to be “backed into a corner” when it comes to approving a spot BTC ETF.

In response to Better Markets’ letter on Jan. 5 — which stated that approval of ETFs would be a “historic mistake” — Balchunas said it was the “last gasp of an angry crypto hater.” The SEC has denied approval of a spot BTC ETF for the past ten years, citing concerns over potential market manipulation.

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