Grayscale, ARK Invest, and Valkyrie have taken steps towards launching spot Bitcoin exchange-traded funds (ETFs) by submitting forms for security registration with the U.S. Securities and Exchange Commission (SEC). This move indicates a growing interest in bringing Bitcoin investment opportunities to mainstream investors.
Major Players Seek SEC Approval
Radar reports that prominent Bitcoin ETF issuers, including Grayscale, ARK Invest, 21Shares, and Valkyrie, have filed Form 8-A with the SEC to register their ETFs as “certain classes of securities.” The completion of these forms is a necessary requirement for the institutions to proceed with the launch of their spot Bitcoin ETFs on the exchange.
However, it is important to note that the submission of paperwork to the SEC does not guarantee approval for their Bitcoin ETF applications. The SEC must carefully review and consider each application before making a decision.
To alleviate expectations, Grayscale’s Chief Legal Officer Craig Salm shared a brief post on social media, stating, “Just filling out some Forms.” While this comment was met with enthusiasm from the crypto community, it is crucial to exercise caution and not jump to conclusions about the approval status.
Positive Speculations Surrounding SEC Approval
Speculations regarding the approval of the Bitcoin spot ETF have been circulating within the crypto industry. TechCrunch’s senior crypto reporter Jacquelyn Melinek claimed on social media that she had heard from reliable sources that the SEC will approve applications from multiple firms. Although Melinek’s statement should be taken with a grain of salt until official confirmation is received, the anticipation among investors is growing.
Anthony Scaramucci, a well-known financier, also expressed his confidence in the approval process. Scaramucci, who has a large following on social media, stated, “It’s done.” However, it is important to remember that his statement is based on insider information and not official confirmation from the SEC.
Bloomberg Intelligence ETF analyst Eric Balchunas provided further insight into the process, stating, “SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after.” While these developments indicate progress towards approval, there is no official confirmation at this time.
Price Impact and Conclusion
Following the news of Grayscale, ARK Invest, and Valkyrie’s submission of registration forms, the price of Bitcoin experienced a surge. According to CoinMarketCap, Bitcoin briefly reached $44,733 before retracing to the $43,000 level, where it is currently trading with a 1% increase from 24 hours ago.
As the SEC continues to review the Bitcoin ETF applications, investors and the crypto community eagerly await official updates. The potential approval of spot Bitcoin ETFs could have a significant impact on the accessibility and adoption of cryptocurrencies among traditional investors.
