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Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations

Repost from DigiFinex: “Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations” The full report and all related findings are available on the official website of medium, DigiFinex.

Bitcoin Spot ETFs Enter ‘Critical Detail’ Phase with SEC

The race to launch the first Bitcoin Spot ETF in the U.S. is heating up, with 13 institutions, including Switzerland’s Pando Asset, vying for a piece of the potentially billion-dollar pie. As the SEC review dates draw near, Reuters reported that the negotiations between the SEC and Bitcoin Spot ETF applicants have reached a stage of finalizing ‘key technical details’. This development signals a significant step forward towards potential SEC approval of Bitcoin Spot ETFs.

Further reading：The Battle for Bitcoin Spot ETF Heats Up: Pando Asset Joins, BlackRock and SEC Rendezvous Again

Further reading：Wall Street Advisors Eager for Bitcoin Spot ETF: 80% Expect Launch, Half Hold BTC!

SEC and Applicants Discussing Crucial Aspects

According to Reuters, discussions between the SEC and ETF issuers have been ongoing since August, following the SEC’s loss to Grayscale. These discussions often involve critical technical aspects, including regulatory arrangements and creation and redemption mechanisms, typically broached towards the end of the ETF application process. Recent leaks also suggest progress in these negotiations:

  • Eric Balchunas from Bloomberg hinted at rumors that the SEC might first approve only cash-redemption mechanisms. Most issuers are prepared for both physical and cash mechanisms, depending on SEC’s support.
  • Amendments to ETF S-1 filings by BlackRock and Bitwise, enhancing monitoring of anomalous price movements and strengthening anti-money laundering compliance, further highlight the issuers’ focus on financial transparency and compliance.
  • BlackRock, on October 27, raised $100,000 as “seed money” for its proposed Bitcoin Spot ETF, demonstrating readiness for potential approval.

Further reading：Bitcoin ETF Breakthrough: SEC Discusses Kind and Cash Redemption with BlackRock and Grayscale

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Key Review Dates for Bitcoin Spot ETFs

As compiled by Bloomberg analyst James Seyffart, the upcoming review dates for 13 Bitcoin Spot ETF applications are crucial. Below is a summary of these dates:

  • Grayscale: Reapplied for NYSE listing, turning GBTC into a Bitcoin Spot ETF, custodian Coinbase; next review date TBD.
  • 21Shares & ARK: Proposed “ARK 21Shares Bitcoin Spot ETF (ARK8)” for CBOE listing, custodian Coinbase; final deadline January 10, 2024.
  • BlackRock: Proposed “iShares Bitcoin Trust (IBTC)” for NASDAQ listing, custodian Coinbase; next date January 15, 2024, final March 15, 2024.
  • Bitwise: Reapplied “Bitcoin ETP Trust (BITE)” for NYSE listing, custodian Coinbase; next date January 14, 2024, final March 14, 2024.
  • VanEck: Reapplied for CBOE listing, custodian Gemini; next date January 15, 2024, final March 15, 2024.
  • Wisdomtree: Reapplied “Bitcoin Trust (BTCW)” for CBOE listing, custodian Coinbase; next date January 15, 2024, final March 15, 2024.
  • Invesco & Galaxy: Proposed “Invesco Galaxy Bitcoin ETF (BTCO)” for CBOE listing, custodian Coinbase; next date January 15, 2024, final March 15, 2024.
  • Fidelity: Reapplied for CBOE listing “Wise Origin Bitcoin Trust,” custodian Fidelity; next date January 15, 2024, final March 15, 2024.
  • Valkyrie: Reapplied for NASDAQ listing “Valkyrie Bitcoin Fund (BRRR),” custodian Coinbase; next date January 17, 2024, final March 19, 2024.
  • Global X: Reapplied for CBOE listing, custodian Coinbase; next date November 21, 2023, final April 19, 2024.
  • Hashdex: Applied for NYSE listing “Hashdex Bitcoin ETF”; next deadline March 31, 2024, final May 30, 2024.
  • Franklin: Applied for CBOE listing “Franklin Bitcoin ETF,” custodian Coinbase; next deadline March 31, 2024, final May 30, 2024.
  • Pando: Applied for CBOE listing “Pando Asset Spot Bitcoin Trust,” custodian Coinbase; next deadline February 8, 2024, final August 21, 2024.
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