As the U.S. Securities and Exchange Commission (SEC) approaches the final stages of approving spot Bitcoin ETFs, the anticipated launch date for these proposed ETFs remains uncertain. Additionally, there is uncertainty regarding whether SEC officials will announce the ETF approval to all 11 applicants simultaneously or in separate batches. Let’s take a look at this Bitcoin ETF news in more detail.
Is the Bitcoin ETF Launch Scheduled for January 11?
Previously, there were speculations that SEC commissioners would conduct a vote on the approval of Bitcoin ETFs early in the upcoming week. This follows updates to the 19b-4 amendments by 11 spot Bitcoin ETF applicants, with S-1 filings anticipated by Monday, January 8, 2024. According to reports, the US SEC staff provided no additional feedback on the 19b-4 amendments for many of the filers. In response to this, Eric Balchunas, a Bloomberg Intelligence analyst, cited sources indicating that SEC officials are preparing all applicants for a Bitcoin ETF launch on January 11, 2024.
Previously, it was expected that there would be a gap of several days between the SEC’s announcement and the commencement of ETF trading. Regarding the paperwork aligned with the SEC’s requirements, the analyst mentioned that “it’s essentially completed.”
When Is the Anticipated Final Approval?
According to executives and representatives from five investment management firms cited by Reuters, discussions between SEC officials and stock exchanges are reportedly moving in the right direction for the potential approval of a spot ETF early in the week starting January 8, 2024. The applicants express confidence that they will “attain final approval of S-1 filings by late Tuesday or Wednesday,” aligning with the deadline faced by the SEC regarding the Ark 21Shares Bitcoin ETF.
Ahead of the potential approval, three firms are anticipated to make minor adjustments to their paperwork before 8 AM ET on Monday, January 8, 2024. These modifications are poised to be the concluding official steps taken by the ETF filers before the approval process.
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