May 29, 2024
Grayscale and VanEck Register for Spot Bitcoin ETF Shares
Bitcoin News

Grayscale and VanEck Register for Spot Bitcoin ETF Shares

Grayscale Investments and VanEck have taken steps to register shares of a spot Bitcoin exchange-traded fund (ETF) on U.S. stock exchanges, filing notices with the Securities and Exchange Commission (SEC) while awaiting a decision from the regulatory body.

The VanEck Bitcoin Trust and Grayscale Bitcoin Trust submitted Form 8-A filings on January 4 to register their shares as securities on the Cboe BZX Exchange and New York Stock Exchange Arca, respectively. This move follows a similar filing from the Fidelity Wise Origin Bitcoin Fund on January 3.

The SEC has several pending applications for spot Bitcoin ETFs, and market participants anticipate a decision in the coming weeks, particularly with a January 10 deadline looming for a spot BTC ETF offering from ARK Invest and 21Shares. While the Form 8-A filings signify progress in the ETF registration process, they do not guarantee SEC approval.

Executives from Grayscale, including Chief Legal Officer Craig Salm and CEO Michael Sonnenshein, posted ambiguous messages on social media, contributing to speculation about an imminent decision from the SEC. It’s worth noting that the SEC has not yet approved a spot Bitcoin ETF for listing and trading on U.S.-based exchanges.

Various asset managers, including BlackRock, Bitwise, Fidelity, Valkyrie, WisdomTree, and Invesco Galaxy, have applications for spot Bitcoin and Ether ETFs awaiting SEC review. In contrast to the U.S., Canadian regulators approved a spot Bitcoin ETF from Purpose Investments in 2021.

While U.S. crypto traders have had access to investment vehicles tied to BTC futures since 2021, the potential approval of a spot Bitcoin ETF would mark a significant development in the U.S. market. The cryptocurrency industry is closely watching these developments, as a spot BTC ETF approval could offer U.S. investors a new way to gain exposure to Bitcoin.

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