Bitcoin ETF: Spot Bitcoin ETF Issuers Files 19b-4 Amendments, S-1s Reportedly Due Monday

The Bitcoin ETF race has finally reached as close to the finish line as it can get. 11 spot Bitcoin ETF applicants have updated their 19b-4 amendments, with S-1 filings reportedly expected by Monday. Bloomberg analysts assert a spot Bitcoin ETF may come next week. 

Bloomberg’s Katie Greifeld reported that the SEC had instructed exchanges and issuers to submit their final amendments on Friday for their spot Bitcoin ETF applications. Meanwhile, a vote by the SEC commissioners is anticipated early next week.

Also Read: Spot Bitcoin ETF: Here’s What is on Applicant’s To-Do List

Bitcoin ETF requirements aligned with SEC

Nasdaq filers—BlackRock’s iShares and Valkyrie Bitcoin Fund—were among the first to submit their amended documents. Soon after, filers associated with NYSE and CBOE also started submitting their 19b-4 amendments. Notably, Bitwise, Grayscale, and Hashdex, all from the NYSE, completed their submissions next. CBOE filers that include Invesco Galaxy, VanEck, WisdomTree, Fidelity, Franklin Templeton, ARK Invest and 21Shares also got their documents in ahead of the deadline.

However, as Bloomberg’s James Seyffart points out, these filings do not guarantee approval but represent a significant advancement in the process. Senior analyst Eric Balchunas noted that the final S-1s are due by 8 a.m. on Monday, as per sources. This comes as the SEC reportedly aims for a January 11 launch, with official confirmation still awaited.

A consultation of the SEC with the applicants indicates that the agency has “no additional feedback,” suggesting a possible alignment of requirements for the launch.

In contrast to the optimism surrounding these filings, Nathan Geraci of The ETF Store highlights an increase in public comments submitted to the SEC, with some advocating for the rejection of all spot Bitcoin ETFs.

Dissent from consumer groups

Better Markets, a consumer protection group, has added to this narrative, arguing that the Grayscale court decision should not sway the SEC from its previous stance of denying multiple spot Bitcoin-based ETPs.

The fact that @BetterMarkets, a special interest connected to @ewarren (who has been caught unethically coordinating softball questions to @GaryGensler), expended significant resources to put this letter together (in the 11th hour) makes me think we may yet get rugged. pic.twitter.com/l961Tm5oRx

— Matt Ahlborg (@MattAhlborg) January 5, 2024

This flurry of activity indicates an important moment for Bitcoin ETFs with a final decision possibly on the other side of the weekend.

Also Read: Bitcoin ETF: Coinbase’s Involvement Could Spark Delays