In a significant stride towards realizing a potential spot bitcoin exchange-traded fund (#ETF ), prominent financial firms including Grayscale, Ark Investments, Valkyrie, and VanEck have recently filed their Form 8-As. This crucial step represents a milestone in the regulatory process, signaling the firms' readiness to trade on an exchange once their proposed products receive approval.
This series of filings closely follows Fidelity's submission of its Form 8-A, with the collective actions occurring just days before the Securities and Exchange Commission (SEC) faces a critical decision regarding the approval or disapproval of a spot bitcoin ETF.
Grayscale, a key player in the crypto investment space, is seeking to transform its flagship GBTC fund into a spot bitcoin ETF. The move follows a significant legal victory in August, mandating the SEC to re-evaluate Grayscale's bid for a spot bitcoin ETF. Other major firms such as BlackRock and Fidelity have also expressed their interest in launching spot bitcoin ETFs over the past year.
A spokesperson from Grayscale expressed their commitment, stating, "At Grayscale, we continue to work collaboratively with the SEC to uplist GBTC to NYSE Arca as a spot bitcoin ETF. #GRAYSCALE remains ready to operate GBTC as an ETF upon receipt of regulatory approvals."
The industry is experiencing heightened anticipation for the potential approval of a spot bitcoin ETF, a groundbreaking development if granted by the SEC. In a strategic move, ETF issuers, including #BlackRock and #Fidelity , amended their registration forms in late December, with BlackRock designating Jane Street Capital and JP Morgan Securities LLC as authorized participants.
In recent weeks, issuers have been diligently addressing the intricacies of potential spot bitcoin ETFs. Discussions have encompassed creation and redemption models, identification of authorized participants, and considerations related to hard forks.