Grayscale's decision is particularly noteworthy because it came just one day after Fidelity submitted an 8-A filing and ahead of an important SEC deadline.
Source: Bitcoinist
Translation: Blockchain Knight
Grayscale has submitted an 8-A form to the U.S. Securities and Exchange Commission (SEC), indicating substantial progress in seeking to launch a spot BTC ETF.
Before taking this action on January 4th, Fidelity and Bitwise also took similar actions, highlighting the growing trend among financial companies to provide spot ETFs.
For companies seeking to list on exchanges, submitting the 8-A form is a key regulatory requirement. In the case of ETFs, this indicates that the company is ready to trade on the exchange before the product is approved.
This move is a crucial part of the BTC ETF approval process, as evidenced by Valkyrie's BTC Strategy ETF (BITO) submitted in October 2021.
Grayscale's decision is particularly noteworthy because it came just one day after Fidelity submitted an 8-A filing and ahead of an important SEC deadline.
The SEC will approve or reject 11 spot BTC ETF applications by January 10th, with Ark Invest facing the final decision deadline, after which no further delays are possible.
Grayscale's strategy includes converting its flagship product GBTC fund into a spot BTC ETF.
A court ruling in August deemed the SEC's initial rejection of Grayscale's spot BTC ETF application "arbitrary and capricious." This ruling requires the SEC to re-examine Grayscale's application, contrasting sharply with the agency's previous approval of futures BTC ETFs.
Grayscale's Chief Legal Officer Craig Salm posted a mysterious tweet just minutes before the 8-A form was released, hinting at this development, stating: "Just filling out some forms." His post quickly garnered significant attention from the crypto asset community.
Bloomberg ETF analyst James Seyffart is cautiously optimistic about this, pointing out that these applications indicate the potential approval of the first spot ETFs in the U.S. However, he also clarified that while these 8-A applications are necessary, they do not guarantee approval.
Regarding Fidelity's 8-A form submitted yesterday, Seyffart added, "These need to be completed before the launch, but that doesn't mean they have been approved or anything else. My understanding is that this is just a securities registration."
"To list, ETFs still need 19b-4 approval, they need a valid, approved S-1 filing. There is currently no 19b-4 filing, and the S-1 is just a preliminary filing. I am still watching next week's situation."
Walter Bloomberg concurred, emphasizing that the 8-A applications submitted by Fidelity and Grayscale signify progress towards the potential approval of spot ETFs.
"Fidelity and Grayscale's submission of the 8-A form indicates progress in the spot BTC ETF application. The issuer's submission of the 8-A form means the registration for trading on the exchange is allowed, marking progress towards the potential approval of spot BTC ETFs."
Fidelity's recent 8-A registration, as well as Grayscale's registration, were both made with the issuers fully prepared to launch these potential spot BTC ETFs. These preparations include discussions on creation, redemption mechanisms, and naming authorized participants.
Reportedly, Grayscale is in negotiations with JPMorgan and Goldman Sachs regarding their roles in the proposed spot BTC ETF.
These discussions, disclosed by Bloomberg, took place after Grayscale's recent revised S-3 application submitted to the SEC, which did not list authorized participants.
As the SEC's deadline for decisions on these ETFs approaches, Bloomberg's ETF analysts Seyffart and Eric Balchunas currently believe there is a 90% chance of approval before January 10th.
According to sources, as reported by NewsBTC today, the approval decision could be announced as early as tomorrow, and these ETFs may start trading next week.
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