Spot Bitcoin ETF applicants have filed final amended 19b-4 filings

08.01.2024

U.S. spot bitcoin exchange-traded funds (ETFs) appear to be on the verge of making a final decision, with exchanges filing amended documents indicating that they can expect approval from the U.S. Securities and Exchange Commission (SEC) in the coming days.

The amended 19b-4 documents filed on behalf of BlackRock, Grayscale, Fidelity and other issuers join amended S-1 documents filed last month that address the SEC’s comments. More than a dozen applicants hope to launch the first dot-com bitcoin ETFs in the U.S., and it’s likely that several issuers will be approved at the same time.

Speculation about a possible SEC ruling on January 5 proved to be just a rumor. However, the SEC is likely to announce its decision before Ark Invest & 21 Shares’ final filing deadline on Jan. 10, suggesting that the regulator could approve all final filings it is comfortable with by that date. Grayscale spokeswoman Jenn Rosenthal said in a statement that the filing “is another important step toward listing GBTC as a spot bitcoin ETF.” GBTC is Grayscale’s bitcoin trust that it wants to turn into an ETF.

Earlier Friday, Bloomberg reported that SEC commissioners are expected to “vote on the exchange rule filings next week.” The SEC must approve both 19b-4 and S-1 filings before ETFs can launch.

The SEC has been reviewing applications for spot bitcoin ETFs for several years, but has not yet approved any. The agency has expressed concern about bitcoin volatility and the potential for manipulation in the bitcoin spot market.