Share this article

Final Bitcoin ETF Application Filings Get Posted by Major U.S. Exchanges

Releasing them suggests they’re confident the SEC will approve the first U.S. spot bitcoin ETFs soon.

Updated Mar 9, 2024, 2:16 a.m. Published Jan 5, 2024, 11:15 p.m.
Photo of the SEC logo on a building wall
(Nikhilesh De/CoinDesk)

U.S. spot bitcoin exchange-traded funds (ETFs) appear to be on the verge of launching after the exchanges that will list them filed amended documents, suggesting they expect U.S. Securities and Exchange Commission approval in the coming days.

The amended 19b-4 filings, filed on behalf of BlackRock, Grayscale, Fidelity and other issuers, join last month's amended S-1 filings, addressing feedback from the U.S. Securities and Exchange Commission (SEC). More than a dozen applicants hope to launch the first spot bitcoin ETFs in the U.S.; it's likely multiple issuers will be approved simultaneously.

STORY CONTINUES BELOW
Don't miss another story.Subscribe to the State of Crypto Newsletter today. See all newsletters

Individuals at two different issuers told CoinDesk on Thursday that their companies anticipate approvals sometime next week.

One of the individuals told CoinDesk that filing the amendments did not mean approvals were guaranteed but said they were optimistic.

A final deadline for SEC action for at least one application, by Ark 21 Shares, is Jan. 10, suggesting the regulator may approve all of the final applications it is comfortable with by that date.

This filing "is another important step towards uplisting GBTC as a spot bitcoin ETF," Grayscale spokeswoman Jenn Rosenthal said in a statement, referring to the company's bitcoin trust that it wants to turn into an ETF. "At Grayscale, we continue to work collaboratively with the SEC, and we remain ready to operate GBTC as an ETF upon receipt of regulatory approvals."

Earlier Friday, Bloomberg reported that the SEC's commissioners were "expected to vote on the exchange-rule filings next week."

The regulatory agency needs to approve both the 19b-4 filings and the S-1 filings before the ETFs can launch.

Jesse Hamilton contributed reporting.






More For You

Pudgy Penguins: A New Blueprint for Tokenized Culture

Pudgy Title Image

Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.

What to know:

Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.

The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.

More For You

Crypto faces fork in the road as Clarity Act support wavers, Bitwise says

Bitwise Chief Investment Officer Matt Hougan

The asset manager argued that without federal legislation, the industry has three years to become indispensable before political winds potentially shift.

What to know:

  • Bitwise said in a blog post Monday that Polymarket odds for the Clarity Act have fallen from 80% to 50% following industry pushback.
  • If the bill fails, Bitwise believes crypto must achieve mass adoption in stablecoins and tokenization to force a regulatory hand.
  • The firm anticipates a sharp rally upon the bill's passage, while a failure would likely lead to a "slower ascent" tied to proven utility.