SEC Progresses in Approving Bitcoin ETF through 19b-4 Amendment Filings

As the week nears its end, 11 applicants for spot Bitcoin ETFs have submitted 19b-4 amendment forms. The U.S. SEC faces a looming deadline to approve or deny in just a few days.

The U.S. Securities and Exchange Commission has initiated the acceptance of exchange filings, indicating a positive signal for the approval of a spot Bitcoin exchange-traded fund (ETF).

On January 5, 19b-4 amendments were submitted for spot BTC ETF applications by asset managers, including BlackRock, Valkyrie, Grayscale, Bitwise, Hashdex, ARK 21Shares, Invesco Galaxy, Fidelity, Franklin Templeton, VanEck, and WisdomTree.

While these filings represent a crucial stage in the SEC approval process, the completion of S-1 documents is necessary for U.S. exchanges to list shares of investment securities directly exposed to crypto.
Speculation by experts suggests the possibility of final approval before January 10, coinciding with the deadline for an offering from ARK Invest and 21Shares. Such approval could potentially drive increased adoption of crypto in the U.S. and globally.

In a recent post on X, Bloomberg’s ETF analyst, Eric Balchunas, expressed optimism, foreseeing the SEC’s approval of a Bitcoin ETF at the beginning of the upcoming week.

Nevertheless, there is a lack of confidence among U.S. financial advisers regarding the SEC’s approval of the offering.

A report on January 4 highlighted that only 39% of U.S.-based financial advisers believe a Bitcoin ETF will be approved in the current year.

In a survey conducted by ETF issuer Bitwise, participants, including registered investment advisers, financial planners, institutional investors, and wirehouse representatives, were asked various questions.

When prompted to specify the anticipated time for the approval of a spot Bitcoin ETF, only 39% chose “2024.”

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