Investment management firms, stock exchanges, and the U.S. Securities and Exchange Commission (SEC) engaged in finalizing language adjustments for spot bitcoin Exchange-Traded Funds (ETFs) on Friday, marking a crucial step towards potential U.S. approval by next week, according to sources familiar with the matter.
Discussions between issuers and SEC officials revolved around refining the S-1 prospectus documents, mandatory for ETF approval. Executives and representatives from five firms, preferring anonymity due to ongoing confidentiality, disclosed that multiple issuers anticipate receiving final S-1 approval by late Tuesday or Wednesday.
SEC Requested “Minor” Changes
The SEC requested “minor” changes, prompting some asset managers to revise filings to disclose ETF fees or market-maker identities. Updates are due by 8 a.m. ET on Monday, potentially becoming public the same day, as indicated by sources familiar with the process. The SEC, however, refrained from commenting on individual filings.
Simultaneously, regulatory efforts collaborated with exchanges to finalize 19b-4 filings outlining necessary rule changes for spot bitcoin ETF launches. On Friday, exchanges submitted revisions to 11 of these filings. Those who met year-end filing deadlines may gain approval for a Jan. 10 launch, coinciding with the SEC’s decision on the Ark/21Shares ETF, the pioneer in line.
Despite rejections since 2013, multiple asset managers, including BlackRock, Fidelity, and WisdomTree, applied for spot bitcoin ETFs last year, awaiting the SEC’s decision. Unusually, the SEC requested issuers vying for a next-week launch to prepare written requests for an accelerated effective date, deviating from the standard informal timing discussions.
Reports suggest SEC commissioners are expected to vote on the 19b-4 rule changes next week, with a likely voting date on Wednesday, according to a source from one of the issuers, as previously reported by Bloomberg. The developments underscore a pivotal moment in the potential approval of U.S. spot bitcoin ETFs.
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“This data underscores considerably stronger profitability in the mining sector compared to challenges experienced in 2022 and part of 2023.”
In approximately six months, Bitcoin undergo a “halving,” reducing the new bitcoins awarded to miners by half. Satoshi Nakamoto introduced this event in 2009 as an anti-inflationary measure. Occurring roughly every four years, the lead-up to halvings traditionally proves the most profitable time for crypto investors. “Buying bitcoin six months before a halving and selling 18 months after has historically outperformed a ‘buy and hold’ strategy,” affirms the analyst.
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