According to Blockworks, Nasdaq has filed amendments related to the spot bitcoin ETFs proposed by BlackRock and Valkyrie, marking a significant step towards a Securities and Exchange Commission (SEC) ruling on such funds. The SEC must approve these documents, known as 19b-4 forms, before the exchanges can list the spot bitcoin ETFs. Additionally, fund issuers need to have their registration statements, known as S-1s, deemed effective to launch their planned ETFs.
The SEC has a January 10 deadline to rule on an ETF proposal by Ark Invest and 21Shares. Industry watchers have suggested that the regulator could decide on multiple other planned funds at that time, including those of BlackRock and Valkyrie. SEC staff informed a group of exchanges and issuers that they could submit final documents for their proposed spot bitcoin ETFs, according to Bloomberg.
A spot bitcoin ETF is an investment vehicle that offers investors exposure to the price of bitcoin without the need to own the actual digital asset. Financial sector giants and crypto-native firms are competing for SEC approval, but none have succeeded so far. Bloomberg Intelligence analyst Eric Balchunas believes there is a 90% chance the SEC approves spot bitcoin ETFs this month.
