Bitcoin ETF Race Heats Up: Grayscale, ARK Invest, and Valkyrie Submit Forms for Approval with SEC

Grayscale, ARK Invest, and Valkyrie Submit Form 8-A for SEC Registration of Spot Bitcoin ETF Security

Grayscale, ARK Invest, and Valkyrie have filed security registration forms for a Spot Bitcoin ETF.

Grayscale, ARK Invest, and Valkyrie are making significant moves in the Bitcoin ETF race. These leading issuers have submitted Form 8-A for the spot Bitcoin ETF securities with the U.S. Securities and Exchange Commission (SEC). While this is an exciting development, it’s important to note that the submission of forms does not guarantee approval.

The Paperwork Hurdle

The SEC requires these institutions to complete Form 8-A, which pertains to the “registration of certain classes of securities.” This is a necessary step before they can launch their spot Bitcoin ETFs on the exchange. While it’s a positive sign for the industry, we’ll have to wait for the SEC’s decision before we can celebrate.

Craig Salm, the Chief Legal Officer at Grayscale, humorously acknowledged the paperwork process with a tweet saying, “Just filling out some Forms.” The crypto community responded with enthusiasm, signaling their anticipation for the potential approval.

Is Final Approval Pending?

TechCrunch’s senior crypto reporter, Jacquelyn Melinek, raised the excitement levels even higher. Melinek claimed on social media that she heard from reliable sources that the Bitcoin spot ETF is likely to be approved by the SEC for multiple firms’ applications. She added that we can expect an announcement soon.

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Anthony Scaramucci, a popular financier and former White House Communications Director, confidently stated, “It’s done.” However, the official approval is still pending. Bloomberg Intelligence ETF analyst Eric Balchunas shed some light on the situation, mentioning that the SEC is currently providing final comments. Once these comments are addressed, issuers will submit the final 19b-4s and S-1s. While we are close to the finish line, the final approval is yet to be confirmed.

Bitcoin Price Reacts

The news of the potential Bitcoin ETF approval had an immediate impact on the price. Bitcoin surged above $44,000, reaching $44,733 according to CoinMarketCap. However, it experienced a slight drop and is currently trading at $43,626, showing a 1% increase from 24 hours ago.

Q&A

Q: What is a Bitcoin ETF? A: A Bitcoin ETF is an exchange-traded fund that tracks the price of Bitcoin and allows investors to gain exposure to the cryptocurrency without directly owning it.

Q: Why is a Bitcoin ETF significant? A: A Bitcoin ETF would provide a regulated and easily accessible way for traditional investors to invest in Bitcoin. It could potentially increase adoption and bring more liquidity to the market.

Q: When will the SEC make a decision on the Bitcoin ETF applications? A: The SEC has not provided a specific timeline for the approval or rejection of the Bitcoin ETF applications. It could take several weeks or months for a decision to be made.

Looking Ahead

The submission of forms by Grayscale, ARK Invest, and Valkyrie is an important step in the race to launch a Bitcoin ETF. While we wait for the SEC’s decision, it’s crucial to understand that the crypto market can be volatile. Investors should do their due diligence and consider the potential risks associated with investing in cryptocurrencies.

In the meantime, the cryptocurrency community eagerly awaits the SEC’s decision. If approved, a Bitcoin ETF could pave the way for greater adoption and open new avenues for retail and institutional investors.

References

1. Radar – Link to article
2. Craig Salm’s tweet – Link to tweet
3. Jacquelyn Melinek’s tweet – Link to tweet
4. Anthony Scaramucci’s tweet – Link to tweet
5. Eric Balchunas’ tweet – Link to tweet
6. CoinMarketCap – Link to website

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