VanEck CEO Jan van Eck has announced that the highly anticipated spot Bitcoin Exchange-Traded Funds (ETFs) are scheduled to begin trading on Thursday, January 11. This news comes after the US Securities and Exchange Commission (SEC) requested additional comments on the S-1 filings from all applicants the previous evening.
Despite initial concerns about potential delays, reassurances from Bloomberg analyst James Seyffart and Davis Polk’s Scott Johnsson have eased these worries. Seyffart predicted that the amendments would be released today, stating, “I don’t think this is necessarily a delay signal. Really this just shows how quickly the SEC is turning these things around.”
In a remarkable display of efficiency, VanEck and BlackRock were the first applicants to swiftly refile their S-1s in response to the SEC’s last-minute feedback. Bloomberg’s Eric Balchunas commented, “BlackRock just re-filed their S-1 based on last-minute comments given yesterday. It’s hard to tell what has changed at first glance, but the important thing is that the unheard-of 24-hour turnaround time between filing, comments, and re-filing tells us all parties are aiming to get this show on the road pronto.”
As of press time, BlackRock, VanEck, Ark Invest, Grayscale, Invesco & Galaxy Digital have all refiled their S-1s, with other applicants expected to follow suit today.
During his CNBC interview, Jan van Eck stated, “I would say just in general what I read publicly that people go through this process of the SEC commenting on prospectuses is true for all ETFs, and that’s what’s happening now. So all the prep work that needs to happen is happening…not just commenting, commenting on the specific prospectus which is the disclosure document.” When asked if Thursday will be the start date, he confirmed, “Yeah.”
Ark Invest’s Cathie Wood expressed cautious optimism, stating, “That’s the important word: discussions, mostly questions and answers which were unlike previous filings. So they started asking questions and we provided answers…which told us they are getting ready. Now can we be 100% sure there will be an approval this week? No, you never say 100%, but we are feeling really good about it.”
The final deadline for Ark Invest’s filing is January 10, implying that the SEC’s final approval could come as early as tomorrow, Wednesday. Doug Yones, Head of Exchange Traded Products at the New York Stock Exchange, shared his insights: “We have been working with the SEC on a potential spot Bitcoin ETF for the better part of 10 years. This week is an exciting time…But we are seeing a lot of discussions in both directions from issuers on the different filings and we are seeing a lot of gearing up.”
Steven McClurg of Valkyrie Investments also hinted at a simultaneous launch of the first 10 ETFs, anticipating SEC approval by the end of Wednesday. “We’re expecting the SEC will deem the ETFs effective at close of business on Wednesday and the trading to begin on Thursday morning,” he said. McClurg added, “I do suspect that one or two might not get off the ground on day one, just because there is a lot of work to be put in.” The launch of spot Bitcoin ETFs marks a significant milestone in the integration of cryptocurrencies into mainstream financial markets. McClurg expects an inflow of $4 billion to $5 billion in the first few weeks.
At press time, the BTC price didn’t react to the news yet and traded at $46,732.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Doug Yones, Cathie Wood, Jan van Eck, James Seyffart, Eric Balchunas, Steven McClurg, Scott Johnsson |
| Companies | Bitcoinist, Davis Polk, Grayscale, Valkyrie Investments, BlackRock, US Securities and Exchange Commission, Invesco & Galaxy Digital, Ark Invest, New York Stock Exchange, VanEck, Bloomberg |
| Currencies | Bitcoin |
| Securities | None |
