[ANALYSIS] Bitcoin (BTC) ETF updates in focus this week for crypto traders

Analysis details (07:25)

Final Discussions for Approval:

• Investment firms and the SEC were said to be finalizing spot bitcoin ETF filings, according to Reuters sources on Saturday.


• Approval for these ETFs could be granted as early as this week.

Requested Changes by SEC:

• SEC asked for "minor" amendments, mainly on fees and market-maker identities.


• Updated filings are due by Monday 13:00 GMT (08:00 EST), potentially publicly available on the same day.

S-1 Prospectus Filings:

• Key focus on the S-1 prospectus, necessary for ETF approval.


• Final S-1 approval expected by late Tuesday or Wednesday.

19b-4 Filings for ETF Launch:

• Separately, exchanges and regulators were working on 19b-4 filings, detailing rule changes for ETFs.


• Late Friday, 11 revised 19b-4 filings were submitted.


• SEC commissioners are expected to vote on 19b-4 rule changes this week, likely Wednesday.

Ark/21Shares ETF and Approval Deadline:

• Ark/21Shares ETF could be approved by January 10.


• This ETF is the first in line, having met end-of-year filing deadlines.


• Other issuers that met filing revision deadlines may be approved to launch by January 10.

Historical Rejections and Recent Applications:

• Since 2013, the SEC rejected spot bitcoin ETFs due to market manipulation concerns.


• In 2023, 14 firms including BlackRock and Fidelity filed for these ETFs.

SEC's Unusual Request:

• SEC unusually asked for written requests to speed up ETFs' effective dates.


• This is a departure from the normal, more informal process.

08 Jan 2024 - 07:25- Research Sheet- Source: Newsquawk