[UPDATED ANALYSIS] Bitcoin (BTC) ETF updates in focus this week for crypto traders; updated S-1 forms await SEC approval today after yesterday's confusion

Analysis details (07:38)

SEC's X Account Compromised:

• 
  It was initially reported late Tuesday that the SEC granted approval for Bitcoin ETFs for listing on all registered national securities exchanges. However, the US SEC then noted that Bitcoin ETFs had not received approval on Tuesday and SEC Chair Gensler said the SEC account on X was compromised which resulted in an unauthorised post.


• 
  Bitcoin whipsawed between 47,900 and 44,700 on the event before stabilising around 46,000 in APAC hours.

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 were due by Monday 13:00 GMT (08:00 EST) and were publicly available on the same day, click here for a summary of some updates.
  


• "Some filers have significantly cut fees for trading the potential spot Bitcoin ETF products", via CoinTelegraph.
  

S-1 Prospectus Filings:

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


• Final S-1 approval expected by Wednesday (prev. late Tuesday/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.

10 Jan 2024 - 07:38- Research Sheet- Source: Newsquawk