The United States-based Cboe BZX Exchange has accepted the registration for listing shares of a spot Bitcoin exchange-traded fund (ETF) proposed by Fidelity Investments. This step marks a crucial point in the journey of the Fidelity Wise Origin Bitcoin Fund towards potential SEC approval.
Understanding the SEC filing process
On January 3, the Fidelity Wise Origin Bitcoin Fund filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC). This filing is a standard procedure in the registration of an ETF. However, it’s important to note that this does not guarantee SEC’s approval of the investment vehicle. The process includes needing a 19b-4 approval and a completed S-1 document.
James Seyffart, a Bloomberg ETF analyst, emphasized the importance of this step on social media platform X. He clarified that while this is a positive move, the approval of the ETF is not yet confirmed. Seyffart also referenced Bitwise’s spot Bitcoin ETF registration with NYSE Arca, highlighting that these filings are initial steps and not indicative of final approval.
Industry’s long wait for a spot BTC ETF
The journey towards a spot BTC ETF in the U.S. has been a long and uncertain one. Despite numerous applications from prominent asset managers like Bitwise, Fidelity, WisdomTree, and others, the SEC has yet to approve a spot BTC exchange-traded product for listing on a U.S. exchange. In contrast, the commission has approved investment vehicles linked to BTC and Ether ETH futures, a move seen as cautious but progressive.
The potential approval of a spot Bitcoin ETF by the SEC has been a topic of speculation within the crypto community. Experts, including Seyffart, speculate that multiple spot BTC exchange-traded product applications might receive approval soon. The industry is closely watching the January 10 deadline for a crypto investment vehicle from ARK Invest and 21Shares.
The approval of a spot Bitcoin ETF by the SEC could have significant implications for the crypto industry. It’s widely believed that such a move could increase cryptocurrency adoption and boost the acceptance of blockchain technology. This sentiment is echoed by many in the industry, who view the approval of a spot Bitcoin ETF as a key milestone in mainstream financial acceptance of cryptocurrencies.
