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With the United States Securities and Exchange Commission’s first window opening up for the approval of a spot Bitcoin (
$61,465.00 ) ETF, analysts have noted that even if the SEC approves a spot Bitcoin ( $61,465.00 ) ETF, it will be a month before the actual launch.
The expected delay in launch following a potential SEC approval would be due to the two-step process in launching an ETF. For an issuer to start a Bitcoin ( $61,465.00 ) ETF, they must get SEC approval from the Trading and Markets division on its 19b-4 filing and the Corporate Finance division on the S-1 filing or prospectus.
The main focus of Corporate Finance includes fund operations details and risk disclosures. To date, of the 12 Bitcoin ( $61,465.00 ) ETF applications, nine issuers have submitted revised prospectuses showing they have communicated with Corporate Finance. Market analysts believe the Bitcoin ( $61,465.00 ) ETF launch may get delayed if the SEC approves the 19b-4 approvals before prospectus documents are signed off.
Bloomberg ETF analyst James Seyffart notified that even if 19b-4 is approved, S-1s approval could take weeks or months between approval and launch.
What Scott said: There are TWO paths that need to be completed for an ETF launch. Even if 19b-4 is approved, S-1s still need sign off from division of Corp Fin. No sign that’s done yet. Possible and even likely that there could be weeks or even months between approval & launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy
— James Seyffart (@JSeyff) November 8, 2023
There is an 8-day window for the SEC, starting on Nov. 8 and ending on Nov 17, to approve the first spot Bitcoin ( $61,465.00 ) ETF. Although market pundits have increased the chances of approval to 90%, they believe approval won’t come before early next year.
New Research note from me today. We still believe 90% chance by Jan 10 for spot # Bitcoin ( $61,465.00 ) ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD
— James Seyffart (@JSeyff) November 8, 2023
The SEC had earlier extended the deadline for comment on the spot Bitcoin ( $61,465.00 ) ETF until Nov. 8 for the comment period.
Related: Spot Bitcoin ( $61,465.00 ) ETF hype reignited zest for blockchain games: Yat Siu
The spot Bitcoin ( $61,465.00 ) ETF race in the U.S. began when the world’s largest asset manager, BlackRock, filed its application. While Fidelity and a few other asset managers have also filed for spot Bitcoin ( $61,465.00 ) ETFs, most faced rejections or withdrew their applications.
The 2023-24 cycle, however, has prompted many market pundits to predict a possible approval for the spot ETF giving it as high as 90% chance.
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