- Ongoing discussions are focused on refining S-1 prospectus documents, which are essential for ETF approval.
- Some of the applicants for Bitcoin ETF reportedly plan to update their filings.
The US Securities and Exchange Commission (SEC) is on the brink of a groundbreaking decision that could see the approval of spot bitcoin exchange-traded funds (ETFs) in the country.
Investment firms and the SEC engaged in crucial discussions, finalizing changes in filings for Bitcoin ETFs, potentially setting the stage for their first-ever approval in the United States, according to a report by Reuters.
These talks between investment management firms, stock exchanges, and the SEC have focused on refining the S-1 prospectus documents essential for ETF approval. While the SEC requested minor adjustments, some asset managers plan to update their filings, revealing specifics about fees and market-maker identities by Monday’s deadline.
By the upcoming Monday, amendments to filings are due by 8 a.m. ET, possibly unveiling vital information related to the ETFs. Concurrently, 19b-4 filings—detailing necessary rule changes—were revised by exchanges, laying the groundwork for the potential launch of spot Bitcoin ETFs.
See Related: Bitcoin Mining Revenue Hits Yearly High Amidst ETF Excitement
SEC’s Formal Requests And Bitcoin Mining Surge
Interestingly, the SEC has asked aspiring ETF launchers to formally request an accelerated effective date. Bloomberg’s report hints at a potential vote by SEC commissioners on the 19b-4 rule changes, likely taking place on Wednesday.
Bitcoin mining revenue surged to a yearly high, hitting $44,174,930.492 on November 12, The Distributed reported. This marked a significant increase from the previous peak of $41,744,197.067 on May 8, 2023.
Blockchain.com data revealed that increased mining revenue aligns with Bitcoin’s rising value, currently at around $37,155, nearly 6% higher for the week.
The SEC’s consideration of Bitcoin ETFs has spurred market anticipation, potentially leading to the approval of multiple Bitcoin ETFs as pending deadlines approach.
Despite previous rejections, the potential approval of spot Bitcoin ETFs signifies a significant stride in institutional cryptocurrency acceptance, providing investors exposure to the market without direct asset holdings.
