Form 8-A filings from Fidelity, Grayscale and VanEck indicate progress toward widely expected approval for spot Bitcoin ETFs, although the SEC has not yet agreed.
Grayscale Investments and VanEck filed Form 8-As with the U.S. Securities and Exchange Commission on Jan. 4, marking the registration of securities with the regulator. This is part of a process that will allow issuers to eventually list Bitcoin (BTC) ETFs on an exchange, subject to SEC approval.
The issuer of the Grayscale BTC Trust (GBTC), which holds around 620,000 BTC worth over $26 billion, hopes to convert its current product into an exchange-traded fund that tracks the spot Bitcoin price. If approved, GBTC would trade on the NYSE Arca as a spot BTC ETF.
Grayscale's GBTC holdings | Source: Coinglass
Fidelity had filed its Form 8-A a day before Grayscale and VanEck, as the issuers stepped up their readiness ahead of a deadline that requires the SEC to accept or reject at least one spot Bitcoin ETF offering.
The SEC has a deadline of January 10 to rule on the ARK 21Shares Bitcoin ETF. Experts say the securities regulator is likely to approve multiple applications by that date, with the probability of acceptance at 90%, according to Bloomberg analysts Eric Balchunas and James Seyffart.
Traders on decentralized prediction platforms like Polymarket have placed over $1 million in bets that the SEC will give one of the 14 issuers the green light to list their spot Bitcoin ETFs by January 15th. The 15-inch contract rose by over $600,000 in two days, even as a Matrixport report suggested the SEC could reject all applications in January.
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