After Tuesday's fake test run, the Securities and Exchange Commission approved 11 spot Bitcoin (BTC) exchange-traded fund applications on Wednesday, setting the stage for the products to begin trading on Thursday.
“Order granting expedited approval” is over. Thank God. pic.twitter.com/qCozlxzSBX
— Eric Balchunas (@EricBalchunas) January 10, 2024
Balchunas was referring to the official PDF release from the SEC, which grants approval for the ETFs.
While some reported difficulty accessing the document, leading to confusion and hesitation following Tuesday's bogus announcement, James Seyffart, ETF analyst at Bloomberg Intelligence, confirmed that he downloaded the document from the SEC's website, saying: “Bitcoin ETFs Likely to be Approved by the SEC.”
🚨BREAKING🚨
Bitcoin ETFs are likely to be approved by the SEC
It actually looks like the #Bitcoin ETF approval order has landed on the SEC website, but the link no longer works. Still, this document looks correct to me.https://t.co/NhJueWNPJ0 pic.twitter.com/W0ipnlg3j1
— James Seyffart (@JSeyff) January 10, 2024
According to PDF:
“This approval order is based on all of the exchanges' representations and descriptions in their respective amended filings, which the Commission has carefully reviewed as explained above,” the filing said. “For the reasons set forth above, including the Commission's correlation analysis, the Commission concludes, pursuant to Section 19(b)(2) of the Exchange Act,85 that the proposals are consistent with the requirements of the Exchange Act and the rules governing a national securities exchange, and in particular Section 6(b)(5) and Section 11A(a)(1)(C)(iii) of the Exchange Act.”
“THERE, IT IS ORDERED PURSUANT TO SECTION 19(B)(2) OF THE EXCHANGE ACT87 THAT THE PROPOSALS (SR-NYSEARCA-2021-90; SR-NYSEARCA-2023-44; SR-NYSEARCA2023-58; SR-NASDAQ-2023- 016; SR-NASDAQ-2023-019; SR-CboeBZX-2023-028; SRCboeBZX-2023-038; SR-CboeBZX-2023-040; SR-CboeBZX-2023-042; SR-CboeBZX-2023- 044; SR- CboeBZX-2023-072) are and are hereby approved on an expedited basis. From the Commission.”
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