VanEck CEO Jan van Eck has disclosed on CNBC’s “ETF Edge” that the much-awaited spot Bitcoin Exchange-Traded Funds (ETFs) are set to commence trading on Thursday, January 11. This follows yesterday evening’s last minute request from the US Securities and Exchange Commission (SEC) for additional comments on the S-1 filings from all applicants.
Despite initial concerns about potential delays, as reported by Bitcoinist, reassurances were offered by Bloomberg analyst James Seyffart and Davis Polk’s Scott Johnsson, which have alleviated such fears. Seyffart predicted that the amendments will drop today. “I don’t think this is necessarily a delay signal. Really this just shows how quickly the SEC is turning these things around,” he remarked.
Bitcoin ETF Applicants Submit Prompt Responses To SEC And Seyffart seems to be right (again). In an extraordinary display of efficiency, VanEck and BlackRock were the first applicants to have quickly refiled their S-1s in response to the SEC’s last-minute feedback.
Bloomberg’s Eric Balchunas remarked, “BlackRock just re-filed their S-1 based on last-minute comments given yesterday. It’s hard to tell what has changed at first glance, but the important thing is that the unheard-of 24-hour turnaround time between filing, comments, and re-filing tells us all parties are aiming to get this show on the road pronto.”
As of press time, BlackRock, VanEck, Ark Invest, Grayscale, Invesco & Galaxy Digital have all refiled their S-1s, with other applicants expected to follow suit today.
Final Approvals And Industry Reactions During his CNBC interview, Jan van Eck stated, “I would say just in general what I read publicly that people go through this process of the SEC commenting on prospectuses is true for all ETFs, and that’s what’s happening now. So all the prep work that needs to happen is happening…not just commenting, commenting on the specific prospectus which is the disclosure document.” When queried if Thursday will be the start date, he confirmed, “Yeah.”
🚨VanEck CEO says their spot Bitcoin ETF will START trading on Thursday (in 2 days) pic.twitter.com/4w1g2pXzft
— Kris Kay | 🦇🔊🍩 DeFi Donut (@thekriskay) January 9, 2024
Ark Invest’s Cathie Wood exhibited cautious optimism: “That’s the important word: discussions, mostly questions and answers which were unlike previous filings. So they started asking questions and we provided answers…which told us they are getting ready. Now can we be 100% sure there will be an approval this week? No, you never say 100%, but we are feeling really good about it.”
The final deadline for Ark Invest’s filing is January 10, implying that the SEC’s final approval could come as early as tomorrow, Wednesday. Doug Yones, Head of Exchange Traded Products at the New York Stock Exchange, shared his insights: “We have been working with the SEC on a potential spot Bitcoin ETF for the better part of 10 years. This week is an exciting time…But we are seeing a lot of discussions in both directions from issuers on the different filings and we are seeing a lot of gearing up.”
Another Confirmation Steven McClurg of Valkyrie Investments also hinted at a simultaneous launch of the first 10 ETFs, anticipating SEC approval by the end of Wednesday. “We’re expecting the SEC will deem the ETFs effective at close of business on Wednesday and the trading to begin on Thursday morning,” he said.
McClurg added, “I do suspect that one or two might not get off the ground on day one, just because there is a lot of work to be put in.” The launch of spot Bitcoin ETFs marks a significant milestone in the integration of cryptocurrencies into mainstream financial markets. McClurg expects an inflow of $4 billion to $5 billion in the first few weeks.
At press tine, the BTC price didn’t reacted to the news yet and traded at $46,732.
BTC price trades below $47,000, 1-day chart | Source: BTCUSD on TradingView.com Featured image created with DALL·E 3, chart from TradingView.com