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Bitcoin ETF

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 A total of 12 asset managers have filed for a spot Bitcoin ETF with the U.S. SEC, with the first window for approval from the SEC opening on Nov. 8.
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 With the United States Securities and Exchange Commission’s first window opening up for the approval of a spot Bitcoin ETF, analysts have noted that even if the SEC approves a spot Bitcoin (BTC) exchange-traded fund (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 of launching an ETF. For an issuer to start a Bitcoin ETF, it 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 the Corporate Finance division includes fund operations details and risk disclosures. To date, of the 12 Bitcoin ETF applications, nine issuers have submitted revised prospectuses showing they have communicated with Corporate Finance. Market analysts believe the Bitcoin ETF <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a> may get <a rel="noopener noreferrer nofollow" title="delayed" href="https://thebittimes.com/tag/delayed.html">delayed</a> if the SEC approves the 19b-4 <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>s before prospectus documents are signed off.
 Bloomberg ETF analyst James Seyffart noted that even if 19b-4 is approved, an S-1 <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> could take weeks or <a rel="noopener noreferrer nofollow" title="month" href="https://thebittimes.com/tag/month.html">month</a>s between <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> and <a rel="noopener noreferrer nofollow" title="launch" href="https://thebittimes.com/tag/launch.html">launch</a>.
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 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 &amp; launch https://t.co/LZSdutmlT8 pic.twitter.com/7OLj5HjSDy— James Seyffart (@JSeyff) November 8, 2023
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 There is an eight-day window for the SEC, starting on Nov. 8 and ending on Nov. 17, to approve the first spot Bitcoin ETF. Although market pundits have increased the chances of <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> to 90%, they believe <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> won’t come until early next year.
 <blockquote class="twitter-tweet">
 New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin 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
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 The SEC had earlier extended the deadline for comment on the spot Bitcoin ETF until Nov. 8 for the comment period.
 Related: Spot Bitcoin ETF hype reignited zest for blockchain games: Yat Siu
 The spot Bitcoin 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 ETFs, most faced rejections or withdrew their applications.
 The 2023–2024 cycle, however, has prompted many market commentators to predict a possible approval for the spot ETF, giving it as high as a 90% chance.
 Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-etf-launch-could-be-delayed-more-than-a-month-after-sec-approval-tbt69644.html">https://thebittimes.com/bitcoin-etf-launch-could-be-delayed-more-than-a-month-after-sec-approval-tbt69644.html</a>

Bitcoin ETF launch could be delayed more than a month after SEC approval

TheBitTimes

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