Bitcoin Spot ETF could see SEC greenlight, Grayscale Investments files amended S-3 sets 1.5% fee

BITCOIN

INTRODUCTION

Bitcoin Spot ETFs are likely to receive the US financial regulator’s approval as early as this week. According to a Bloomberg report. BTC holders are awaiting the Securities and Exchange Commission’s (SEC). Greenlight on the securities product with the upcoming deadline on January 10.

Bloomberg reports that insiders speculate the regulator will use the January 10 deadline to announce their decision. Nearly a dozen applicants are awaiting the SEC decision and have lined up seed capital . Marketed their Spot BTC ETF product.

  • Bitcoin Spot ETF could launch as early as the day following SEC’s key vote on pending application decisions. 
  • The SEC needs to grant two sets of approvals, 19b-4s and S-1s filed by Spot Bitcoin ETF applicants. 
  • Bitcoin price eyes recovery to the psychologically important $45,000 level.

Daily Digest Market Movers: Grayscale Investments files amended S-3, drops fee details and names APs

  • Grayscale Investments, one of the largest cryptocurrency asset managers in the ecosystem amended. Its S-3 filing, according to a recent Reuters report. The asset management giant set a 1.5% fee for its proposed Bitcoin Spot ETF. 
  • The crypto asset manager named Jane Street, Virtu, Macquarie, Flowtraders, Flow Desk. ABN Amro as authorized participants for its ETF product. Authorized participants handle the redemption/ creation mechanism for an ETF.
  • Bitcoin Spot ETFs could be approved if two technical requirements are met. 
  • The SEC has set a deadline for 8 AM ET (1300 GMT) on Monday for issuers to file their amended S-1 forms. For a Bitcoin Spot ETF to start trading the SEC requires: 19b-4 filings from exchanges and S-1 forms from issuers. The amendment to S-1 forms and 19b-4s are in, according to the latest update on the SEC website.
S-1 filings

BITCOIN NEEDS

  • The regulator needs to sign off on these two to kickstart ETF trading, as early as a day after.
  • The SEC has to approve the amended S-1 forms from issuers and a potential approval is likely as early as Tuesday or Wednesday this week. 
  • According to a Reuters report, a source indicated that the SEC Commissioner vote will likely take place on Wednesday, marking this week as key for Bitcoin holders and market participants. 
  • All 11 ETF issuers have amended their 19b-4 and S-1s are awaiting approval for Bitcoin Spot ETFs to hit the market. 
Bitcoin Spot ETF application status
  • Monday to Wednesday this week are key dates for issuers and market participants to watch out for updates and changes in the SEC’s decision on the new securities product. 
  • Bloomberg reports that BTC ETF approval would usher a watershed moment for the digital asset industry as there are billions of dollars at stake. 
  • Both retail and institutional investors are expected to pour their capital in the new securities product and crypto experts like Michael Anderson of Crypto Venture firm Framework Ventures believes that the market is underestimating the potential impact of an ETF approval. 

Technical analysis: Bitcoin price could find its way back to $45,000

Bitcoin price is in an uptrend that started on September 11, 2023. BTC price has consistently formed higher highs and higher lows with the exception of December 2023. Prices traded sideways below the $45,000 mark for a large part of the month. 

For Bitcoin holders, $45,000 is a psychologically important level as between $43,277 and $44,858, 2.29 million wallet addresses bought 994,920 BTC worth approximately $43.57 billion (at an average price of $43,802, as seen on Into The Block)

What Is Bitcoin (BTC)?

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person. Group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.

Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them.

Some concepts for a similar type of a decentralized electronic currency precede BTC. But Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

Additionally, the report warned investors of the potential volatility associated with assets that swing heavily due to “trends and influencers,” saying that while they can be appealing at first, losses often stack up quickly as the market moves on without them..

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