Grayscale and Ark Invest are among the latest fund managers to file 8-A forms as Bitcoin spot ETFs inch closer to potential approval

Grayscale and Ark Invest joined Fidelity in the presentation forms 8-A to the Securities and Exchange Commission (SEC), indicating that bitcoin spot ETFs (exchange-traded funds) are getting closer to possible imminent approval.

Others who filed include Valkyrie and VanEck, and the filing served as a registration to allow issuers to trade on an exchange.

Breaking: Following @BitwiseInvest and @Fidelity , @Grayscale has filed its 8-A. $GBTC It is now ready to trade on the public exchange as a registered security. pic.twitter.com/31RiLHNHih

-MartyParty (@martypartymusic) January 4, 2024

The news comes as institutions look to comply with SEC requirements. It also comes as the Jan. 5-10 approval window opens, suggested by Bloomberg analysts James Seyffart and Eric Balchunas. Ultimately, the event serves as incremental evidence of continued commitment, while further tilting the odds in favor of approvals.

To approve the listing of an 8-A registered security on a registered exchange, the SEC commission, made up of five officers, requires a majority vote of at least three of the five. This means that at least three commissioners must vote in favor of the security for its listing to be approved.

Grayscale bolsters approval hopes with GBTC listing

Grayscale's move comes after it listed its bitcoin Trust (GBTC) on its retail website. On the other hand, the company's CLO, Craig Salm, recently joked that he was “just filling out some forms.”

Just filling out some forms

—Craig Salm (@CraigSalm) January 4, 2024

Meanwhile, CoinShares head of research James Butterfill believes current bitcoin prices could be indicative that the market is pricing in $1 billion of initial capital in spot bitcoin ETFs. The researcher bases his assumption on the company's cash flow model.

According to our fund flow model, current bitcoin prices suggest that the market is pricing $1 billion in seeds for US spot ETFs. pic.twitter.com/3NP5vnDPJu

—James Butterfill (@jbutterfill) January 4, 2024

TechCrunch senior reporter Jacquelyn Melinek tweeted that “sources very close to the matter” said approvals will be announced today, Jan. 5, for several companies.

I've heard from sources very close to the matter that the bitcoin Spot ETF will be approved by the SEC for applications from *multiple* companies.

– Jacquelyn Melinek (@jacqmelinek) January 4, 2024

bitcoin price is trading at $43,553, with trading volume up 15%. The market is cautious despite anticipation after long and short positions were hit following a report from Matrixport that applications would be rejected.

If the news doesn't arrive today, markets may have to wait until Monday, January 8, when the deadline arrives, according to Seyffart.

Much noise about tomorrow. Stick to this. I don't wait official bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF approval orders tomorrow. Still waiting for you from January 8th to 10th. https://t.co/UV43sydHNz

-James Seyffart (@JSeyff) January 4, 2024

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The Stake-to-Mine concept is a novel idea that promises to bring bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin Mining returns to the realm of possibility for ordinary human beings. crypto?src=hash&ref_src=twsrc%5Etfw”>#crypto fans, for several reasons.

Users of #BTCMTX I just need one ethereum?src=hash&ref_src=twsrc%5Etfw”>#ethereum compatible wallet like #MetaMaskmaking things very simple. pic.twitter.com/XJmuATMaXW

—Bitcoinminetrix (@bitcoinminetrix) January 4, 2024

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Also read:

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