Spot-Bitcoin ETF Applications Listed on Federal Register, Igniting Approval Speculation

In a significant development, the U.S. Securities and Exchange Commission (SEC) is set to commence the review process for spot-bitcoin exchange-traded fund (ETF) applications. All eight applicants, including industry giant BlackRock, have now been listed on the Federal Register, marking the beginning of a potentially pivotal phase.

Last week, the regulator initiated public consultations by publishing relevant documents. However, the official review timeline only begins when the filings are published in the register, which took place on Tuesday. The Federal Register serves as the daily gazette of the U.S. government, encompassing executive orders, federal agency regulations, proposed agency rules, and other legally mandated publications.

Among the applicants are BlackRock's iShares ETF, filed on Nasdaq, and Bitwise's Bitcoin ETP Trust, filed on NYSE Arca. Additionally, six other applications were submitted to the Chicago Board Options Exchange (Cboe): Fidelity's Wise Origin Bitcoin Trust, WisdomTree Bitcoin Trust, VanEck Bitcoin Strategy ETF, Invesco Galaxy Bitcoin ETF, ProShares Bitcoin Strategy ETF, and Valkyrie Bitcoin Strategy ETF.

Bitwise Chief Investment Officer, Matt Hougan, highlighted the significance of NYSE Arca's 19b4 filing for the Bitwise Bitcoin ETP Trust. He mentioned that the publication in the Federal Register signifies the initiation of the SEC's review process, which grants the Commission a maximum of 45 days to either rule on the proposal or extend the review period.

While the SEC's decision remains uncertain, the submission from BlackRock, a dominant player in the industry, has sparked speculation that approval may be more probable.