Grayscale And Ark Invest Among Latest Fund Managers To File 8-A Forms As Spot Bitcoin ETFs Inch Closer To Possible Approval

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Grayscale and Ark Invest joined Fidelity in filing 8-A forms to the Securities and Exchange Commission (SEC), signaling that spot Bitcoin ETFs (exchange-traded funds) are inching closer to a possible imminent approval.

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

The news comes as institutions look to comply with SEC requirements. It also comes as the Jan. 5 to Jan. 10 window for approval, suggested by Bloomberg analysts James Seyffart and Eric Balchunas, opens. On balance, the development serves as incremental evidence of ongoing engagement while tipping the odds further in favor of approvals.

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

Grayscale Reinforces Approval Hopes With GBTC Listing

Grayscaleā€™s move comes after it listed its Bitcoin Trust (GBTC) on its retail-facing website. Elsewhere, the firmā€™s CLO Craig Salm recently teased that he was ā€œjust filling out some forms.ā€

Meanwhile, the head of research at CoinShares, James Butterfill, believes current Bitcoin prices could be indicative of the market pricing $1 billion seed money into spot Bitcoin ETFs. The researcher bases his assumption on the firmā€™s fund flow model.

A senior reporter at TechCrunch, Jacquelyn Melinek, tweeted that ā€œsources extremely close to the matterā€ said approvals will be announced today, January 5, for multiple firms.

The Bitcoin price is trading at $43,553, with trading volume up 15%. The market is cautious despite the anticipation after longs and shorts were battered following a Matrixport report that the applications would be denied.

TradingView: BTC/USDT 1-day chart

If news fails to come today, the markets may have to wait until Monday, January 8 when the hard deadline sets in, according to Seyffart.

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