Grayscale, Ark Investments, Valkyrie and VanEck Submit Form 8-A to SEC for Spot Bitcoin ETF Approval
In Brief
Grayscale, Ark Investments, Valkyrie and VanEck filed Form 8-A with the SEC for Bitcoin ETF, to trade on an exchange after product approval.
Grayscale, Ark Invest, Valkyrie and VanEck filed Form 8-A with the Securities and Exchange Commission (SEC). The registration enables issuers to trade on an exchange after product approval. This action indicates progress in direction of a potential spot Bitcoin exchange-traded fund (ETF).
The issuers’ moves come a day following Fidelity’s submission of Form 8-A and preceding an upcoming deadline for the SEC to determine approval or disapproval of a Spot Bitcoin ETF. Anticipation has increased for a potential Spot Bitcoin ETF, which would be a first in the US if the SEC grants approval.
Issuers have been working on refining the specifics of potential Spot Bitcoin ETFs in recent weeks. This includes discussions around creation and redemption models, naming of authorized participants and considerations related to hard forks.
In late December 2023, ETF issuers such as BlackRock and Fidelity submitted amended registration forms to the SEC, widely perceived as a final effort to promote a Spot Bitcoin ETF.
Grayscale is seeking to transform its flagship fund into a spot bitcoin ETF, following an extended process and an August court decision mandating the SEC to reassess Grayscale’s application for a Spot Bitcoin ETF. Other companies, including BlackRock and Fidelity, have also expressed interest in a Spot Bitcoin ETF over the past year.
The Role of Form 8-A
The Form 8-A is an important document in the field of securities regulation, and has a notable role in the process of introducing financial instruments to the public market. The form when filed to SEC facilitates the registration of securities, making them eligible for trading on exchanges once approved.
The Form 8-A filing, although part of the ETF registration process with the SEC, does not inherently signify the commission’s endorsement of the investment vehicle. In addition to securities registration, companies need a 19b-4 approval and a finalized/approved/completed S-1 document for the ETFs to be listed.
Recently, Fidelity submitted a securities registration application, S-1 Form, to the SEC for its spot Bitcoin ETF, following the approved Form 8-A filing and registration with the United States Chicago Board Options Exchange (CBOE).
The collective actions of asset manager companies highlight a notable progression towards the potential approval of a Spot Bitcoin ETF, marked by filings, amendments and ongoing refinements, emphasizing the multifaceted nature of the regulatory journey.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
