The Chicago Board Options Exchange (Cboe) has recently accepted a registration for a Bitcoin spot exchange-traded fund (ETF) from Fidelity Investments. Detailed in a January 3rd filing with the U.S. Securities and Exchange Commission (SEC), the Fidelity Wise Origin Bitcoin Fund expressed its intention to list its shares on the Cboe BZX Exchange. While filing a Form 8-A is a step in the process of registering an ETF with the SEC, it does not automatically mean that the commission will greenlight the investment product.
Bloomberg ETF analyst James Seyffart, commenting on the Full S-1 filing, clarified that this stage merely represents a securities registration, without an accompanying 19b-4 form yet. Seyffart's attention is also on another spot Bitcoin ETF application by Bitwise, submitted to NYSE Arca on December 29. He indicated that while these applications are significant, they don't necessarily imply imminent approval. In a similar move, Volatility Shares Trust filed a Form 8-A with the SEC in June before listing a leveraged Bitcoin futures ETF on the Cboe BZX Exchange.
Social media has shown some confusion regarding the distinction between full SEC approval of a spot Bitcoin ETF and mere registration on a U.S. exchange. Experts like Seyffart speculate that the SEC might approve multiple applications for spot BTC exchange-traded products, with key deadlines approaching on January 10 for crypto investment vehicles from firms like ARK Invest and 21Shares. Despite numerous filings from asset managers such as Bitwise, Fidelity, WisdomTree, Invesco Galaxy, Valkyrie, and VanEck, the SEC has yet to approve any spot BTC exchange-traded products for listing and trading on U.S. exchanges.
In June 2023, BlackRock, a major asset management firm controlling about $9 trillion in assets, filed for a spot Bitcoin ETF in the United States. This move signaled growing interest and confidence in cryptocurrency from one of the world's largest asset managers.
Although the SEC has been cautious, not yet approving any spot crypto ETFs, it has approved investment products related to BTC and Ether futures. Many in the industry believe that SEC approval of a Bitcoin ETF could significantly boost cryptocurrency adoption and foster broader acceptance of blockchain technology.
