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$BETS >>> Cboe says multiple spot bitcoin ETFs will begin trading on Thursday — but key forms not yet approved
by Sarah Wynn
JANUARY 10, 2024, 2:29PM EST


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The exchange sent out notifications naming six potential spot bitcoin ETF isusers and said they will start trading on Thursday.

The SEC has not yet approved the necessary forms for the ETFs to go live.

Cboe marked Thursday as the first day of trading for an array of potential spot bitcoin exchange-traded funds as the industry waits for the Securities and Commission to make a decision on whether to approve those products later in the day.

The exchange sent out notifications naming ARK 21Shares Bitcoin ETF, Fidelity Wise Origin Bitcoin Fund, Franklin Bitcoin ETF, Invesco Galaxy Bitcoin ETF, VanEck Bitcoin Trust and for the WisdomTree Bitcoin Fund.

"We are pleased to announce that 1 Exchange Traded Product ("ETP") will be listed on Cboe and will begin trading as a new issue on January 11, 2024," Cboe said.

While six prospective spot bitcoin ETFs are planned for the Cboe, three are set to list on the NYSE and two on the Nasdaq.

The SEC has not yet approved the funds, but it is now the latest step and could mean the agency is close to making a decision. Analysts widely expect the SEC to approve of multiple spot bitcoin ETFs later on Wednesday. The prospective issuers need to have their 19b-4 forms approved and their S-1 forms to become effective. Both are needed for trading to begin.

When could the ETFs get approved?

One high-ranking executive at a prospective spot bitcoin ETF issuer told The Block that they are expecting approvals for S-1 forms tonight.

Bloomberg ETF analyst Eric Balchunas said, “Most likely is we see formal approvals ballpark 4-6pm [ET] today with the Derby starting on Thursday,” he said.

His colleague James Seyffart noted that approvals could come anytime until roughly 6pm ET, suggesting that they might come after market close.

On Tuesday, the SEC's official account posted that the SEC had granted approval for listing bitcoin ETFs on all registered securities exchanges with an image showing a quote by SEC Chair Gary Gensler. It was shortly deleted with follow up posts claiming it was unauthorized and that spot bitcoin ETFs had not been approved by that point. It appears that the mishap has not delayed proceedings.

Link: https://www.theblock.co/post/271670/cboe-says-multiple-spot-bitcoin-etfs-will-begin-trading-on-thursday-but-key-forms-not-yet-approved



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