Spot Bitcoin ETF Filers to Complete S-1s Today: What to Expect?

It's the start of a potentially historic week for Bitcoin, which could see the long-awaited spot bitcoin (BTC) exchange-traded fund (ETF) launch, with issuers expected to complete their Form S-1 amendments on Monday.

According to multiple sources, asset managers are expected to update their positions in Bitcoin ETF records on January 8 at 8:00 am Eastern Time, or 1:00 pm UTC, on January 8. This comes after 11 asset managers filed 19b-4 amendments to their filings. On January 5.

The expected S-1 amendments could include information about ETFs' fees or the identity of market makers, Reuters reported in a Jan. 5 report.

The details of the report are similar to data from Bloomberg ETF analyst Eric Balchunas, who also predicted that the “final S-1s” would be filed on January 8.

Balchunas tweeted on January 5 that the US Securities and Exchange Commission (SEC) is “trying to get everyone lined up for the January 11th launch, and it's basically done.” However, the SEC emphasized that it has not officially confirmed that schedule.

Yes, it's basically done. The latest I'm hearing (from multiple sources) is that the final S-1s are due Monday at 8 a.m. as the SEC is trying to get everyone lined up for the Jan. 11 launch. That said, I'd still like to hear from the SEC to make an official call.

— Eric Balchunas (@EricBalchunas) January 5, 2024

The expected S-1 update joins several S-1 updates filed by Bitcoin ETF applicants in the past few months. The community expected to file early S-1 amendments by the end of December 2023.

After the revised S-1 filings are made, many issuers expect to receive final approval of their filings by Jan. 9 or 10, Reuters reported.

If approved, the S-1 filings alone do not mean the immediate launch of a particular position's Bitcoin ETF as the SEC must approve the S-1 and 19b-4 filings.

Eleven of the asset managers who requested permission to launch a Bitcoin ETF filed a 19b-4 amendment on January 5. The files include Blackrock, Valkyrie, Greyscale, BitWise, Hashdex, ARK Invest and 21Shares, Invesco and Galaxy, Fidelity. Franklin Templeton, VanEck and WisdomTree.

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SEC Form 19b-4 is a form used to notify the agency of a proposed rule change by a self-regulatory organization under the Securities Exchange Act of 1934. S-1 Basic Business and Financial Information on the Issuer Regarding the Offering of a Certain Securities, Section 19b-4 is intended to provide information necessary for the public to comment on the proposed rule change.

Under US securities laws, the SEC's review and approval or disapproval may take up to 90 days from the date the Form 19b-4 is officially filed.

Meanwhile, the crypto community is in high spirits as the US SEC is expected to approve the Bitcoin ETF space on January 10. Cathy Wood's investment firm ARK and European partner 21Shares are the first in line for the SEC ruling. On January 10, some analysts are expecting multiple ETF approvals in a single day.

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