Spot Bitcoin exchange-traded fund (ETF) race picks pace as 8 spot Bitcoin ETF issuers filed updated S-1 forms declaring authorized participants (APs), fees, or other changes. Along with other filers, Grayscale also filed a written communication regarding APs after the U.S. SEC declared Dec 29 as the last date for issuers to update their spot Bitcoin ETF applications.
Grayscale CEO Reflects on Leading the Spot Bitcoin ETF Race
Grayscale Bitcoin Trust submitted a free writing prospectus (FWP) to the U.S. Securities and Exchange Commission (SEC) on Dec 29 as other spot Bitcoin ETF issuers filed updated S-1 forms.
The FWP mirrors a post on X by Grayscale CEO Michael Sonnenshein—”Been in this game a long time…we’ve had APs lined up since 2017.”
Spot Bitcoin ETF issuers such as BlackRock, Fidelity, Valkyrie, VanEck, Bitwise, Invesco and Galaxy, WisdomTree, and Franklin Templeton submitted updated S-1 filings announcing authorized participants (APs) or fees. Fidelity Wise Origin Spot Bitcoin ETF has the lowest fee of 0.39%.
Sonnenshein claims that Grayscale has been ready since 2017 with Jane Street and Virtu as authorized participants, as per an SEC filing dated May 4, 2017.
Also Read: Valkyrie & BlackRock Amend S-1 Documents, Reveal APs in Latest Bitcoin ETF Filings
Bloomberg ETF analyst James Seyffart said, “This is a great point from Sonnenshein”. He added that Grayscale was never an issuer they were worried about getting an AP agreement. He expects more issuers will be getting to the starting gate. The window for spot Bitcoin ETF approval ranges between January 5 and 10, 2024.
While top ETF experts don’t doubt Grayscale leading the spot Bitcoin ETF race as they adopt “cash model” for approval, Bloomberg senior ETF analyst Eric Balchunas warned that they must file S-1 as per requirement and confirm their authorized participants. “I’m sure they’ll add soon tho.”
Also Read: Invesco, WisdomTree, Fidelity, and Bitwise Update S-1 Filings; JPMorgan in Spotlight as AP
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