Cboe approves listing of spot Bitcoin ETFs from multiple asset managers

The United States Securities and Exchange Commission may be one step closer to full approval of listing shares of a spot Bitcoin (BTC) exchange-traded fund (ETF) after the Cboe BZX Exchange gave notice of approved securities listings from several asset managers.

In Jan. 10 letters filed with the SEC, Cboe said it had approved spot BTC ETF offerings from ARK 21Shares, Invesco Galaxy, Fidelity, VanEck, WisdomTree, and Franklin Templeton. The deadline for final approval or denial of the spot Bitcoin ETF from ARK 21Shares is Jan. 10, leading to speculation that the SEC may approve multiple offerings from asset managers simultaneously.

“In order to facilitate timely listing, the Exchange requests acceleration of registration of these securities under Rule 12d1-2 of the Securities Exchange Act of 1934, as amended,” said the Cboe.

The Cboe approval letter dated Jan. 10, 2024.

Cboe subsequently published several new issue notifications stating that spot Bitcoin ETFs will start trading on the exchange Jan. 11. "We are pleased to announce that the exchange-traded product will be listed on Cboe and will begin trading as a new issue on January 11, 2024," the notifications stated.

According to the Cboe website, the six funds that are planned to start trading tomorrow are ARK 21Shares Bitcoin ETF (ARKB), Fidelity Wise Origin Bitcoin Fund (FBTC), Franklin Bitcoin ETF (EZBC), Invesco Galaxy Bitcoin ETF (BTCO), VanEck Bitcoin Trust (HODL) and WisdomTree Bitcoin Fund (BTCW).

Six spot Bitcoin ETFs that Cboe expects to start trading on Jan. 11. Source: Cboe

According to ETF analyst Eric Balchunas, the Cboe filings were the “last step” before the S-1 asset manager filings with the SEC were fully approved. Should the regulator approve a spot Bitcoin ETF on Jan. 10, some experts expect the investment vehicles to be open to trading as early as Jan. 11.

This is essentially a request to list tomorrow. Was expecting this after close today. So this is early, but still expected. This is a very late step. https://t.co/y8fqUWBEy6— James Seyffart (@JSeyff) January 10, 2024

On Jan. 9, amid speculation the SEC would soon be deciding on a spot Bitcoin ETF, the commission’s official X (formerly Twitter) account posted an announcement for full approval. Within minutes, SEC chair Gary Gensler claimed that the account had been “compromised” and it was not announcing a decision on the investment vehicle.

Related: Bitcoin ETF approval ‘rehearsal’ favored sell-the-news reaction — Analyst

The SEC tweet has led to speculation across the space as to whether it was an official announcement released prematurely by a hacker or entirely made up to manipulate the crypto market. The X safety team announced on Jan. 9 that the SEC did not have two-factor authentication enabled for its account. Several U.S. lawmakers have also called on the commission to report on the incident.

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