The first Bitcoin spot ETF is expected to be successfully approved and trading will begin as early as the next day after approval. On Friday local time, four people familiar with the matter told the media that the U.S. Securities and Exchange Commission (SEC) required several issuers seeking to list Bitcoin ETFs to submit the final version of the stock exchange rule change proposal (19b-4) as soon as possible on Friday and the updated final version of the prospectus document (S-1) at 8 a.m. local Monday.

One of the people familiar with the matter said:The SEC is expected to vote on the trading rule filing next week.

Generally speaking, S-1 documents are approved after 19b-4. Once both documents are successfully approved,The first Bitcoin spot ETF can begin trading as early as the next business day.

After the news was released, the price of Bitcoin rose by 0.7% in the short term, and then the increase fell back. As of press time, the price was US$43,812 per piece.


It is reported that companies including BlackRock, Grayscale and other companies released a large number of updated 19b-4 documents on Friday night. Two people familiar with the matter said SEC staff had yet to provide further feedback.

Normally, ETF approval can be delegated directly to the SEC without a vote, but the road to approval for a Bitcoin spot ETF has been particularly bumpy.

In the past, Bitcoin spot ETFs submitted by the U.S. capital market were rejected by the SEC many times, mainly becauseBitcoin prices fluctuate violently and market investors are poorly protected.

Last week, according to multiple media reports, discussions between the U.S. Securities and Exchange Commission (SEC) and asset management companies that want to list Bitcoin ETFs have advanced to the level of technical details. More than a dozen large asset management institutions, including BlackRock, WisdomTree, and Valkyrie, are waiting for SEC approval. Spot Bitcoin ETF products may be launched in early January.

But then, digital currency financial services platform Matrixport analyst Markus Thielen pointed out in a report released on January 3 that the SEC is expected to reject all Bitcoin spot ETF proposals in January, and final approval may be achieved in the second quarter of 2024.

This news stimulated a sharp plunge in the price of Bitcoin, which once fell by more than 10% in 24 hours, falling below US$41,000 per coin.