Scoop: Bitcoin ETFs could start trading as soon as Thursday
Bitcoin ETFs could gain regulatory approval as soon as Wednesday, with more than one fund preparing to launch trading Thursday morning, three people close to the matter tell Axios.
Why it matters: The 10-year wait for approval of spot bitcoin ETFs in the U.S. could come to an end this week.
Between the lines: Filings containing prospectuses, known as S-1s, are expected to be declared effective immediately for some funds, clearing the way for trading, all three people said.
- Approvals are tied to so-called 19b-4 filings, submitted to the Securities and Exchange Commission by the exchanges to permit the trading of the funds.
- Both the S-1s and 19b-4s are expected to be approved quickly after one another for specific funds, the people said.
- All three people said that conversations with the SEC confirm that Wednesday timeline, but cautioned that the decision remains with the regulator.
The SEC did not respond to a request for comment Monday evening.
State of play: Ten ETF shops filed amended S-1 filings Monday morning, showing some of the final details — namely fees — that usually appear in those applications before they're declared effective.