Exchanges rush to update filings for spot bitcoin funds from asset managers including BlackRock and Grayscale, adding momentum to potential approval

Stock exchanges rushed to file fresh, amended 19b-4 forms for bids from asset managers including BlackRock and Fidelity for spot bitcoin exchange-traded funds, marking the latest move as issuers try and barrel toward the finish line to get the Securities and Exchange Commission's approval. 

As Friday came to a close, new filings also came in for proposed funds from Grayscale Investments, Valkyrie, ARK 21Shares and Invesco.

The moves were significant, as market watchers had been expecting updated filings to come before any kind of approval from the SEC. One source told The Block earlier this week that 19b-4 approvals could likely come mid-to-late next week.

Grayscale had been an outlier in the ongoing approval process that's seen applications from a dozen other asset managers for spot bitcoin funds because it's trying to convert its existing flagship G BTC -0.16% fund into an ETF. While it last submitted an updated S-3 form in October, the fresh filing from the NYSE is notable because it now puts the fund on an equal footing with other applications.

Issuers of the proposed funds would still need their registration statements called, S-1s, or in the case of Grayscale Investments, its shortened S-3, to become effective in order to launch their products.

Bitcoin was largely unchanged on the news. The price of the world's largest cryptocurrency by market capitalization declined 1.1% over the past day to $43,852 at 5:55 p.m. ET.

Final approval

The crypto industry has been at the edge of its collective seat, waiting to see if the SEC will approve a spot bitcoin ETF in the coming days. Over the past year, asset managers including Fidelity, BlackRock and others have been vying for a spot bitcoin ETF. 

Bloomberg Intelligence ETF analyst Eric Balchunas said on Thursday on X that the "SEC is giving final comments as we speak, then issuers will submit final 19b-4s and S-1s soon after. So I mean this is [definitely] as close to 'done' as we've been but no official approval as far as I know."

(Updates with details throughout.)