As the crypto community awaits the approval of the spot Bitcoin exchange-traded funds (ETF), the industry leaders are preparing to introduce new financial products. In a recent report, the Fidelity team revealed plans to list its spot Bitcoin ETF on the CBOE.
The approval of Fidelity’s Bitcoin Fund listing on the CBOE came a week before the US Securities and Exchange Commission (SEC) provided feedback concerning the spot crypto ETF applications.
Fidelity Investment Register with SEC for Listing of Bitcoin ETF on CBOE
A review of Form 8-A12B demonstrated that the Fidelity team applied with the SEC on January 3. The report indicated that the Fidelity Bitcoin fund will trade on CBOE under the ticker symbol FBTC.
According to the report the listing of Fidelity Bitcoin fund on CBOE does not imply that the SEC has approved the spot Bitcoin ETF. Since last year, the SEC has been reluctant to support the Bitcoin ETFs to prevent manipulative and fraudulent activities.
This forced the SEC to thoroughly review the dozen Bitcoin ETF applications before proceeding to the final approval stages. However, if the SEC approves the pending spot Bitcoin ETFs, the investors will gain crypto exposure even without investing in the buying and selling digital assets.
The approval of Bitcoin ETF will eliminate the lengthy procedure for trading digital assets over crypto exchanges or digital wallets. Based on the endless benefits of the Bitcoin Fund, the fast-paced financial and investment companies have been pushing the SEC to approve the spot crypto ETFs.
SEC Expected to Approve Bitcoin Funds Before January 10
The efforts to convince the SEC to change its heart concerning the Bitcoin ETF have proven futile for nearly a decade. A review of the SEC’s recent report demonstrated that most Bitcoin ETF hopefuls failed to meet the regulatory requirement.
Guided by the policies for offering the Bitcoin Fund, the SEC obliged the applicants to revise the S-1 application accordingly. In response to the SEC request, leading investment companies such as Fidelity and BlackRock, among others, recently resubmitted their amended application prospectus. Since last year, the Bitcoin ETF hopefuls have been awaiting SEC approval.
Market critics anticipate that the SEC will approve the spot Bitcoin ETF before January 10. In an X post, the Bloomberg ETF analyst James Seyffart argued that listing Fidelity Bitcoin Fund on the CBOE was just a mere securities registration.
Benefits of Bitcoin ETF to Crypto Industry
Based on his vast expertise in financial matters, Seyffart stated that actual listing on the CBOE required the applicant to provide an approved 19b-4 document and an accredited S-1 report. The official argued that the SEC had not approved any 19b-4 currently.
He anticipates that the SEC will have approved the 19b-4 by next week. Seyffart underscored that listing the Bitcoin Fund on the stock exchange platform does not imply that the SEC approved the application.
Seyffart responded to social media users who believed that the spot Bitcoin ETF US stock market listing implied that the SEC had approved the offering of Bitcoin Fund. Even though the SEC has delayed approving the spot Bitcoin ETF, Seyffart anticipates that from January 10, the regulators will provide feedback concerning the pending applications.
He believes that the approval of the Bitcoin ETF will support the mainstream adoption of crypto and blockchain technologies.
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