Nasdaq files fresh forms for BlackRock and Valkyrie spot bitcoin funds, adding momentum to potential approval

Companies • January 5, 2024, 5:25PM EST

Published 1 minute earlier on

Quick Take

The fresh filings are significant because the SEC would have to approve Nasdaq’s filings through the Form 19b-4, which could happen in the coming days.

Nasdaq filed fresh, amended 19b-4 forms for bids from BlackRock and Valkyrie 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.

The latest filings are 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.

Issuers of the proposed funds, of which there are about a dozen, 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.

The crypto industry is waiting with bated breath to see if the SEC will approve a spot bitcoin ETF in the coming days. If approved, it would mark the first spot bitcoin ETFs in the U.S.

"Yeah it’s basically done," Bloomberg Intelligence analyst Eric Balchunas said on Twitter. "Latest I’m hearing (from multiple sources) that final S-1s are due 8am on Monday as SEC is trying to line everyone up for Jan 11th launch. That said, I still want to hear it from the SEC to call it official."

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About Author

Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.