Grayscale, VanEck New Spot ETF Exchange Registrations Fuels Wild $250,000 Bitcoin Price Projection

NYDIG Predicts Spot Bitcoin ETFs Could Unlock $30 Billion In Fresh Demand

In a bid to secure approval for spot Bitcoin exchange-traded funds (ETFs), asset management giants Grayscale Investments and VanEck have taken decisive steps by filing notices with the United States Securities and Exchange Commission (SEC). These filings indicate their intentions to register shares of a spot Bitcoin ETF on stock exchanges.

On January 4, the VanEck Bitcoin Trust and Grayscale Bitcoin Trust submitted Form 8-A filings with the SEC. These filings aim to register their shares as securities, intending to be listed on the Cboe BZX Exchange and New York Stock Exchange Arca, respectively. This move follows a similar registration by the Fidelity Wise Origin Bitcoin Fund on January 3.

My understanding here is that this is just a securities registration. In order to list the ETF still needs a 19b-4 approval and they need an effective/approved/completed S-1 document. No 19b-4 yet. And S-1 is still preliminary (seen below). I’m still looking towards next week

— James Seyffart (@JSeyff) January 3, 2024

Anticipation surrounds the SEC’s decision on potential approvals, with several spot Bitcoin investment vehicle applications awaiting the green light. Speculation within the industry suggests that the SEC might make decisions ahead of a looming January 10 deadline for a spot BTC ETF offering from ARK Invest and 21Shares.

However, it’s essential to note that the Form 8-A filings, while advancing the registration process for ETFs, do not inherently guarantee SEC approval. Bloomberg ETF analyst James Seyffart has cautioned that specific forms and documents—such as the 19B-4 Form and a completed S-1 document—should be monitored for potential approvals.

Grayscale’s chief legal officer, Craig Salm, and CEO Michael Sonnenshein have posted enigmatic messages amid speculation surrounding an impending SEC decision.

Just filling out some Forms

— Craig Salm (@CraigSalm) January 4, 2024

Notably, the SEC has yet to approve a spot BTC exchange-traded product for listing and trading on U.S.-based exchanges. Various major asset managers, including BlackRock, Bitwise, Fidelity, Valkyrie, WisdomTree, and Invesco Galaxy, have submitted applications for spot Bitcoin and Ether ETFs.

While U.S. crypto traders have had access to investment vehicles linked to BTC futures since the SEC’s approval in 2021, Canada’s regulatory authorities greenlit a spot Bitcoin ETF from Purpose Investments in the same year. These developments underscore the ongoing efforts by major institutions to navigate regulatory channels for introducing spot Bitcoin ETFs into the U.S. market.

Crypto Analyst Predicts Bitcoin $250,000 Boom Linked to ETF Hope

Following the filings, veteran crypto trader Ash Crypto has predicted a bullish trajectory for Bitcoin, projecting a substantial peak price of $250,000.

His forecast ties this surge to anticipated substantial capital inflows into the cryptocurrency market. Ash Crypto’s projection encompasses the potential for Bitcoin’s price surge to catalyze significant growth in various alternative cryptocurrencies (altcoins).

These developments reflect the ongoing anticipation and attention surrounding the potential approval of spot Bitcoin ETFs, with filings by Grayscale and VanEck adding momentum to market expectations.

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