Bitcoin ETF Issuers Clear Major Hurdle on Path to SEC Approval

The issuers also need the SEC to sign-off on the final versions of their S-1 filings, which are the prospectus documents for the ETFs. SEC approval of the 19b-4 and S-1 forms may or may not happen concurrently, though typically the S-1s are approved after the 19b-4s.

A representative for the SEC declined to comment.

Should both approvals be obtained, the ETFs could start trading as soon as the next business day.

Last week, multiple issuers, including BlackRock Inc. and Fidelity, submitted amended S-1 filings to name their authorized participants — broker-dealers responsible for handling the creation and redemption of baskets of shares for ETFs.

While the step is typically taken for granted in traditional ETF creations, it drew attention in Bitcoin ETF applications because some industry watchers had expressed concerns that Bitcoin funds would have a harder time attracting broker-dealers.

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