CEO Michael Sonnenshein Weighs On Leading Spot Bitcoin ETF Race

Spot Bitcoin exchange-traded fund (ETF) race picks tempo as 8 spot Bitcoin ETF issuers filed up to date S-1 varieties declaring approved members (APs), charges, or different adjustments. Along with different filers, Grayscale additionally filed a written communication relating to APs after the U.S. SEC declared Dec 29 because the final date for issuers to replace their spot Bitcoin ETF functions.

Grayscale CEO Reflects on Leading the Spot Bitcoin ETF Race

Grayscale Bitcoin Trust submitted a free writing prospectus (FWP) to the U.S. Securities and Exchange Commission (SEC) on Dec 29 as different spot Bitcoin ETF issuers filed up to date S-1 varieties.

The FWP mirrors a post on X by Grayscale CEO Michael Sonnenshein—”Been on this recreation a very long time…we’ve had APs lined up since 2017.”

Spot Bitcoin ETF issuers reminiscent of BlackRock, Fidelity, Valkyrie, VanEck, Bitwise, Invesco and Galaxy, WisdomTree, and Franklin Templeton submitted up to date S-1 filings asserting approved members (APs) or charges. Fidelity Wise Origin Spot Bitcoin ETF has the bottom price of 0.39%.

Sonnenshein claims that Grayscale has been prepared since 2017 with Jane Street and Virtu as approved members, as per an SEC filing dated May 4, 2017.

Also Read: Valkyrie & BlackRock Amend S-1 Documents, Reveal APs in Latest Bitcoin ETF Filings

Bloomberg ETF analyst James Seyffart stated, “This is a great point from Sonnenshein”. He added that Grayscale was by no means an issuer they have been apprehensive about getting an AP settlement. He expects extra issuers will probably be attending to the beginning gate. The window for spot Bitcoin ETF approval ranges between January 5 and 10, 2024.

While prime ETF consultants don’t doubt Grayscale main the spot Bitcoin ETF race as they adopt “cash model” for approval, Bloomberg senior ETF analyst Eric Balchunas warned that they have to file S-1 as per requirement and ensure their approved members. “I’m sure they’ll add soon tho.”

Also Read: Invesco, WisdomTree, Fidelity, and Bitwise Update S-1 Filings; JPMorgan in Spotlight as AP

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