SEC Possibly Approving Bitcoin ETF This Friday: Fox Business

At this point, the Chicago Board Options Exchange (Cboe) has acknowledged that Fidelity’s application for a Bitcoin ETF meets its listing requirements.

Per information citing Eleanor Terrett from Fox Business, the U.S. Securities and Exchange Commission (SEC) is expected to announce its decision regarding the approval of spot Bitcoin (BTC) by Jan. 10. Consequently, trading could commence as early as next week.

Current status of Bitcoin ETF: updates awaited

On Jan. 3, Cboe gave the go-ahead for Fidelity’s Bitcoin ETF listing. Cboe’s approval of the listing application indicates alignment with its criteria for introducing a new financial asset. However, it’s crucial to highlight that additional SEC approval is still required.

Confirmation of approval of Fidelity’s application on the Cboe exchange. | Source: sec.gov.

While the exchange has approved Fidelity’s proposal, it does not imply the finalization of the Bitcoin ETF. According to Bloomberg analyst James Seyffart, this approval does not hold substantial significance at this juncture. At a minimum, companies must await a decision from the SEC to ascertain the status of the Bitcoin ETF.

Cboe has approved Fidelity’s Form 8-A. This is a procedural step that confirms that the company is in compliance with the exchange’s listing requirements.

On Jan. 4, Bloomberg’s ETF analyst, Henry Jim, provided another update on Bitcoin ETF developments. He shared that World Funds Trust has submitted applications to the SEC for the creation of six leveraged ETFs tied to the Bitcoin market. These funds will feature leverage levels of 1.5x, 1.75x, and 2x – long and inverse spots. 

The proposed launch date for these funds is March 18, 2024. Notably, all these investment products will be anchored to the forthcoming iShares Spot Bitcoin ETF as their initial benchmark.

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